Trump Administration and Cryptocurrency: What does his support mean to Americans?

Analyzing the underlying motivation for Trump’s support of digital “coins”

From the dawn of Trump’s presidential campaign, numerous mandates and speeches have reignited a flame in cryptocurrency investors. With the overwhelming support of Elon Musk, well-known for championing cryptocurrency, major “coins” hit all-time highs. For instance, the price of a single Bitcoin soared to 105,000 dollars, a more than 98% increase compared to last year during the Biden-Harris administration. 

While the topic of the rise in prices remains a focal point, the majority of the population is unfamiliar with the underlying causes of Trump’s support for cryptocurrency. Ultimately, this article aims to analyze the impact of Trump’s advocacy for cryptocurrency and argues that such an attitude is radical, yet necessary for innovation.

Before listing Trump’s executive orders, the term “cryptocurrency” originated from the late Latin word crypticus, defined as "hidden, occult, mystical.” To elaborate, it is a form of digital asset that serves as an alternative entity to the government-centralized banking system. Most importantly, the digital assets are hidden on a computer network using encryption algorithms, thus not bound by central authorities during transactions.

Described as a “Bitcoin President,” Trump has been lobbied by multiple crypto executives from digital asset industries, including Rippe, Coinbase, Kraken, and even Robinhood. Clearly, Trump returned the favor by defanging the SEC (U.S. Securities and Exchange Commission) and proposing issuing multiple executive orders to promote access and use of public blockchain (crypto) technology and uncensored transactions. 

However Trump’s pursuit of cryptocurrency not only benefits special interests but also helps the American economy. By expanding the use of U.S dollar-backed “stablecoins,” a type of cryptocurrency where the value of the digital asset depends on dollars, this change indeed arms the United States to compete against China's central bank digital currency (CBDC). 

As Trump declares, “the digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our nation’s international leadership.” Trump’s support strengthens America’s position in international economic competition, especially since other nations’ crypto holdings are increasing exponentially. 

Trump demonstrated his radical approach to the crypto market on January 17, 2025, when he launched a “memecoin” called “$Trump.” The term “Memecoin” refers to a digital currency created with little to no value and authenticity. Thus, the launch of the Inaugural “Memecoin” on his social media account on X is an exorbitant and aggressive foray into crypto that resembles a fraudulent scheme. 

Through this announcement, sales of the cryptocurrency immediately spiked, reaching 14.5 billion dollars in market cap, adding billions of dollars to Mr. Trump’s net worth. Even more absurdly, Melania Trump, the First Lady of the United States, minted her own “memecoin,” too. This series of launches represents his inappropriate and unsuitable outlook as a president of a nation, as such official decisions seemed to be driven by a desire for personal profit and interests. 

President Trump’s support for cryptocurrency casts controversy on his character and qualities as a president. While his governmental investment in cryptocurrency may be beneficial to the American economy, his exploitation of supporters, especially during the Meme-Coin Launch, should certainly be criticized. 

Matthew Yoon ‘27