Trump's 180-degree turn on Bitcoin is essentially a carefully orchestrated dual game of political and economic strategy, driven by real needs for votes and funds, while also concealing ambitions to reshape U.S. financial hegemony.
I. Political Speculation: Precisely Harvesting the 'Leeks' of the Crypto Circle
1. Voter Rivalry: Over 60% of cryptocurrency users are under 35, which has traditionally been a Democratic stronghold. By boldly declaring 'Let America be the capital of cryptocurrency' at the Bitcoin conference, Trump successfully rebranded himself as 'the spokesperson for young innovators.' He even hosted high-value NFT buyers at Mar-a-Lago, directly binding core supporters with the privilege of 'dining together.'
2. New Play in Black Gold Politics: His campaign team has raised over $4 million through cryptocurrency donation platforms, with a single 'dinner ticket' reaching a record $840,000, breaking traditional fundraising limits. More critically, these funds circulate anonymously via blockchain, circumventing regulatory restrictions on traditional political donations.
3. Political Donation Money Laundering: The crypto PAC organization 'Trump 47' raised $7.5 million in cryptocurrency within four months, while the Trump team converted these funds into 'legal income' through issuing NFTs, meme coins, and other products. During the 2024 election period alone, political donations related to cryptocurrency reached $250 million.
II. Commercial Profit: The Family Wealth's 'Crypto Empire'
1. NFT Harvesting Machine: Trump issued 45,000 digital trading cards that sold out in one day, generating $4.45 million in revenue at a price of $99 per card. Even more astonishing is that he takes a 10% commission on each subsequent secondary market transaction, creating a continuous cash flow. The 'World Freedom Finance' platform controlled by his family has raised $550 million through token issuance, with the Trump family holding 60% of the shares and enjoying 75% of the profits.
2. Trump Coin Harvesting: The 'Trump Coin' launched in 2025 caused 813,000 wallets to lose $2 billion within three weeks, while the Trump team netted $350 million through reserved tokens and transaction fees. This 'pump-and-dump' tactic was harshly criticized by (Fortune) magazine as 'for every dollar earned, $20 harms investors.'
3. Mining Interest Bundling: Trump promises to make the U.S. a 'superpower in Bitcoin mining,' and the upcoming joint venture of his family will not only enjoy government subsidies but also profit from electricity price arbitrage. This 'policy dividends + business interests' closed loop has rapidly expanded the family's assets in the crypto field to nearly $1 billion.
III. Strategic Layout: The 'Digital New Garb' of Dollar Hegemony
1. Transformation of Currency Hegemony: Trump signed an executive order to establish a strategic Bitcoin reserve, positioning it as 'digital gold.' This move caters to the market's enthusiasm for decentralized assets while incorporating Bitcoin into the dollar system through national endorsement. As he stated at the White House crypto summit: 'The limited nature of Bitcoin is the new anchor point of dollar hegemony.'
2. Struggle for Regulatory Discourse Power: By firing the SEC chair and appointing a representative of the crypto industry to the cabinet, Trump is reconstructing the regulatory framework. He has withdrawn lawsuits against platforms like Coinbase, allowing banks to issue stablecoins, effectively bringing cryptocurrencies into the U.S. financial regulatory system and gaining control over global digital asset pricing.
3. Geopolitical Bargaining Chip: As institutions like Norway's sovereign fund and Singapore's GIC begin to allocate Bitcoin, the U.S. forms a demonstration effect through strategic reserves. This 'occupy the pit first and then set the rules' strategy allows the U.S. to seize the initiative in global competition in the Web3 era.
IV. Controversy Maelstrom: Interest Delivery and Regulatory Black Hole
1. Solid Evidence of Conflict of Interest: Trump's family business is deeply tied to cryptocurrency projects, with his son-in-law Kushner's investment fund having laid out investments in multiple blockchain companies. This model of 'presidential policy-making - family profit harvesting' has been labeled by ethics experts as 'the most blatant quid pro quo in history.'
2. Suspected Market Manipulation: Bitcoin prices show abnormal fluctuations whenever Trump makes supportive statements. During a speech in July 2024, Bitcoin first dropped $1,200 before violently surging, raising suspicions of insider trading among industry insiders. Ironically, he frequently reduced his personal crypto assets when prices were high.
3. Regulatory Arbitrage Space: By establishing the 'U.S. Digital Asset Reserve,' Trump is incorporating confiscated cryptocurrencies into the government's balance sheet. This maneuver avoids congressional oversight while leaving ample room for future policy adjustments.
This meticulously designed 'crypto game' is fundamentally a gamble where Trump deeply binds political capital, family wealth, and national strategy. He wraps his self-interest in the banner of 'America First' and disguises the essence of harvesting under the guise of 'innovation freedom,' ultimately aiming for a political comeback in the 2024 election and opening new gold-digging pathways for his business empire. While Bitcoin prices fluctuate with his statements, the real profit always goes to those at the top of the power pyramid.
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