In the current global landscape, the U.S. attitude towards cryptocurrency is presenting an unprecedented, complex, and controversial dual narrative. On one hand, the strategic layout at the national level is quietly advancing, with the White House publicly confirming that the highly anticipated 'U.S. Bitcoin Reserve' plan has made substantial progress. On the other hand, President Donald Trump's personal financial world is being thoroughly reshaped by cryptocurrency on an unprecedented scale.
According to the latest financial disclosures, cryptocurrency has not only become the Trump family's second largest source of income after traditional hotel businesses, but its value even accounts for 60% of his total wealth. The close overlap between national strategy and the president's personal interests has sparked intense political storms in Washington and left global markets curious and concerned about America's next move.
For a long time, discussions about whether the U.S. government would establish a national Bitcoin reserve have mostly remained in the realm of speculation and advocacy. However, a recent press conference held by the Senate Banking Committee brought this concept to the forefront for the first time.
White House Digital Asset Policy Advisor Bo Hines publicly confirmed for the first time at the meeting that the Bitcoin held by federal agencies (primarily from seizures related to illegal activities) has been accounted for. He stated that this is the first step towards building reserves, 'Next, we will work on establishing actual infrastructure.'
Hines emphasized: 'We are very eager to accumulate Bitcoin reserves. We believe that continuously expanding Bitcoin holdings is beneficial for America's long-term interests. Of course, all of this must be executed under the principle of budget neutrality.' This statement is seen as the most substantial public response from the federal level regarding Bitcoin reserves since Trump took office. It marks a shift in America's Bitcoin national strategy from discussions of 'feasibility' to planning on 'how to implement' it, injecting a dose of optimism into the market.
While the national strategy is steadily advancing, President Trump's personal financial landscape has also undergone a dramatic transformation. According to annual financial disclosure documents submitted to the U.S. government ethics office, cryptocurrency-related businesses have become one of the Trump family's most profitable ventures.
Documents show that Trump earned over $58 million from cryptocurrency-related investments in 2024. This figure is second only to the $418 million income derived from his golf courses, clubs, and other hotel businesses but easily surpasses all traditional income sources such as real estate rentals, brand licensing, and book royalties.
The income for 2024 is just the tip of the iceberg. As 2025 approaches, the Trump family's crypto wealth has experienced explosive growth. Their DeFi platform 'World Liberty Financial' brought in approximately $390 million in net revenue for Trump and his partners after completing a $550 million WLFI token sale. Additionally, the official meme coin 'TRUMP,' launched on the eve of his inauguration, once had a market value of up to $10 billion.
According to the latest estimates, among Trump's total net worth of approximately $5.5 billion, cryptocurrency-related assets have reached $3.3 billion, accounting for an astonishing 60%. This means that the former real estate tycoon is now a bona fide 'crypto whale.'
In response to external doubts regarding the potential conflict of interest between his enormous crypto wealth and presidential powers, Trump cleverly tied personal interests to national strategy during a White House press conference, providing a complete public narrative: 'I see it (cryptocurrency) as an industry, and I am the president. If we don't have it, China will have it, or other countries will have it, but most likely China. But now, we have dominated this industry.' This statement elevated the development of the cryptocurrency industry to the level of the U.S.-China financial hegemony struggle, implying that this is a zero-sum game that the U.S. cannot afford to lose.
However, when asked if he would divest his personal crypto investments to promote the passing of cryptocurrency legislation, Trump avoided making a direct commitment, stating that his portfolio is managed by his son and that he 'did not care about investments' during his tenure. He emphasized that America's dominance in the field is more important than personal finances and insisted that his involvement would not interfere with government affairs.
Moreover, Trump has also attributed a positive role for cryptocurrency in stabilizing the U.S. financial system. He stated that more and more payments are being made using Bitcoin, saying, 'People say this has relieved a lot of pressure on the dollar, which is a good thing for our country.' This viewpoint coincides with the dollar index falling to a three-year low while Bitcoin prices approach historical highs, seemingly suggesting that Bitcoin could serve as a hedge against dollar volatility, thereby indirectly reinforcing America's financial position.
Although Trump has tried to portray his support for cryptocurrency as a national interest, the enormous benefits his family gains have sparked unprecedented conflicts of interest controversies in Washington.
Business Interests: The Trump family is not only deeply involved in the DeFi platform World Liberty Financial (WLFI) but has also launched a dollar-pegged stablecoin USD1, profiting from the interest on its reserve assets. They have also formally collaborated with the TRUMP meme coin team, and his son Eric Trump has stated that WLFI will purchase a large amount of TRUMP tokens as reserves.
Legislative Deadlock: This apparent conflict of interest has become a major obstacle to cryptocurrency regulatory legislation in the U.S. Democrats have threatened to withdraw their support for key bills, stating that 'Trump's crypto corruption' is an unacceptable conflict of interest. Senator Adam Schiff even specifically proposed a bill called the COIN Act (Limiting Official Income and Non-Disclosure Act) aimed at prohibiting the president and senior officials from profiting from digital assets they sponsor or endorse.
Republican Embarrassment: Even within the Republican Party and among policy leaders who support cryptocurrency, there is private acknowledgment that the Trump family's actions have made legislative work 'more complicated.'
Overall, the U.S. crypto story is unfolding along two parallel but deeply intertwined tracks. At the national level, the gears for establishing a Bitcoin strategic reserve have begun to turn, demonstrating the intention to incorporate digital assets into the long-term planning of the state. However, at the personal level, the nation’s highest leader is reaping staggering wealth from this emerging industry, raising serious questions about his governance ethics.
The blurred lines between public and private interests have filled the prospects of U.S. crypto policy with variables. How will the U.S. seek to balance its global financial hegemony, the need for industrial development, and the president's personal interests in the future? The answer to this question will not only determine the future direction of cryptocurrency regulation in the U.S. and globally but will also serve as a key case to test how modern democratic systems respond to new types of conflicts of interest in the digital age.
