"Bitcoin seems like a scam."
In June 2021, after completing his term and returning to civilian life, US President Donald Trump said in an interview with Fox Business that "cryptocurrencies risk weakening the dollar." Just three years later, in 2024, his stance had completely changed. He called himself the "virtual asset president," raised political funds through Bitcoin, and announced a series of cryptocurrency-friendly policies.
The Trump administration, which began its second term with enthusiastic support, led the institutionalization of the cryptocurrency industry by establishing the "Virtual Currency 2.0 Task Force" under the U.S. Securities and Exchange Commission (SEC) and even promoting the GENIUS Act, which laid the legal framework for stablecoins.
Amid this trend, Bitcoin, dubbed "digital gold," has surged more than 80% in the past year. After reaching an all-time high of $124,457 in August, it has continued its upward trend, soaring to $123,874 this month. The global stablecoin market capitalization has also surged by over 50% in the past year, surpassing $270 billion. Cryptocurrencies, once dismissed by Trump as "speculative assets," are now establishing themselves as independent assets within the institutional system.
However, some interpret the rapid growth of cryptocurrencies as a result of President Trump's political and financial interests. While providing institutional support for the growth of cryptocurrencies, President Trump also actively pursued his own cryptocurrency ventures. The "TRUMP Token," launched just before his inauguration, quickly grew into a multi-billion dollar market, with initial sales and commission revenue estimated at $350 million.
The Trump family, in particular, is expanding its cryptocurrency business as a family unit, centered around its eldest son, Donald Trump Jr. Trump Jr. recently attended a virtual currency event in Korea via video conference and emphasized, "Bitcoin represents a true opportunity to democratize finance," adding, "Now is not the time to discuss trends, but to lead."
He runs the Bitcoin mining company "American Bitcoin" and co-founded "World Liberty Financial (WLFI)" with his two younger brothers. Notably, WLFI recently listed its coins on a major cryptocurrency exchange, and the Trump family reportedly owns approximately 25% of the company, amassing assets worth $5 to $6 billion.
“Just a few months ago, the big banks were calling Bitcoin a fraud, but now they’re buying it for billions of dollars,” Trump Jr. said. “American Bitcoin will re-establish America’s financial leadership.”
The Trump family's drive for virtual assets has led to a real increase in their wealth. According to Forbes, President Trump's current net worth is approximately $7.3 billion (approximately KRW 10.23 trillion), a $3 billion increase over the past year. Of this, $2 billion is believed to have come from cryptocurrency investments.
It's not just Trump. His eldest son, Trump Jr., saw his net worth increase tenfold, from $50 million to $500 million last year. His second son, Eric Trump, also saw his net worth increase from $40 million to $750 million a year ago. Most of his income came from American Bitcoin, a cryptocurrency mining company he co-founded in March and recently went public.
Barron Trump, the youngest son, also saw his net worth increase to $150 million (approximately 210 billion won). He raised approximately $80 million from the token sale and holds 2.3 billion frozen tokens that cannot be traded. If the current price holds, these tokens are expected to be worth $525 million (approximately 736 billion won) when they are unfrozen.
Forbes said, "The Trump family's current net worth is approximately $10 billion, nearly doubling since last year's presidential election." They added, "While previous U.S. presidential families have profited from their presidency, no 'first family' has amassed as much wealth as the Trump family."
- Reporter Park Min-joo
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