Trump, who once publicly criticized cryptocurrencies, has now quietly become one of the largest bitcoin holders in the United States, while his tariff policies have sent shockwaves through the crypto market.
Forbes recently broke the astonishing news that Trump holds over $870 million in bitcoin through his social media company, making him one of the largest individual bitcoin holders in the US. Behind this figure is Trump’s complete transformation from “bitcoin is a scam” to the “bitcoin president.” However, just as this report was released, Trump announced a 100% tariff on Chinese imports, causing bitcoin to plunge by more than 10% at one point.
01 Forbes Exposé: Where Is the $870 Million in Bitcoin Hidden?
Trump’s bitcoin investment is not held directly, but achieved through a clever indirect route.
According to Forbes’ investigative report, Trump’s bitcoin exposure mainly comes from his 41% stake in Trump Media & Technology Group (TMTG). This company underwent a major strategic transformation in mid-2025—raising $2.3 billion through bond issuance and stock sales in May, then using $2 billion in July to purchase bitcoin, instantly becoming one of the largest corporate bitcoin holders in the US.
The reason Trump’s bitcoin holdings went unnoticed is that you won’t find any trace of bitcoin in his financial disclosure documents. This “detour” approach allowed him to successfully avoid some of the disclosure requirements and public scrutiny associated with direct holdings.
02 Attitude Shift: The Profitable Path from Criticism to Embrace
Trump’s attitude toward cryptocurrencies can be described as a 180-degree reversal.
● In 2019, he publicly criticized bitcoin on Twitter, saying, “I am not a fan of bitcoin and other cryptocurrencies. They are not money, their value is highly volatile and based on thin air.”
● The shift in stance occurred on the eve of the 2024 election, when he suddenly declared: “I support America becoming the global leader in cryptocurrency, no longer letting China and other countries get ahead of us.”
Since then, his campaign team has unprecedentedly accepted donations in bitcoin, ethereum, USDC, solana and other mainstream tokens. He also launched his own NFT collection and personally attended crypto conferences.
03 Policy Shift: From Regulatory Crackdown to Friendly Embrace
In stark contrast to the Biden administration’s harsh crackdown on the crypto market, after the Trump administration took office, the regulatory environment is undergoing a fundamental transformation.
● The US Securities and Exchange Commission (SEC) recently released its rulemaking agenda for the coming months, which includes several proposals aimed at reshaping the regulatory framework for cryptocurrencies.
1. Offer and Sale of Crypto Assets:
The proposed rules aim to clarify the regulatory framework for the issuance and sale of crypto assets, possibly including specific exemptions and safe harbor provisions to provide greater certainty for market participants and avoid unnecessary compliance burdens.
2. Custody Requirements for Crypto Assets:
Updates to custody rules under the Investment Advisers Act of 1940 and the Investment Company Act of 1940, clarifying custody standards for crypto assets, including risk management and security measures.
3. Market Structure Amendments for Trading Crypto Assets:
Amendments to market structure rules under the Securities Exchange Act, covering the trading of crypto assets on alternative trading systems (ATS) and national securities exchanges.
4. Updates to Regulatory Regime for Transfer Agents:
Modernizing regulatory rules for transfer agents, especially regarding the use of crypto assets and distributed ledger technology (DLT).
5. Amendments to Broker-Dealer Financial Responsibility, Recordkeeping, and Reporting Rules:
Updating relevant broker-dealer rules to accommodate the use of crypto assets, including extending recordkeeping requirements (such as Rules 17a-3 and 17a-4) to crypto trading.
● These proposals include new rules for the issuance and sale of digital assets, which may introduce certain exemptions and “safe harbor” provisions, while also considering amendments to existing regulations to allow cryptocurrencies to be traded on national securities exchanges and alternative trading systems.
● If implemented, these policies would mark a major victory for the digital asset industry’s long-standing push for “tailor-made” regulatory rules.
04 Tariff Turmoil: Political Decisions Impact the Crypto Market
● On October 11, Trump announced a 100% tariff on Chinese imports, triggering significant volatility in the cryptocurrency market.
● After the announcement, bitcoin plunged to $102,000, a drop of more than 10%, marking its lowest point since bitcoin fell below $100,000 in late June. The entire crypto market lost nearly $280 billion in value, with the total crypto market cap dropping 11.80% in 24 hours to $3.64 trillion. Panic in the market triggered a massive wave of long liquidations, with a total of $9.4 billion in positions liquidated in the past 24 hours, including $7.15 billion in leveraged long positions.
05 Market Volatility: How Do Analysts View the Outlook?
● Swan Bitcoin CEO Cory Klippsten said that if the overall risk-off sentiment persists, bitcoin could be dragged down in the short term. He believes: “Macro-driven declines usually flush out leveraged traders and weak hands, laying the foundation for the next rally.”
● Several bitcoin analysts remain optimistic. Bitwise Senior Investment Strategist Juan Leon posted on X, “When bitcoin is dragged down by the broader market, it’s often the best time to buy BTC.”
● Hyblock’s liquidation heatmap shows that “almost all downward long liquidity has been absorbed, with only a dense liquidation zone remaining in the $102,000 to $97,000 range.”
On one hand, Trump is a “whale” holding $870 million in bitcoin; on the other, he is the president whose tariff policies have triggered market turmoil. These two roles are intertwined in Trump.
