Trump once called Crypto a “scam”, now holds over $1 million in Ethereum

While the amount itself isn’t notable given Trump’s net worth, the development still marks a significant shift in Trump’s attitude toward crypto since his time in office.

In 2019, while still president, Trump warned in a series of social media posts that unregulated crypto-assets could facilitate “illegal” behavior such as drug trafficking.

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money and whose value is very volatile and based on thin air,” he wrote at the time.

Trump then added: “We only have one real currency in the US,” referring to the US dollar.

In 2021, Trump reiterated his skepticism, telling Fox Business that bitcoin “just seems like a scam.”

And in another interview that year, Trump told Fox Business that investing in cryptocurrencies was like a “disaster waiting to happen.”

He said he did not invest in bitcoin and other cryptocurrencies and argued they should be heavily regulated because they undermine the “importance of the dollar.”

However, Trump’s position appears to have evolved dramatically in recent months.

According to CNBC, Trump met with about a dozen bitcoin mining executives and experts at Mar-a-Lago in June. Those in attendance described his contribution as curious and collaborative, according to CNBC.

A few hours later, Trump posted on Truth Social: “Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia and the Radical Communist Left”.

CBDC refers to a central bank digital currency, which would be a digital currency issued by the Federal Reserve.

Trump also held a bitcoin conference in Nashville last month, where he pledged to make the US “the crypto capital of the planet and the Bitcoin superpower of the world” if re-elected.

And this year, Trump’s campaign began accepting cryptocurrency donations.

Trump’s campaign did not immediately respond to a request for comment from Business Insider.

Vice President Kamala Harris’ campaign is not accepting crypto donations, but has engaged with industry representatives, according to Forbes.

Trump’s recent financial disclosure also shows that he made money from endorsing a Bible. It shows he earned $300,000 in royalty payments for “The Greenwood Bible,” which has “signature edition” copies, including Trump’s signature, that sell for $1,000 a copy.