Key Takeaways
- President Trump stated that crypto assets withstand market crashes better than other assets.
- The TRUMP token surged over 70% after announcing exclusive dining incentives for its top holders.
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Trump has reinforced his pro-crypto stance, saying crypto assets have remained resilient during market downturns and are now widely embraced. The president has stated that the US must lead in digital asset innovation or risk falling behind countries like China.
“I want crypto,” Trump said in an interview with NBC News’ Meet the Press this week. The president was asked how he responds to people who express concern about the possibility of him profiting from the presidency.
“I think crypto is important because if we don’t do it, China is going to,” he said. “It’s new. It’s very popular. It’s very hot.” He added that during market downturns, crypto “stayed much stronger than other aspects of the market.”
Trump noted that crypto is too important to ignore, pointing to the sheer scale of adoption as a driving force behind his pro-crypto stance. He also accused the Biden administration of initially cracking down on crypto but later softening its stance for political gain.
Pressed on whether he stands to profit from the Official Trump token (TRUMP), the president said he is “not profiting from anything” and stressed that his backing of crypto began well before the presidential campaign.
“I haven’t even looked,” Trump said, adding that “if I own stock in something, and I do a good job, and the stock market goes up, I guess I’m profiting.”
Trump said he had contributed his entire presidential salary to the government. When asked whether he would contribute any crypto-related earnings, he responded that he had never considered it.
“Should I contribute all of my real estate that I’ve owned for many years if it goes up a little bit because I’m president and doing a good job? I don’t think so,” he said.
The president added that he plans to continue contributing his salary during his current term.
The TRUMP token, which once reached a market capitalization of nearly $15 billion, has experienced a steep decline following President Trump’s inauguration. At press time, its market cap stood at approximately $2 billion, per CoinMarketCap.
Last week, the token surged more than 70% after news broke that President Trump would host an exclusive dinner for the top TRUMP token holders. Scheduled for May 22 at Trump National Golf Club, the event will be limited to the top 220 wallet holders.
The announcement has sparked bipartisan concern.
Senators Elizabeth Warren and Adam Schiff have called for an ethics investigation, citing potential “pay to play” practices and the risk of personal enrichment through the sale of presidential access.
Even some of Trump’s allies have expressed unease. Senator Cynthia Lummis, a vocal supporter of Trump and a prominent Bitcoin advocate, voiced her discomfort.
“This is my president that we’re talking about, but I am willing to say that this gives me pause,” Lummis said, according to CNBC.
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