Formerly a vocal critic of cryptocurrencies, Trump has quietly become one of the largest Bitcoin holders in the United States, while his tariff policies have caused tremors in the cryptocurrency market.
Forbes recently revealed shocking 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 U.S. This figure reflects Trump's complete transformation from declaring "Bitcoin is a scam" to becoming the "Bitcoin President." However, coinciding with this report, Trump announced a 100% tariff on Chinese imports, causing Bitcoin to plummet over 10%.
01 Forbes Exposé: Where is the $870 Million Bitcoin Hidden?
Trump's Bitcoin investment is not held directly but is achieved through a clever indirect route.
According to Forbes' investigative report, Trump's Bitcoin exposure mainly comes from his 41% stake in the Trump Media & Technology Group (TMTG). This company underwent a significant strategic transformation in mid-2025—raising $2.3 billion through bond issuance and stock sales in May, and then using $2 billion to purchase Bitcoin in July, quickly becoming one of the largest corporate Bitcoin holdings in the U.S.
The reason Trump's Bitcoin holdings have gone unnoticed is that you won't find any trace of Bitcoin in his financial disclosure documents. This "roundabout building" method has allowed him to successfully avoid some of the disclosure requirements and public scrutiny that come with direct ownership.
02 Attitude Shift: From Criticism to Embracing Profit
Trump's attitude towards cryptocurrencies can be described as a 180-degree turnaround.
● In 2019, he publicly criticized Bitcoin on Twitter, stating, "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 announced, "I support the U.S. becoming the global leader in cryptocurrency, no longer allowing China and other countries to get ahead of us."
Since then, his campaign team has unprecedentedly accepted donations in mainstream tokens like Bitcoin, Ethereum, USDC, and Solana, and he has launched his own NFT collection and personally attended cryptocurrency conferences.
03 Policy Shift: From Regulatory Crackdown to Friendly Embrace
In stark contrast to the Biden administration's harsh crackdown on the cryptocurrency market, the regulatory environment is undergoing a fundamental change following Trump's return to power.
● The U.S. Securities and Exchange Commission (SEC) recently released its rulemaking agenda for the coming months, which includes several proposals aimed at reshaping the cryptocurrency regulatory framework.
- Rules for the Offer and Sale of Crypto Assets:
The proposed rules aim to clarify the regulatory framework for the issuance and sale of crypto assets, potentially including specific exemptions and safe harbor provisions to provide greater certainty for market participants and avoid unnecessary compliance burdens.
- Amendments to Custody Requirements for Crypto Assets:
Updates to the custody rules under the Investment Advisers Act of 1940 and the Investment Company Act of 1940, clarifying the custody standards for crypto assets, including risk management and security measures.
- 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.
- Updates to Regulatory Regime for Transfer Agents:
Modernizing the regulatory rules for transfer agents, particularly concerning the use of crypto assets and distributed ledger technology (DLT).
- Amendments to Broker-Dealer Financial Responsibility, Recordkeeping, and Reporting Rules:
Updating relevant rules for broker-dealers to accommodate the application of crypto assets, including extending recordkeeping requirements (such as Rules 17a-3 and 17a-4) to crypto transactions.
● These proposals include new rules for the issuance and sale of digital assets, potentially introducing certain exemptions and "safe harbor" provisions, while considering modifications to existing regulations to allow cryptocurrencies to be traded on national securities exchanges and alternative trading systems.
● If these policies are implemented, it will be a significant victory for the digital asset industry, which has long sought "tailored" regulatory rules.
04 Tariff Turmoil: Political Decisions Impacting the Crypto Market
● On October 11, Trump announced a 100% tariff on Chinese imports, triggering significant turbulence in the cryptocurrency market.
● Bitcoin briefly plummeted to $102,000 following the announcement, a drop of over 10%, marking its lowest level since it fell below $100,000 in late June. The entire cryptocurrency market saw nearly $280 billion evaporate, with the total market cap dropping 11.80% within 24 hours to $3.64 trillion. Market panic led to massive long liquidations, with a total of $9.4 billion in positions liquidated in the past 24 hours, of which $7.15 billion were leveraged long positions.
05 Market Turbulence: How Analysts View the Future?
● Cory Klippsten, CEO of Swan Bitcoin, stated that if the overall risk-averse atmosphere continues, Bitcoin may be dragged down in the short term. He believes, "Downturns triggered by macro factors usually clean out leveraged traders and the weak-willed, laying the groundwork for the next rally."
● Several Bitcoin analysts remain optimistic. Bitwise's senior investment strategist Juan Leon posted on X platform, stating, "When Bitcoin is dragged down by the overall market, it is often the best time to buy BTC."
● The Hyblock liquidation heatmap shows that "almost all downward long liquidity has been absorbed, with only the $102,000 to $97,000 range remaining as a liquidation concentration area."
On one side is a "whale" holding $870 million in Bitcoin, and on the other is a president whose tariff policies have caused market turbulence; these two roles intertwine in Trump.
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