US President Donald Trump says he got involved in cryptocurrencies “for politics” and became pro-crypto when he saw how much money the industry was making.

In the press conference on Monday in the Oval Office to announce “Trump Accounts,” an investment account for children under 18, Trump was asked whether the accounts would allow Bitcoin (BTC).

“I became a big player in the cryptocurrency industry for one reason only: If we don’t have it, China will,” Trump replied. “I’m a fan, I wasn’t initially, I didn’t know much about it, but for part of my first term I wasn’t very involved and watched it grow and it’s a huge industry.”

“I got involved in this a little bit for political reasons,” Trump added. “I realized there are a lot of people who love cryptocurrencies.”

The comments shed modern airy on why Trump has changed his stance towards cryptocurrencies. During his first term, Trump said he was “not a fan” of cryptocurrencies and called Bitcoin a “fraud.” He and his family have since developed deep business interests in crypto, and Trump has faced criticism for his pro-cryptopolitical approach while being associated with the industry.

“As a businessman, I see that with Bitcoin and, you know, different forms, a lot of money is starting to come in, so I said, ‘This thing has a lot of life,’ and then I heard that China is going to make a big move on this,” he added. “If we didn’t do it, China would.”

Trump’s pro-crypto pivot has attracted assist from the crypto lobby, which spent about $170 million in the 2024 elections to assist elect mostly Republicans and is expected to spend even more to support pro-crypto candidates in the November midterm elections.

On Monday, Donald Trump talks to reporters about “Trump accounts” in the White House. Source: YouTube

Trump says he doesn’t talk to his family about his interest in cryptocurrencies

According to financial disclosures released on June 30, Trump said he did not discuss with his family their involvement in cryptocurrencies – an area that brought him more than $1.4 billion last year.

Trump and his sons are listed as co-founders of World Liberty Financial, a crypto platform that generated much of Trump’s cryptocurrency-related income last year, but the president has said his interest in cryptocurrencies is “not a personal matter.”

Related: Donald Trump says there’s “nothing wrong” with $1.4 billion in cryptocurrency windfall while in office

“I let my kids do whatever the hell they do. I never talk to them, I don’t talk to them about it,” Trump said.

Trump claimed that the Biden administration “ceased all investigations” related to cryptocurrencies when he “became very pro-crypto.”

However, under the Trump administration, the Securities and Exchange Commission halted many investigations and withdrew or settled enforcement actions brought against crypto companies, some of which donated to Trump.

“Every time I see a crypto guy who got investigated closed, I said, ‘You’re lucky I’m president,'” Trump said.

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