How cryptocurrencies are changing global politics
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Most of the profits came from his World Liberty Financial business selling new crypto products ($500 million) and sales of so-called "meme coins" ($600 million).
It comes at a time when the US president's policies on crypto have become increasingly favorable, with regulation cut and federal rules for stablecoin introduced. Trump is not alone in backing crypto as the future of finance. Over in the United Kingdom, populist leader Nigel Farage is facing a public backlash threatening the seemingly unstoppable rise of his Reform UK party over a £5 million ($6.6 million/€5.8 million) personal "gift" from Thailand-based British crypto billionaire Christopher Harborne.
Reform, too, has a pro-crypto stance, with Farage promising to "bring crypto in from the cold" should he win power. Elsewhere in Europe, Pavel Blazek resigned from his position as justice minister in Czechia last year after accepting 468 bitcoins worth $45 million from convicted criminal Tomas Jirikovsky, while Spanish right-wing MEP Luis "Alvise" Perez Fernandez has also been accused of taking crypto financing from a convicted fraudster. In Argentina, Trump-friendly President Javier Milei has come under fire from financial authorities and the public over his promotion of boom and bust crypto scheme $LIBRA, which spiked after he made a social media post about it, before collapsing soon after.
He has denied wrongdoing, saying he made the post in good faith. While there is no simple global answer, cryptocurrencies are an increasingly essential part of global economics. Governments are, as a result, grappling with how to regulate them.
"Crypto is becoming increasingly significant in politics — not just as a form of political donation, but as a well-resourced industry seeking to shape regulation, a source of personal and campaign-related wealth, and a financial technology that can move value rapidly across borders," Eliza Lockhart, a senior research fellow, at the Centre for Finance and Security at the RUSI think tank in the UK, told DW. "Its political influence is rising as crypto businesses become more integrated into mainstream finance and governments make increasingly consequential decisions about how the sector should be regulated." Edoardo Beretta, adjunct macroeconomics professor at Swiss university USI, agreed, while also noting that a recent downturn — which came after the period of Trump's financial filings — has generally had a cooling effect.
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