Former President Donald Trump on Monday opened up about his growing interest in cryptocurrencies, attributing much of it to his experience with NFTs and the influence of his children.
What Happened: When asked what initially got him intrigued, Trump said that the unexpected success of his NFT collection was a key factor.
“We thought it would take six months, maybe a year, to sell,” he said during a Twitter Spaces event, recalling his surprise at how fast the collection sold out.
“It was like almost immediately,” Trump said, noting that the payments made in crypto played a significant role in his realization of its importance.
The former president launched his first NFT collection in December 2022, featuring 45,000 digital trading cards that sold out within hours. This success led to subsequent releases, with Trump noting they’ve now completed four NFT collections.
Though many initially doubted the project, it sold out swiftly, generating millions. Trump’s comments during the Twitter Spaces event shed light on how this experience shifted his view of digital assets.
“I was blown away. I just wasn’t overly interested in [crypto] to be honest…But so many people paid with crypto, and it opened my eyes,” he said.
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He also credited his children, particularly his son Barron Trump, for helping him understand crypto. “My kids, they really understood it right from the beginning. Barron talks about his wallets; he’s got four wallets or something, and I’m saying, ‘What is it that he knows?' But he gets it."
While Trump acknowledged that cryptocurrencies, particularly Bitcoin BTC/USD, have faced regulatory hurdles in the U.S., he emphasized America’s need to lead in the space. “If we don’t do it, China is going to do it…It’s bigger than they realize. The value of it is gigantic, and we have to be the biggest,” Trump said.
Why It Matters: The discussion took place just a day after an alleged assassination attempt on Trump at his Trump International Golf Club on Sunday.
Shots were fired at the property, with authorities believing Trump was the intended target. The FBI is investigating, and a suspect has been detained.
Trump recently launched World Liberty Financial, a decentralized finance (DeFi) platform aimed at promoting dollar-pegged stablecoins to ensure U.S. financial dominance.
Trump emphasized that crypto is essential for the future of finance, signaling a significant shift from his earlier skepticism about digital currencies.
His sons, Barron, Eric and Donald Junior have been heavily involved in the project, with Barron listed as the Chief DeFi Visionary.
What’s Next: Trump's increasing interest in cryptocurrencies and digital assets will likely be a key talking point at Benzinga's Future of Digital Assets event on Nov. 19, where industry leaders will discuss the broader impact of regulatory frameworks, NFTs, and innovations in the crypto space.
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