US President Donald Trump, initially a skeptic of cryptocurrency, reversed his stance during the 2024 election campaign and pledged to make America the world's crypto capital by loosening regulations and appointing a crypto-friendly chief to the US Securities and Exchange Commission.

Since his return to the White House, Trump and his family have reaped a $US1.4 billion ($2.02 billion) bonanza from crypto ventures, according to filings released last week. Trump's company, Strategy, the world's largest corporate owner of Bitcoin, saw its stock price surge after raising cash and its leader, Saylor, published a new vision for Bitcoin's future.

However, the crypto market remains volatile. Strategy's share price has plunged 78% over the past year despite last week's gains following Bitcoin's price collapse. The company reported losses of $US27 billion in the two quarters ending March, with more losses expected in the June quarter. Reuters noted that Saylor is under pressure amid these challenges.

Trump's late embrace of cryptocurrency marks a significant shift from his previous tenure when he called the alternate monetary system "a scam." His administration's policies have delivered on promises to support crypto adoption, benefiting his personal fortune amid a turbulent market.

Sources