The United States has announced the latest progress on Bitcoin reserves! Are Crypto Assets the second largest source of income for Trump?

In the current global landscape, the United States' attitude towards Crypto Assets is showing an unprecedented, complex, and controversial dual narrative. On one hand, the national-level strategic layout is quietly advancing, with the White House publicly confirming for the first time that the highly anticipated "U.S. Bitcoin Reserve" plan has made substantial progress. On the other hand, President Donald Trump's personal financial world is also being completely reshaped by Crypto Assets on an unprecedented scale. According to the latest financial disclosures, crypto assets have not only become the second largest source of income for the Trump family after their traditional hotel business, but their value even accounts for 60% of his total personal wealth. This high overlap between national strategy and the president's personal interests has triggered a fierce political storm in Washington and has left global markets filled with curiosity and doubt about America's next steps. For a long time, discussions about whether the U.S. government would establish a national Bitcoin reserve have mostly remained in the realm of speculation and proposals. However, a recent press conference by the Senate Banking Committee has brought this idea into the spotlight for the first time. Bo Hines, a digital asset policy advisor at the White House, publicly confirmed at the meeting for the first time that the Bitcoin held by federal agencies (primarily derived from seizures related to illegal activities) has been fully accounted for and audited. He stated that this is the first step in establishing reserves, "Next, we will focus on building the actual infrastructure." Hines emphasized: "We are very keen on accumulating Bitcoin reserves. We believe that continuously expanding our Bitcoin holdings is beneficial for the long-term interests of the United States. Of course, all of this must be carried out under the principle of budget neutrality." This statement is seen as the most significant public response from the federal level regarding Bitcoin reserves since Trump took office. It marks that the national strategy for Bitcoin in the United States has moved from the discussion of 'whether it is feasible' to the planning stage of 'how to implement it,' injecting a shot of adrenaline into the market. At the same time that the national strategy is steadily advancing, President Trump’s personal financial landscape has also undergone a tremendous change. According to the annual financial disclosure documents submitted to the U.S. Office of Government Ethics, Crypto Assets-related businesses have become one of the most profitable ventures for the Trump family. Documents show that Trump earned over $58 million from cryptocurrency-related investments in 2024. This figure is second only to the $418 million income from his hotel businesses such as golf courses and clubs, but has easily surpassed all traditional revenue sources like real estate rentals, brand licensing, and book royalties. The income for 2024 is just the tip of the iceberg. After entering 2025, the Trump family's crypto wealth experienced explosive growth. Their family's DeFi platform "World Liberty Financial" brought approximately $390 million in net income to Trump and his partners after completing a $550 million WLFI token sale. In addition, the official meme coin "TRUMP" launched on the eve of his inauguration reached a market value of up to $10 billion. According to the latest estimates, out of Trump's total net worth of approximately 5.5 billion dollars, the assets related to Crypto Assets have reached 3.3 billion dollars, accounting for an astonishing 60%. This means that this former real estate tycoon has now become a veritable "Crypto Whale." Facing external doubts about the potential conflict of interest between his massive crypto assets and presidential powers, Trump cleverly tied personal interests to national strategy during a press conference at the White House, presenting a complete public statement: "I view it (crypto assets) as an industry, and I am the president. If we don't have it, China will have it, or other countries will have it, but most likely China. However, now we have dominated this industry." This statement elevates the development of the crypto assets industry to the height of the Sino-American financial hegemony struggle, implying that this is a zero-sum game that the United States cannot afford to lose. However, when asked whether he would divest his personal encryption investments to promote the passage of the crypto bill, Trump avoided making a direct commitment and stated that his portfolio is managed by his son, and that he "did not care about investments" during his tenure. He emphasized that the United States' dominance in this field is more important than personal finance and insisted that his involvement would not interfere with political affairs. In addition, Trump has highlighted the positive role of encryption in stabilizing the U.S. financial system. He stated that more and more payments are being made using Bitcoin, "People say this relieves a lot of pressure on the dollar, which is a good thing for our country." This viewpoint coincides with the dollar index falling to a three-year low, while Bitcoin prices are nearing historical highs, seemingly suggesting that Bitcoin can serve as a tool to hedge against dollar fluctuations, thereby indirectly consolidating the financial standing of the U.S. Despite Trump's efforts to portray his support for Crypto Assets as a necessity for national interest, the enormous profits his family has gained from it have sparked an unprecedented conflict of interest controversy in Washington. Business Interests: The Trump family is not only deeply involved in the DeFi platform World Liberty Financial(WLFI), but they have also launched a USD-pegged stablecoin USD1, and can profit from the interest on their reserve assets. They have also officially partnered with the TRUMP meme coin team, with Eric Trump stating that WLFI will purchase a large amount of TRUMP tokens as reserves. Legislative Deadlock: This obvious conflict of interest has become a major obstacle to cryptocurrency regulatory legislation in the United States. Democrats have threatened to withdraw support for key bills, claiming that "Trump's crypto corruption" is an unacceptable conflict of interest. Senator Adam Schiff even introduced a bill called the COIN Act, aimed at prohibiting the president and senior officials from profiting from digital assets they sponsor or endorse. Republican Embarrassment: Even within the Republican Party and among policy leaders who support crypto assets, there is private acknowledgment that the actions of the Trump family have made legislative work "more complicated." Overall, the crypto story in the United States is unfolding along two parallel yet deeply intertwined tracks. At the national level, the gears for establishing a Bitcoin strategic reserve have begun to turn, indicating the intent to incorporate digital assets into the country's long-term planning. However, at the individual level, the highest national leaders are reaping astonishing wealth from this emerging industry, raising serious questions about their governance ethics. The blurred lines between public and private interests make the prospects of the U.S. crypto policy full of variables. In the future, how will the U.S. seek to balance its global financial hegemony, industrial development needs, and the personal interests of the president? The answer to this question will not only determine the future direction of cryptocurrency regulation in the U.S. and globally but will also serve as a key case in testing how modern democratic systems respond to new types of conflicts of interest in the digital age.