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

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

“I’ve become a big crypto guy only for one reason: If we don’t have it, China’s going to have it,” Trump answered. “I’m a fan, I wasn’t initially, I didn’t know much about it, but, for some of my first term, I wasn’t much involved, and I watched it grow, and it’s a huge industry.”

“I got involved in it a little bit for politics,” Trump added. “I realized there are a lot of people that love crypto.”

The comments shed new light on why Trump pivoted his stance towards crypto. In his first term, Trump said he was “not a fan” of crypto and called Bitcoin “a scam.” Since then, he and his family have built deep business interests in crypto, and Trump has faced criticism for his pro-crypto stance while being connected to the industry.

“As a businessman, I see a lot of money starting to come in with Bitcoin and, you know, the different forms, and I said: ‘This thing’s got a lot of life,’ and then I hear China was going to make a heavy move on it,” he added. “If we didn’t do it, China would do it.”

Trump’s pro-crypto pivot attracted the help of the crypto lobby, which spent around $170 million in the 2024 election to help elect mostly Republicans, and is set to spend even more backing pro-crypto candidates in the November midterms.

Donald Trump speaks to reporters about “Trump Accounts” at the White House on Monday. Source: YouTube

Trump says he doesn’t talk to family about crypto interests

Trump said he doesn’t talk to his family about their involvement in crypto, an area that made him more than $1.4 billion last year, according to financial disclosures released June 30.

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

Related: Donald Trump says ‘nothing wrong’ with $1.4B crypto windfall while in office

“I let my kids do whatever the hell they do. I don’t talk to them, ever, talk to them about it,” Trump said.

Trump claimed that the Biden administration “dropped all investigations” related to crypto when he “went very pro-crypto.” 

However, under the Trump administration, the Securities and Exchange Commission stopped multiple investigations and withdrew or settled enforcement actions filed against crypto companies, some of which had donated to Trump.

“Every time I see a crypto guy where they dropped an investigation, I said: ‘You’re lucky I’m president,” Trump said.

Magazine: SBF will never get a pardon, Trump peace deal boosts Bitcoin: Hodlers Digest