‘Thin Air,’ Real Money: Donald Trump’s Crypto Products Have Left Investors at Least $4.7 Billion Underwater

By Zach Everson

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Introduction

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” President Donald Trump tweeted in July 2019. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

Seven years later, Trump has become the world’s foremost crypto salesperson, hawking nonfungible tokens, meme coins, governance tokens, stablecoins, and shares in a digital-asset treasury. 

“Trump’s crypto schemes have left investors at least an estimated $4.7 billion underwater.”

— Public Citizen analysis

What changed? The president realized there were billions to be made hawking thin air to supporters, supplicants, and speculators.

Trump made at least $1.4 billion off crypto in 2025, according to his latest financial disclosure, released in June 2026. It does not appear that he put any of his own money into these ventures.

The profit Trump reaps from crypto, however, does not come out of thin air. It comes from foreign governments. It comes from pardon seekers, corporate interests, and targets of government investigations. It comes from retirement funds. It comes from MAGA supporters and other Americans, just looking to make some money and following the advice of our billionaire president.