Trump Embraces Crypto Future, Claims Ignorance on $500M UAE Stake in His Empire

Former President Donald Trump has pivoted to championing cryptocurrency, positioning himself as a pro-digital asset leader while deflecting questions about a massive foreign investment in his business.

The $500 Million Question

When pressed on a reported half-billion-dollar stake from the United Arab Emirates in one of his companies, Trump offered a familiar refrain: he "doesn't know anything about" it. The statement cuts through the noise of complex financial dealings, leaving observers to wonder who's minding the vault—a classic move in the high-stakes world of political finance where plausible deniability is the ultimate asset.

Crypto's New Political Pal

His vocal praise for the crypto sector marks a significant shift, signaling to the market that digital currencies have a potential ally in a future administration. This endorsement bypasses traditional banking skepticism and throws a lifeline to an industry craving regulatory clarity and mainstream legitimacy.

The rallying cry comes as the industry battles scrutiny from other quarters. For proponents, it's a bullish signal; for critics, just another volatile token in the political portfolio. After all, in finance and politics, the most profitable investments are often the ones you see coming—or claim not to.

Money divided among Trump allies and crypto founders

The rest of that first installment didn’t go to strangers. $31 million was funneled to a company tied to the family of Steve Witkoff, one of the company’s co-founders and a U.S. Middle East envoy. Another $31 million was paid to a group tied to Zak Folkman and Chase Herro, the other two co-founders of World Liberty Financial.

This deal raised eyebrows in Washington. Sheikh Tahnoon has close ties with American officials. He also runs Group 42 Holding, a tech investment company. That firm got approval last year to buy high-end AI chips from Nvidia, AMD, and Cerebras Systems, after talks held with WHITE House officials.

A spokesperson for World Liberty Financial, David Wachsman, told Bloomberg, “Neither President Trump nor Steve Witkoff had any involvement whatsoever in this transaction and have had no involvement in World Liberty Financial since taking office.” He added, “The company made the deal in question for its own interest.”

Wachsman went on to say, “The idea that, when raising capital, a privately held American company should be held to some unique standard that no other similar company WOULD be held to is both ridiculous and un-American.”

Trump pushes crypto message, says China would take over without U.S. leadership

During the same press event, Trump made it clear he supports crypto. The 47th president was speaking while announcing the U.S. Strategic Critical Minerals Reserve. He was joined by Mary Barrow, the CEO of General Motors, and Robert Friedland, the co-chair of Ivanhoe Mines, along with several members of Congress and U.S. trade officials.

Trump said, “Crypto is a big thing and they like it. A lot of people like it. The people behind me like it. My sons are handling that. My family is handling it. I guess they get investments from different people, but I’m not.”

He continued, “I have all I can handle right now with Iran, Russia, Ukraine, and everything else we’re doing. So I don’t know. I don’t know exactly other than, I’m a big crypto person. I’m the one that probably helped crypto more than anybody because I believe in it.”

He said the reason he believes in it is simple. “If we don’t do it, then China is going to do it. Right? If we don’t do crypto, then China is going to do it. And it’s just like AI. We’re leading AI by a lot. And if we weren’t leading, China would have led. They’re very capable. They’re very good.”

Trump links crypto to stablecoin bills and U.S. digital power

Trump also pointed to the legislation his team pushed to help the crypto world grow. “We did the Genius Act for stablecoins,” he said. He noted that people behind him at the event were working on the Clarity Bill, a law designed to make it easier for companies and developers to understand the rules around digital assets.

“We’re bringing U.S. best practices to the new industry. Digital assets. Innovation. And it spreads everywhere. So the U.S. is leading,” Trump said. Then he looked back at the reporters and added, “And do you agree that if we didn’t do it, China and others would? But China would.”

He finished that thought bluntly. “China would have had the lead. Then others around the world in terrible places would be doing it.”

Throughout the entire press event, Trump focused on crypto, AI, and tech leadership. He barely mentioned the $500 million UAE investment again. When asked, he just repeated, “I don’t know about it.”

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