
As dollar takes a hit, Trump family invests heavily in crypto
Clip: 5/28/2025 | 5m 22sVideo has Closed Captions
As dollar takes a hit, Trump family invests heavily in crypto
This week, Trump Media and Technology Group announced it is selling shares and bonds to raise $2.5 billion to create a "Bitcoin treasury.” It marks the Trump family’s latest addition to their cryptocurrency empire. Trump’s sons, Donald Jr. and Eric, run the family’s multiple crypto ventures and spoke at the world’s largest Bitcoin conference in Las Vegas. Laura Barrón-López reports.
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As dollar takes a hit, Trump family invests heavily in crypto
Clip: 5/28/2025 | 5m 22sVideo has Closed Captions
This week, Trump Media and Technology Group announced it is selling shares and bonds to raise $2.5 billion to create a "Bitcoin treasury.” It marks the Trump family’s latest addition to their cryptocurrency empire. Trump’s sons, Donald Jr. and Eric, run the family’s multiple crypto ventures and spoke at the world’s largest Bitcoin conference in Las Vegas. Laura Barrón-López reports.
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Learn Moreabout PBS online sponsorshipAMNA NAWAZ: This week, Trump Media and Technology Group, the publicly traded parent company that owns the president's social media platform, TRUTH Social, announced that it's selling shares and bonds to raise $2.5 billion to create a Bitcoin treasury.
It marks the Trump family's latest addition to their cryptocurrency empire, as Trump Media share prices take a hit.
A day after announcing plans to buy more Bitcoin, President Trump's sons Donald Jr. and Eric, both of whom run the family's multiple crypto ventures, spoke at the world's largest Bitcoin conference in Las Vegas.
ERIC TRUMP, Executive Vice President, Trump Organization: America is going to win the crypto revolution.
That much, I can tell you right now.
(CHEERING) ERIC TRUMP: We finally have a competent president in the White House.
And we have a president who loves this industry and is behind this industry 100 percent.
AMNA NAWAZ: Our White House correspondent, Laura Barron-Lopez, joins us now with the latest.
Good to see you, Laura.
LAURA BARRON-LOPEZ: Good to be here.
AMNA NAWAZ: So just remind us what we're talking about when we're talking about cryptocurrency here, and then tell us more about what kinds of related businesses the Trump family has.
LAURA BARRON-LOPEZ: So cryptocurrency is a digital currency designed to be an alternative payment method or speculative investment.
Now, the Trump family has four crypto ventures, the latest, the Trump Media Bitcoin investment, which is essentially transforming that company into -- further into a crypto holding company.
Then there's the Trump meme coin, which is a type of cryptocurrency normally inspired by Internet and popular culture.
There's American Bitcoin.
That's a Bitcoin mining firm set up by Donald Trump's eldest sons, Eric and Don Jr. and then there's World Liberty Financial, which is the Trump family crypto firm that recently launched a stablecoin.
Now, some crypto, like Bitcoin and stablecoin, is meant to compete with the U.S. dollar and is designed to replace traditional money.
AMNA NAWAZ: So, when you take a step back and look at this, because the Trump family's investments in this one currency isn't happening in a vacuum, when you look at the larger economic picture, there are some allegations that President Trump's policies are actually weakening another currency.
That's the U.S. dollar.
What do we know about that?
LAURA BARRON-LOPEZ: So I spoke to Harvard economist Kenneth Rogoff.
And he said that, yes, that the president's policies are weakening the long-term standing of the U.S. dollar.
Now, the U.S. dollar was declining already, but Ken Rogoff said that Trump's policies are accelerating that.
KENNETH ROGOFF, Economist, Harvard University: A lot of his policies are weakening the long-run standing of the dollar, the U.S. as a safe haven, the U.S. where the rule of law stands, the U.S. as an open economy.
And, above all, the tariff war, which I just don't begin to understand, unnerves not only our trading partners.
It unnerves investors.
If he's willing to do this, what else is he willing to do?
LAURA BARRON-LOPEZ: Now, Rogoff said that he doesn't think the dollar's strength will disappear, but tariffs, as well as the GOP megabill that could potentially add to the U.S. debt and deficit, could cost the dollar its dominant position.
AMNA NAWAZ: And what's the connection there to the Trump family's growing cryptocurrency empire?
I mean, could those ventures actually benefit from a diminished U.S. dollar?
LAURA BARRON-LOPEZ: The economist from Harvard, ken Rogoff, says, yes, that if Trump is scaring people about the U.S. dollar, then it's good for crypto and therefore it can be good for his holdings in crypto.
Now we should say that the dollar is far from being replaced by crypto.
But I also spoke to Noah Bookbinder, who's an ethics watchdog and former public corruption attorney for the Justice Department, and he agreed with Rogoff's assessment.
NOAH BOOKBINDER, Executive Director, Citizens for Responsibility and Ethics in Washington: As other things that were seen as safe investments like the dollar potentially become less safe, that could drive more money into cryptocurrency.
It could make that seem comparatively stable.
And at this point, Donald Trump and his companies are poised to gain tremendously if more money starts being invested in cryptocurrencies.
LAURA BARRON-LOPEZ: The other big potential impact of this, Amna, according to Harvard economist Ken Rogoff, is that this could very well end in -- quote -- "a giant financial crisis" within Trump's term.
AMNA NAWAZ: So, as the president and his family are promoting and building their crypto holdings, I know you have been reporting on another potential conflict of interest here.
Tell us more about that.
LAURA BARRON-LOPEZ: So, as President Trump -- President Trump is in charge of the potential regulation of cryptocurrency, all as he and his family stand to benefit from this very industry.
And his crypto companies may be in a trust, but the president is the financial beneficiary of all of those crypto ventures.
And, currently, crypto is unregulated.
So, Noah Bookbinder and other ethics lawyers that I have talked to said that whether and how President Trump and lawmakers in Congress decide to regulate crypto could significantly affect how the industry does, which ultimately could have a huge effect on President Trump and his family's bottom line.
And that is a massive conflict of interest, according to Noah Bookbinder, that ultimately does not probably benefit the American public.
AMNA NAWAZ: Another story we know you will continue to follow.
White House correspondent Laura Barron-Lopez, thank you.
LAURA BARRON-LOPEZ: Thank you.
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