Trump's Crypto Cheer Lifts Bitcoin, But Core Risks Loom

Firmly rooted in a Wild West ethos, cryptos still see rampant fraud and theft despite controls

- DHIRENDRA KUMAR

The cryptocurrency faithful are having quite a moment. Donald Trump's return to the White House has brought a veritable cornucopia of pro-crypto promises, from talk of a "Strategic Bitcoin Reserve" to declarations about making America the "crypto capital of the world." Markets have reacted predictably: Bitcoin has surged past previous highs, and believers are treating this as ultimate vindication.

Yet beneath the sheen of political legitimacy, nothing fundamental has changed about cryptocurrencies' essential nature. The irony in Trump's embrace of crypto is hard to miss. The proposed "Strategic Bitcoin Reserve and US Digital Asset Stockpile" will apparently consist entirely of assets seized from criminals. In other words, the US government's official cryptocurrency holdings will be digital assets once used for ransomware, money laundering, drug trafficking, and other illicit activities. It's rather like announcing a strategic reserve of stolen goods as proof of their virtue.

This detail neatly captures crypto's central problem. Despite all the technological sophistication and political endorsements, it remains the payment method of choice for criminals worldwide. Every major ransomware attack, dark web marketplace, and cross-border money laundering network gravitates to crypto for the same reasons enthusiasts celebrate it—anonymity, irreversibility, and freedom from traditional oversight.