Donald Trump once dismissed cryptocurrencies as a scam. But since returning to office, his view of them has shifted dramatically.

In July, President Trump signed new legislation aimed at integrating crypto into the financial mainstream. Members of the Trump family have launched their own ventures, generating significant profits and boosting the visibility of digital currencies in American politics.

Supporters say this could reassert the dominance of the US dollar in a changing global economy, while critics warn of economic volatility and regulatory gaps. How did crypto go from fringe to front-and-centre in Trump’s economic vision?

This week on The Inquiry, we’re asking: Is Trump building a crypto economy?

Contributors: Molly White, writer for the Citation Needed Newsletter in the US Francine McKenna, Lecturer at the Wharton School, University of Pennsylvania, US Will Grant, BBC's Mexico, Central America and Caribbean correspondent Gillian Tett, Provost of King's College, Cambridge, UK

Presenter: Tanya Beckett Producers: Ben Henderson and Matt Toulson Researcher: Evie Yabsley Editor: Tom Bigwood Technical Producer: Nicky Edwards Production Management Assistant: Liam Morrey

(Photo: President Donald Trump displays the GENIUS Act on 18 July 2025. Credit: Brendan Smialowski/Getty Images)