In particular, World Liberty Financial (WLFI), which is owned by the Trump family, put $47 million into Bitcoin. The group bought Wrapped Bitcoin, an ERC20 token that is backed 1:1 with Bitcoin (BTC), the most famous digital currency in the world.
This deal took place just hours before Trump became the 47th President of the United States on January 20, 2025 through the oath of office.
David Bailey, CEO of Bitcoin Magazine, told X that the U.S. President’s crypto team had started to convert the country’s money into Bitcoin. He talked about the many purchases of WBTC that were made in chunks of $4.7 million right before the inauguration.
WLFI, the Trump family’s DeFi project, has bought a number of tokens recently, such as Ethereum, Chainlink, and Aave. But the release of their meme coins, such as TRUMP and MELANIA, has gotten mixed responses. Some have called it a cash grab.
On the day before Trump’s inauguration, the market was very unstable, and Bitcoin hit a new all-time high above $109,000.
The benchmark cryptocurrency, however, fell back to around $103,000 after the ceremony, as news spread that the new government did not make cryptocurrency one of its first policy priorities.
Even though the drop happened, which some say was caused by “sell the news,” many experts are still optimistic about BTC. One big reason for this confidence is the hope for a Strategic Bitcoin Reserve.