Donald Trump says he is backing Bitcoin for "one reason" — could a price rally be on the way? | Source: CCN.
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Key Takeaways
Trump has renewed his support for Bitcoin.
Standard Chartered continues to target $500,000 Bitcoin before Trump leaves office.
Trump’s expanding crypto interests remain under scrutiny.
US President Donald Trump renewed his support for Bitcoin this week, arguing that the country risks losing ground to China, as analysts continued to project that it could reach $500,000 before he leaves office.
Speaking during a White House event on July 6, Trump described Bitcoin as a “powerful” asset and said geopolitical competition had become his primary reason for backing the industry.
His comments come as Standard Chartered maintains one of Wall Street’s most bullish long-term Bitcoin forecasts tied to the President, even as the price trades far below its all-time high.
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Trump said his views on Bitcoin had evolved as adoption accelerated, warning that failing to support the sector would allow rival nations to dominate a strategically important industry.
“I’ve become a big crypto guy,” Trump said. “I didn’t know much about it. I realize there are a lot of people that love it.”
The President said Bitcoin had become too significant for the country to ignore.
JUST IN: 🇺🇸 President Trump says, "Crypto is the same thing. If we didn't do it, China would do it. It's a massive industry."
📲 "When I went very much for it… I think I got 100 percent of the vote…I think it was 100 million people. That's a big industry." pic.twitter.com/csPP0XZdFZ
“And Bitcoin — nobody even understands how powerful it is. The capital flows — nobody understands how powerful it is.”
He added that the “main reason” he became a big supporter was that other countries were going to take over.
“If we don’t have it, China’s going to have it,” he said.
China has maintained one of the world’s strictest bans on crypto trading and mining since 2021, while continuing to develop its own central bank digital currency.
Standard Chartered: Bitcoin Price To $500,000 Before Trump Leaves Office
Trump’s latest remarks have again put Standard Chartered’s viral bullish thesis back in focus, after the bank promoted it shortly after his return to the White House.
Speaking to CNBC in February 2025, Geoffrey Kendrick, the bank’s Global Head of Digital Assets Research, argued that Trump’s regulatory agenda would provide a significant long-term boost for Bitcoin.
“That should add to that medium-term upside potential, which for me is Bitcoin up to $200,000 this year and $500,000 before Trump leaves office.”
While Bitcoin’s price did not reach $200,000 by the end of 2025, it did reach its all-time high of $126,198 in October.
Despite missing the first part of its prediction, Kendrick and Standard Chartered have continued to stand by its $500,000 longer term target throughout 2026.
Kendrick argued that institutional inflows, sovereign adoption, and Bitcoin’s fixed supply remain intact despite heightened market volatility.
Not Everyone Thinks $500,000 Bitcoin Price Is Certain
Not all analysts believe Bitcoin will reach Standard Chartered’s price target.
Writing for investment research firm 24/7 Wall St., analyst Sam Daodu said forecasts between $200,000 and $500,000 were achievable under favorable market conditions.
However, Daodu argued that million-dollar projections remained considerably more speculative.
Daodu said Bitcoin’s long-term outlook would depend largely on whether institutional investors continue accumulating the asset.
He also said it would depend on its capturing a larger share of the global store-of-value market, currently dominated by gold.
He wrote that a Bitcoin price “somewhere in the low-to-mid six figures by 2030 is believable.”
Daodu also cautioned that Bitcoin could still experience further downside before any sustained recovery.
Trump Claims His Personal Crypto Interests ‘Not Illegal’
Trump’s latest comments also follow renewed scrutiny of his own crypto business empire after ethics filings disclosed more than $1.4 billion in crypto-related assets and income.
Asked by CNBC last week whether his family’s extensive crypto holdings created any conflict of interest while serving as president, Trump rejected the criticism.
“I mean, there’s nothing illegal. There’s nothing wrong with it.”
Trump said he was not directly involved in managing the investments.
“My son Eric handles it. I don’t talk to him about things such as this… I let people invest it. I don’t even know who they are.”
He again framed his support for crypto primarily as a matter of national competitiveness.
“The way I look at crypto is… if we’re not going to do it, China is going to get it.”
Adding: “It’s a big deal… and anything we do, I want to be number one.”
Former White House Lawyer Calls Crypto Activities ‘Corruption’
Trump’s growing involvement in the crypto industry has continued to draw criticism from ethics experts.
Former White House lawyer Ty Cobb questioned whether Trump’s expanding crypto business was consistent with constitutional restrictions on presidential financial interests.
“I don’t believe so,” Cobb said when asked whether he believed the arrangements complied with the Constitution’s Emoluments Clause.
“Certainly, I don’t think it was contemplated by the founders when they created the Emoluments Clause.”
Cobb was even more critical of Trump’s broader financial activities.
“He’s somebody who every day is devoted to the accumulation of wealth and power.”
He described Trump’s recent crypto ventures as “the greatest onslaught of corruption in the history of mankind in the last 18 months.”
The White House has previously said the President complies with all applicable ethics requirements and has defended his financial disclosures.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
