Trump Praises Bitcoin for Job Creation, U.S. Plans to Acquire One Million Bitcoins

President Donald Trump has made a significant shift in his stance on Bitcoin, now praising it for its job-creating potential and positioning the U.S. as a leader in the cryptocurrency industry. During a White House news conference on June 27, 2025, Trump described Bitcoin as "amazing" and highlighted the jobs it produces, claiming credit for building a "crypto industry." This marks a stark contrast to his previous criticism of the cryptocurrency.

Trump's remarks come amidst a backdrop of increased regulation and respectability for the cryptocurrency industry, which includes Bitcoin casinos and non-fungible tokens (NFTs). The industry has seen record profits and is riding high on the support from the White House. Trump's administration has plans to acquire one million Bitcoins, further solidifying the government's endorsement of the cryptocurrency. This move is seen as a strategic effort to dominate the industry and prevent other countries from gaining an advantage.

Trump argues that Bitcoin adoption is strategically vital and notes that crypto held up better than stocks in recent declines. However, the actual job creation impact of Bitcoin remains a subject of debate. The U.S. civilian labor force is about 163 million, so 31,000 jobs are roughly 0.02% of all workers. By comparison, conventional industries add millions of jobs each year. Outside mining, the broader crypto industry — exchanges, fintech firms, and blockchain startups — also employs people, but comprehensive job tallies for those sectors are not readily available.

Critics caution that Bitcoin’s benefits come with trade-offs. Many crypto farms “fail to provide promised jobs” even as they pay low rates. Lawsuits over noise and pollution have followed rapid mining growth. Many Bitcoin mining jobs are technical roles (power technicians, engineers), often filled locally. Mining boosters highlight infrastructure and training investments in rural areas, but critics say those commitments do not always materialize.

Trump’s job-creation claim has a basis, but it has important caveats. An April Perryman Group report confirms tens of thousands of U.S. jobs tied to Bitcoin mining, generating more than $4.1 billion in gross product annually for the U.S. economy. However, that is a very small slice of total U.S. employment. Those jobs are concentrated in a few energy-rich states and often rely on special power incentives. Analysts say the net economic impact must account for higher energy costs and community concerns.

Trump's support for Bitcoin has not been without controversy. Some critics argue that Trump's endorsement of Bitcoin hurts the U.S. dollar. Despite these criticisms, Trump remains steadfast in his belief that Bitcoin is beneficial for the U.S. economy and job market. Trump's endorsement of Bitcoin is part of a broader strategy to position the United States as a leader in the cryptocurrency industry. He has stated that if the U.S. did not have Bitcoin, other countries would dominate the industry.

Trump's recent financial disclosure with the U.S. Office of Government Ethics indicated that he earned more than $57.3 million from the decentralized finance (DeFi) platform World Liberty Financial (WLFI). However, income from his controversial memecoin, Official Trump, was not listed on the disclosure because it was released in 2025. This disclosure has raised questions about the potential conflicts of interest and the ethical implications of Trump's involvement in the cryptocurrency industry. Despite these concerns, Trump remains committed to promoting Bitcoin and the broader cryptocurrency industry as a means of creating jobs and driving economic growth.