Crypto Craze Surges in Washington and Wall Street Amid Trump’s Support
In 2025, cryptocurrencies are gaining unprecedented traction in both Washington, D.C., and Wall Street, signaling a significant shift in how digital assets are viewed by policymakers and financial institutions. The enthusiasm for cryptocurrencies like bitcoin has grown rapidly, propelled in large part by policy changes and high-profile political backing.
Earlier this year, over 35,000 bitcoin enthusiasts congregated at Bitcoin 2025 in Las Vegas, the largest gathering of its kind to date. The conference drew a diverse crowd, from high-stakes investors to fervent believers in crypto’s transformative potential. Michael Terpin, a leading bitcoin entrepreneur present at the event, boldly encouraged attendees to own at least one bitcoin, suggesting its value could skyrocket to 20 or 30 million dollars by retirement. Guy Malone, another prominent figure, likened bitcoin’s impact to a fundamental shift akin to religious texts, saying, “You can’t change the Bible; it changes you. The same is true of bitcoin.”
What many at the event credited with fueling this crypto surge was the re-election of former President Donald Trump. Vice President J.D. Vance declared, “I’m here today to say loud and clear, with President Trump, crypto finally has a champion and an ally in the White House.” This political support is seen as pivotal for the industry’s legitimization and expansion.
One key development is the signing of the Genius Act by President Trump, legislation that facilitates major corporations such as Wal-Mart and Amazon to issue their own digital currencies. Furthermore, Congress is actively debating a groundbreaking bill to regulate cryptocurrency trading, a stark contrast to past reluctance towards crypto regulation. The growing influence of the industry is underscored by the fact that the cryptocurrency sector invested over $167 million supporting crypto-friendly candidates in the previous election cycle.
Despite the rising enthusiasm, experts caution about the volatile and speculative nature of cryptocurrencies. Amanda Fischer, a former top official at the Securities and Exchange Commission during the Biden administration, noted, “You could think of it as gambling, you could think of it as a collectible, you could think of it as a type of investment. But I think what’s important to understand is that crypto is highly volatile. It’s highly speculative.” This volatility remains a significant concern for regulators and investors alike.
On Wall Street, major financial players are also engaging with crypto assets. Stablecoins, digital assets pegged to traditional currencies, are increasingly used for liquidity and overseas payments. Industry leaders expect major financial institutions like JPMorgan and PayPal to introduce their own digital coins as the crypto ecosystem integrates further into mainstream finance.
As cryptocurrencies continue to captivate attention from political leaders and financial institutions, the United States is poised to become a global hub for digital asset innovation. Yet, the inherent risks tied to these digital currencies remind both policymakers and investors to proceed with caution amidst the ongoing crypto craze.