Trump Compares Family Crypto Business To Oil As He Shrugs Off Conflict Claims

President Donald Trump compared his family’s crypto business to the oil fortunes of past presidents, telling 60 Minutes that “there’s crypto and before that there was oil” as he brushed off questions about conflicts of interest.

Key Takeaways

Trump made the oil comparison while defending his family’s crypto company, World Liberty Financial, in his first sit-down interview since the midterms
He did not say crypto could become one of the world’s most important assets, despite viral posts claiming he did
Trump said his sons run the company and that he knows nothing about investors tied to the UAE government
The interview with Ross Douthat aired Sunday, Nov. 8

60 Minutes aired the exchange on Sunday night, days after Republicans lost both chambers of Congress in the midterm elections.

What Trump Actually Said

Douthat pressed Trump on World Liberty Financial, the crypto company he co-owns and that his son helps run. Douthat noted that the firm is partly owned by investors connected to the government of the United Arab Emirates and asked whether that looked like corruption.

Trump said he knows “nothing about it” and that most of his money is handled by big Wall Street firms. “My sons run the company. It’s hard to say to them, ‘Don’t do anything anymore for four years because I’m president,'” he said.

He then argued that every president has faced this kind of problem, saying “no matter what they do, there’s a conflict.” When Douthat pointed out that not every president has owned a crypto company, Trump said earlier presidents owned “whatever crypto was at the time,” adding that “there’s crypto and before that there was oil.” He also pointed to Barack Obama’s Netflix deal as another example.

Also Read: Crypto Liquidations Hit $834M As Ether Traders Take Biggest Beating

How Crypto Twitter Spun It

Within hours, popular crypto accounts were posting that Trump had compared crypto to oil and called it one of the world’s most important assets. Some versions swapped in Bitcoin, XRP or Dogecoin and claimed the president was betting on their coin.

That is not what he said. The oil line was a defense of his family’s business ties, not a prediction about crypto prices or its place in the world economy.

Why It Matters For Crypto

The Trump family’s crypto ventures have added billions to its wealth and drawn growing questions from Democrats, who now control Congress. Asked about reports that his net worth had soared since he returned to the White House, Trump said “So did everyone,” adding, “I devote almost no time to my net worth. I don’t care.”

For crypto investors, the takeaway is less about price and more about politics. With Democrats in charge of both chambers, the president’s personal crypto holdings are likely to stay in the spotlight, and with them the rules Washington writes for the whole industry.