The reality of cryptocurrency adoption at scale is no longer a Silicon Valley dream—it's coming closer to fruition every day and reshaping how nations approach financial sovereignty, economic development, and monetary policy. It will have lasting effects on communities around the world.
Yet for all its promises of decentralization and democratization, the crypto landscape in 2025 centres around a single political figure: US President Donald Trump.
The White House has cast a spotlight on crypto and given open and emphatic support to this one specific sector, the scale of which is unique among modern US Presidents. Sure, the Bushes gave favourable treatment to the oil & gas sector when George W (2001-09) and George H W (1989-1993) occupied the Oval Office, as did Lyndon Johnson (1963-69), but nobody comes close to Trump’s open initiative to enrich his family and their companies through crypto.
Trump's dramatic pivot from calling Bitcoin a "scam" in June 2021 to establishing America's Strategic Bitcoin Reserve while in office 4 years later has undoubtedly catalysed adoption of digital assets. That’s helped the CMC 100 Index of crypto assets climb 70 percent since his election in November 2024 and sent Bitcoin surging more than 80% to an all-time-high of more than $123,000 some 9 months later.
His embrace of digital assets has extended far beyond rhetoric:
President Trump's transformation into crypto's most powerful advocate has been nothing short of extraordinary, netting billions for his family, especially through their use of $TRUMP and their personal coin issuer World Liberty Financial.
However, the cryptocurrency movement’s ultimate promise lies not in making elites richer, but in creating more equitable, accessible, and resilient financial systems. To achieve this vision, the crypto industry needs earnest political champions who would prioritize public benefit over personal gain. We haven’t found them, yet.
Beyond the US, other masters of political campaigning and social media have also emerged as major forces while appearing to act for the masses but always managing to boost their own wealth.
El Salvador's President Nayib Bukele has emerged as perhaps the most committed crypto advocate globally, making Bitcoin legal tender in his country (population 6.3 million) in 2021 and accumulating over $600 million in government Bitcoin holdings. When Bitcoin surpassed $100,000, Bukele took a victory lap on social media, showcasing his nation's massive cryptocurrency portfolio.
Bukele's influence extends beyond El Salvador's borders. Argentina's President Javier Milei has consulted with him on cryptocurrency adoption, while Argentine Vice President Victoria Villarruel has shown keen interest in El Salvador's Bitcoin bonds and volcano-powered mining initiatives. These leaders recognize that crypto adoption isn't just about technology—it's about economic sovereignty and financial independence from the established financial system in which the US dollar has been the world’s reserve currency since the mid-20th century.
Poke around the world, and you will find pockets of crypto activity from which to draw inspiration, such as the Swiss town of Zug (population 31,000) where the Ethereum network was born. Here, programmes piloting the use of Bitcoin for everyday tasks such as parking meters and restaurant dinner payments were introduced almost 10 years ago, and residents can pay their taxes in crypto. Or Nearby Lugano, which has its own local CHF-linked stablecoin, the Luga. None of which has been possible without strong local and federal backing.
Johann Schneider-Ammann, a former Swiss Economy Minister, who held the country’s annually rotating presidency in 2016, launched the aspiration for a “Crypto Nation Switzerland” two years later. Still, crypto activity remains very contained with populations intrigued but hardly adopting digital currencies beyond investing and trading.
Unfortunately, the current trends around political leaders such as Trump, Bukele, Milei et al and crypto reveals troubling patterns. Too often, politicians embrace crypto not even to serve their own local populations but to simply enhance their personal wealth and political brands.
Democrats have raised concerns about Trump's crypto ventures, with US Senator Richard Blumenthal calling them "unprecedented conflicts of interest and national security risks". Trump’s meme coin dinner in May attracted $148 million from holders hoping to have dinner with the President. Though the risk of malfeasance was admittedly lessened when he left prematurely without speaking to most of the guests…
El Salvador's Bukele has been criticized for using Bitcoin adoption as part of a broader "crypto-populism" strategy that enhances his authoritarian image while consolidating power. Despite his success in raising awareness of the coin, which earned plaudits for gimmicks such as “Bitcoin beach” on the country’s Pacific coast, Bukele has become famous for crypto policies that have contributed to El Salvador's debt crisis. Having purchased more than half a billion dollars’ worth of Bitcoin for the state, the country’s economy tanked and Bukele resorted to a $1.4 billion IMF (International Monetary Fund) bailout granted only on the condition that the Bitcoin project was scaled back.
Milei of Argentina was cleared of wrongdoing in June for alleged crypto fraud. His social media account carried a promotion in February for the memecoin $LIBRA which briefly held a $250 million market capitalization before tumbling rapidly, wiping out its value. All those $LIBRA tokens combined are worth just $4 million today, decimating investors’ wealth.
On leaving office, the Swiss career businessman Schneider-Amman promptly joined the board of Crypto Valley Venture Capital in Switzerland but has since largely dropped off the public radar.
Developing crypto into a mainstream asset class requires more than just flag waving from self-interested politically connected-business people. It needs impartial stewards who can steer policy measures and regulation, bang the drum for inward and outward investment opportunities while avoiding the temptation to personally profit.
When crypto adoption becomes a tool for political and personal financial aggrandizement rather than genuine economic development, it risks becoming another extractive system that benefits the powerful while leaving ordinary citizens and small-scale investors in danger of losing their savings.
As we will explain in part II, and throughout our coverage on Sandmark, we need leaders in large, advanced economies who see crypto as an opportunity to improve lives for the population, and politicians in emerging economies who can guide how their nations use crypto for economic sovereignty. We also need municipal leaders who focus on practical applications—using blockchain for transparent government services and enabling crypto payments for simple operations.
If you’re young and reading this while you trade Fartcoin unconstrained in your bedroom, please don’t be put off by this heavy topic or our recommendation to have a more mature approach to political leadership – we’re simply advocating for some serious political people who will stick up for your interests and guarantee accountability for those who hold the power in the system you trade in.
Check out Part II of Crypto Needs a Wider Set of Political Champions to get a sense of where else such leadership exists today and whether anybody has the wider focus we believe is required.
