Neil Bergquist Watched Crypto Go From Zero to Presidential Meme Coins in 11 Years

Neil Bergquist remembers when explaining Bitcoin to government officials required starting from scratch. Back in 2014, the Coinme CEO had to educate Washington state regulators about what cryptocurrency even was before his company could launch the first licensed Bitcoin ATM in the United States.

Fast-forward to 2025, and President Donald Trump has signed executive orders establishing a Strategic Bitcoin Reserve while launching his own $TRUMP meme coin. The transformation Bergquist witnessed over 11 years represents one of the most dramatic policy reversals in modern financial history, from regulatory uncertainty to presidential embrace of digital assets worth over $3 trillion globally.

"Most of the people in Congress and Washington, DC, at large, really had never even heard of it at that time, and so there really was zero guidance," Bergquist said about the early regulatory environment. "You just operate in this gray area."

When Congress Had Never Heard of Bitcoin

The regulatory desert Bergquist describes contrasts sharply with today's environment. When Coinme sought its first virtual currency money transmitter license in 2014, Bergquist had to present to state regulators with basic explanations of blockchain technology and digital currencies. The process required educating officials who were encountering these concepts for the first time.

"We would have to go to every state and say, 'Hey, here's our business model. Here's our product. Do you regulate us?' And some states would say, 'No, because Bitcoin's not money, and we only regulate money,'" Bergquist recalled. "Other states would say, 'We don't know. Let us get back to you.'"

The regulatory landscape remained fragmented for years. Each state created its own determination about whether to regulate cryptocurrency businesses, leading to a patchwork of rules that companies had to navigate individually. This uncertainty persisted well into Trump's first presidency, when the former president called Bitcoin "potentially a disaster waiting to happen" in 2021.

How 20% Crypto Ownership Became Political Power

The shift toward mainstream adoption created the foundation for crypto's political influence. Recent data shows cryptocurrency ownership has reached critical mass among American voters, with 2025 studies indicating between 21% and 28% of Americans now own digital assets. This represents approximately 55-65 million people, according to multiple industry surveys.

Trump's evolution from crypto skeptic to advocate mirrors the broader political establishment's changing stance. The president who once called Bitcoin a "scam" now speaks of making America "the crypto capital of the world." This transformation accelerated during the 2024 campaign, when Trump received millions in donations from crypto investors and spoke at Bitcoin conferences.

Bergquist recognized this demographic transformation as a political turning point. "It was more than 20% of the people in the United States owning digital currency and wanting better financial opportunities for themselves," he observed. "And he capitalized on that."

From Meme Coins to National Strategy

Trump's March 2025 executive order establishing the Strategic Bitcoin Reserve marked an unprecedented integration of cryptocurrency into national financial policy. The order creates two distinct stockpiles: a Strategic Bitcoin Reserve and a broader U.S. Digital Asset Stockpile containing five cryptocurrencies—Bitcoin, Ethereum, XRP, Solana, and Cardano.

The reserve will initially use cryptocurrency already seized by federal agencies through criminal and civil forfeiture proceedings, rather than requiring taxpayer purchases. White House crypto czar David Sacks described the initiative as "a digital Fort Knox for the cryptocurrency often called 'digital gold'".

Markets responded immediately to the policy shift. Bitcoin surged above $94,000 following Trump's announcement, while the total cryptocurrency market gained over $300 billion in value within hours. The price movements reflected investor confidence that government endorsement would drive further institutional adoption.

The Strategic Bitcoin Reserve represents more than symbolic support. The executive order positions the United States among the first nations to treat cryptocurrency as a strategic asset alongside gold and foreign currency reserves. Only three countries currently recognize Bitcoin as legal tender: El Salvador, the Central African Republic, and Bhutan.

Building Season for Crypto Innovation

The regulatory transformation has created what Bergquist calls a "building season" for cryptocurrency innovation. The shift from enforcement-heavy policies to supportive frameworks has encouraged entrepreneurs and institutional investors who previously avoided the sector due to legal uncertainty.

"It's building season, and there's a lot of building going on right now," Bergquist said. "They feel like they're not going to go against regulators if they do something in the gray area that a future administration or someone disagrees with."

The new regulatory environment has already produced tangible results. Trump's first 100 days included rolling back multiple Biden-era restrictions, appointing crypto-friendly officials to key regulatory positions, and suspending enforcement actions against major cryptocurrency exchanges.

For companies like Coinme that built compliant infrastructure during uncertain times, the policy shift validates years of regulatory diligence. The company now operates with licenses in 37 states, positioning it to benefit from increased institutional interest in cryptocurrency services.

Bergquist frames the current moment in historical terms, citing one of his investors who describes 2025 as "the gilded age of crypto." After 11 years of building infrastructure during regulatory uncertainty, companies with established compliance frameworks can now accelerate growth in a supportive policy environment.

The journey from coffee shop Bitcoin transactions to presidential crypto summits illustrates how quickly emerging technologies can move from fringe innovation to mainstream policy priority. For Bergquist, who educated regulators about basic cryptocurrency concepts just over a decade ago, the transformation represents validation of crypto's potential to become "a generally accepted store-of-value and mechanism for payments."

The regulatory metamorphosis Bergquist witnessed suggests cryptocurrency has moved beyond experimental technology to become a permanent fixture in American financial policy. Whether this integration fulfills the decentralized vision of early Bitcoin advocates remains an open question, but the political embrace appears irreversible.

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