There is an interesting connection between Bitcoin and US President Donald Trump.
Trump, who once rejected crypto assets, called Bitcoin a “scam” in an interview in June 2021. However, he began to accept codes in preparation for the 2024 presidential election.
In a speech to his supporters at the Libertarian National Convention held in Washington, DC on May 25, 2024, Trump said, “I guarantee that the future of crypto and the future of Bitcoin will take place in the United States.”
When Trump won the presidential election on November 5th, 2024, Bitcoin was trading at $67,793.30. The Republican victory sent the assets a month later a rally worth over $100,000.
Kingcoin was a record high (ATH) of $109,114.88 on January 20, 2025, when Trump took office as President of the United States.
Crypto traders who purchased Bitcoin on the day of election results would have earned 60% profit by President Trump’s inauguration day.
Then came the Trump custody decision on March 6th to establish a strategic Bitcoin Reserve and crypto stockpile.
However, the crypto market began stumbling ahead of Trump’s announcement on April 2 to wipe out “mutual tariffs.”
Bitcoin prices fell from over $87,000 on April 2nd to below $79,000 on April 8th. According to Kraken’s price supply, it was trading at $78,454.87 at the time of press.
The current price of BTC is over 25% lower than the mid-January ATH.
So, traders who had made 60% profits on Trump’s inauguration day saw their profits have been reduced to just 17%, a dramatic decline of over 45% in 78 days.