Trump’s presidency has been marked by unusually direct engagement with the crypto space, including the public launch of a meme coin in January and the later release of a similar token by Melania Trump. Before his inauguration, Bitcoin surged to a record, breaching the $109,000 level as markets priced in the potential for a more crypto-friendly administration. Regulatory moves during this period included efforts to clarify digital-asset rules, such as the SEC creating a framework-oriented task force, which coincided with a perception of looser enforcement for crypto markets. However, the gains associated with those early actions were not lasting.
Trump’s subsequent policy moves — notably tariffs announced on the EU and expanded globally — coincided with renewed volatility and broad market downturns for crypto equities. The market did experience a brief rebound when tariff measures were paused, illustrating how policy signals can stoke or dampen investor risk appetite. In the macro context, a September rate cut by the Federal Reserve provided a favorable backdrop for risk assets, helping Bitcoin reach new heights in October, including a crest near $125,761 on October 6. Looking ahead, sentiment remained volatile as analysts projected upside into year-end, with some forecasts targeting ranges around $185,000 to $200,000.
Yet the fourth quarter brought a fresh shock as Trump signaled a 100% tariff on China, contributing to a sharp pullback and a wave of liquidations — the market’s largest one-day squeeze in recent memory, with estimates nearing $20 billion in forced liquidations. Leverage in the market was reported as being maximumed out, amplifying the selloff. Separately, Reuters reported that the Trump family earned substantial sums from crypto asset sales in early 2025, underscoring the complex intersection of politics, wealth, and crypto markets. In the longer view, the data suggest that a Trump administration may have fostered a more crypto-friendly regulatory climate and faster product approvals, but Bitcoin’s price performance in Biden’s early years was historically strong, complicating any simple verdict on “who helped Bitcoin more.”
Ultimately, the answer depends on the metric used — regulatory ease, market sentiment, or price performance — and the time frame under consideration. Trump’s presidency featured unusually direct engagement with the crypto space, including the January meme coin launch and an SEC task-force framework aimed at clarifying digital assets. Ahead of his inauguration, Bitcoin surged past $109,000, and by October it reached a fresh high around $125,761. The period also saw a brutal wave of liquidations in the fourth quarter, with estimates near $20 billion, and Bitcoin has since fallen about 24% from the peak.
Biden’s early years saw Bitcoin performance remain historically strong despite ongoing policy scrutiny, with regulatory posture shifting toward clarity and faster product approvals. Macro factors like a Federal Reserve rate cut supported risk assets, helping price momentum stay elevated even as broad policy signals created volatility, including tariff talk and global trade tensions. Reuters later noted the Trump family earned substantial sums from crypto asset sales in early 2025, underscoring the complex intersection of politics, wealth, and crypto markets; the broader data suggest a crypto-friendly regulatory climate under Trump alongside strong price action in Biden’s early years, making the question of “who helped Bitcoin more” highly dependent on the metric and time frame chosen. Ultimately, determining who helped Bitcoin more depends on the metric used—regulatory ease, market sentiment, or price performance—and the time frame under consideration.
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