Since October, trillions have disappeared from the cryptocurrency markets, creating headwinds for President Trump ahead of the midterms. Trump has styled himself the “crypto president” and backed crypto-friendly policies while his family business has pursued related ventures. Yet Bitcoin’s sharp decline is widening rifts among supporters who invested in the asset.
Bitcoin climbed from roughly $70,000 after his victory to above $125,000, but recently traded in the low $60,000s, erasing gains since his win. Crypto influencer Carl Runefelt argued that Trump’s stance persuaded people BTC could surge to $300,000, but ultimately he proved harmful to the crypto space. Another influencer noted, with some irony, that Trump suggested crypto profits could be untaxed, a claim that some supporters interpreted as an intent to wipe out profits.
Reports that WLFI sold large amounts of Bitcoin fueled backlash among supporters. The sell-off underscored crypto vulnerabilities and cast Trump as a potential scapegoat. The crypto industry PACs are preparing to mobilize substantial funding to support the GOP ahead of the vote, while the White House emphasizes that there is no conflict of interest and credits Trump with advancing U.S. crypto leadership.
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