There is an intriguing relationship between Bitcoin and the U.S. President Donald Trump.
Once dismissive of the crypto assets, Trump referred to Bitcoin as a “scam” in an interview in June 2021. However, he came to embrace crypto in the run-up to the 2024 presidential elections.
“I will ensure that the future of crypto and the future of Bitcoin will be made in the USA, not driven overseas,” Trump said in a speech to his supporters at the Libertarian National Convention in Washington D.C. on May 25, 2024.
When Trump won the presidential election on Nov. 5, 2024, Bitcoin was trading at $67,793.30. The Republican victory sent the asset rallying upwards of $100,000 only a month afterwards.
The king coin hit its record all-time high (ATH) of $109,114.88 on Jan. 20, 2025, when Trump was inaugurated as the U.S. president.
A crypto trader who would have purchased Bitcoin on election result day would have been sitting on 60% gains by the day of Trump’s presidential inauguration.
Then came Trump’s pro-crypto decision to establish a strategic Bitcoin reserve and a crypto stockpile on March 6. The SEC began to pursue a rather conciliatory approach to crypto under the new administration.
However, the crypto market began to stumble ahead of Trump’s announcement of sweeping “reciprocal tariffs” on Apr. 2, dubbed the “Liberation Day.”
Bitcoin’s price slipped from above $87,000 on Apr. 2 to below $79,000 on Apr. 8. As per Kraken’s price feeds, it was trading at $78,454.87 at press time.
BTC’s current price is more than 25% lower than its ATH in mid-January.
So, the trader who had been sitting on 60% gains on the day of Trump’s inauguration has seen their gains slashed to barely 17% — a drastic decline of more than 45% within a span of 78 days.
