In fact, everyone in the cryptocurrency world celebrates President Trump’s second election, a passion booster for the industry who promises to turn the United States into “the crypto capital of the planet.”
But a man now nicknamed “the first Bitcoin president” presided over the Bitcoin crash.
Bitcoin’s price has fallen 10% since Trump announced global tariffs last week, down $78,000 on Sunday night. In January, Bitcoin reached nearly $110,000 on the day Mr. Trump took office.
The rapid decline shows that Bitcoin is often seen as a stable source of long-term value and remains subject to a wider market turnaround since Trump announced a wider import tax last week. Many investors treat Bitcoin like any other tech stock, a venture capital for sale in difficult times.
Since he won his second term, Mr. Trump has largely fulfilled his promise to help the crypto industry. He appointed regulators that support cryptocurrencies and signed an executive order directing the government to stock Bitcoin.
Meanwhile, Mr. Trump has expanded his personal investment in the cryptocurrency world, selling so-called souvenirs to his supporters.
But the impact of his tariffs on the cryptocurrency market has led to some dissatisfaction.
“Cryptocurrencies are weird, but mostly related to an appetite for optimism and risk,” Haseeb Quresehi, a venture capitalist specializing in cryptocurrencies, wrote on social media on Sunday. “This optimism is collapsing under Trump’s silence.”
