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Donald Trump has embraced bitcoin ($BTC) as a core part of his second administration, creating a strategic $BTC reserve, insisting all $BTC should be made in the United States, and destroying or disabling huge portions of the regulatory apparatus that had previously pursued cryptocurrency firms.
Additionally, both he and his sons have vigorously embraced the industry in ways that continue to generate massive profits for this family.
Many Bitcoiners and crypto enthusiasts were similarly ecstatic for the opportunity to support Trump and free themselves from the perceived tyranny of the Joseph Biden administration and the enforcement work of then-SEC head Gary Gensler.
Jesse Powell, Tyler Winklevoss, and Cameron Winklevoss all ended up making donations to Trump that would have been illegal had they not been refunded.
Read more: Who is behind World Liberty Financial, Trump’s new crypto?
Despite this mutual embrace, the price of $BTC hasn’t benefitted from the Trump administration.
When Trump was inaugurated as president, $BTC was trading for approximately $101,000.
Today, it trades for approximately $67,000, a fall of approximately 33%.
Even if we imagine that the value of $BTC began increasing as soon as Trump was elected, before he had any real power, in anticipation of what he might do, $BTC is still down since then.
On November 5, 2024, the date of the presidential election, $BTC was trading for approximately $67,800.
Today, as mentioned before, it’s several hundred dollars less than that.
Despite all the hopes Bitcoiners may have pinned on Trump, he’s done little to benefit their portfolios.