Who would have thought Donald Trump would become crypto’s unlikely champion? After reversing his earlier skepticism, Trump’s 2024 campaign pledged to make America a crypto powerhouse. And boy, did the market notice. The overall crypto market soared past $1 trillion post-election, with Bitcoin jumping 40%.
But here’s the twist – this crypto “success story” has a dark side. In just 100 days, over 20,000 Bitcoin millionaire addresses vanished into thin air. Gone. Poof. The numbers are brutal: addresses with $10+ million in Bitcoin plummeted by 18.30%, while those holding between $1 and $9.99 million dropped by 12.61%. That’s roughly 233 Bitcoin millionaires disappearing every single day. Not exactly the crypto renaissance Trump promised. The volatility highlights why many prefer symmetric key encryption for securing digital assets.
Meanwhile, Trump’s administration was busy reshaping the crypto landscape. Out went Gary Gensler at the SEC, in came industry-friendly Paul Atkins. An executive order on January 23, 2025, promised to slash regulations and boost domestic crypto mining. The message was clear: America would embrace crypto – just not the government-controlled kind. The administration’s strong opposition to central bank digital currency shaped its crypto-friendly stance.
The TRUMP coin emerged as a peculiar beneficiary of this crypto chaos. With predictions ranging from $35 to $300, it gained traction as Trump’s retail outlets and campaign started accepting it for payment. Because nothing says “legitimate currency” quite like buying a MAGA hat with Trump-branded crypto. The coin’s meteoric rise to $74.27 in just two days after launch shocked even seasoned crypto investors.
The irony? While Trump’s team celebrated their crypto-friendly policies, nearly 3 million addresses holding less than $1 million in Bitcoin disappeared. The market wasn’t discriminating – it was wiping out both whales and minnows.
Yet the administration kept pushing forward, marking the first time a U.S. president directly engaged with the crypto sector on this scale. All this paints a picture of a crypto comeback that’s more complex than the headlines suggest.
Sure, Trump became crypto’s unexpected advocate, but his first 100 days proved that in the world of digital currency, what glitters isn’t always digital gold.
