CryptoCurrency
BTC underperforms in Trump’s first year in office
Donald Trump has embraced bitcoin (BTC) and many Bitcoiners have in turn embraced Donald Trump.
However, despite that embrace, BTC’s value has fallen substantially in Trump’s first year.
On his inauguration one year ago, the asset was trading at approximately $101k; now it trades for less than $90k.
This is a fall of more than 11%, much worse than BTC’s performance during the first year of Joseph Biden’s term.
During that year, BTC began trading at approximately $36k and rose to approximately $41.7k, an increase of nearly 16%.
Read more: ANALYSIS: Mapping Donald Trump’s growing crypto empire
This difference in BTC’s performance has happened despite Trump’s promise that during his term, all BTC would be “made in the US.”
The Trump administration has also been willing to create the so-called “Strategic Bitcoin Reserve,” where the administration has been storing BTC that has come into its possession.
Trump-affiliated World Liberty Financial has also purchased large quantities of BTC.
Read more: World Liberty Financial offers quid pro quo for investment, report
Many prominent Bitcoiners, including Cameron and Tyler Winklevoss and Jesse Powell, likewise embraced Trump’s candidacy and supported his rise with donations so large that they would have been illegal had they not been returned.
Despite this personal, professional, and political embrace of BTC, the asset itself hasn’t seemed to benefit, lagging substantially behind where it did under the Biden administration.
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