Trump gave crypto the red carpet treatment. It still crashes

New York –

For President Donald Trump, shifting his personal investments and his administration’s priorities toward cryptocurrencies has been a lucrative move. His family’s crypto business brought in more than $1 billion last year, on top of tens of millions in revenue from his real estate empire, according to his latest financial disclosure.

For the crypto industry, Trump 2.0 has been more of a mixed blessing.

Trump’s return to the White House was accompanied by a surge of enthusiasm from crypto investors. While Trump previously said crypto “seems like a scam,” he reversed course during his 2024 campaign, promising to make the United States the “crypto capital of the world” and accepting millions in campaign donations from industry donors.

Bitcoin, the most popular crypto token and an industry bellwether, broke consecutive records with Trump’s victory. The push has been fueled by his promise to pave the way for regulation for the industry, which has long complained of being unfairly targeted by the Biden-era Securities and Exchange Commission.

In the year following Election Day 2024, bitcoin’s value soared more than 80%, reaching an all-time high above $126,000 in October 2025.

Since then, Bitcoin has given up all of its Trump-era gains and then some.

This week, while the US stock market recorded its best quarter in six years, bitcoin remained below $60,000, down more than 50% from its peak.

Bitcoin’s crash comes despite Trump laying the regulatory red carpet for the industry.

Over the past two years, the White House has become a strong supporter of all things crypto, installing industry-friendly officials at the SEC and proposing a “strategic Bitcoin reserve” that would prop up the token’s value. The president met with industry leaders at a White House summit, hosted a party for investors in his memecoin and championed two bipartisan, industry-backed bills in Congress that seek to establish clearer federal guidelines for the issuance and trading of digital assets.

At the same time, the SEC dropped a series of enforcement actions against crypto companies and investors with ties to the Trump family.

“They gave them everything they could want,” said Hilary Allen, a law professor at American University and a prominent industry critic.

But it’s a double-edged sword, she says. The crypto industry desperately wants to be seen as legitimate to attract new capital, but Trump’s efforts to legitimize an industry long associated with fraud have limits.

“The Trump family companies have not improved the perception that crypto is a scam,” Allen said.

On Wednesday, Trump shrugged off concerns that he is profiting from an industry overseen by his administration, attributing his increase in wealth to the rise in the stock market in response to questions from reporters at Joint Base Andrews. The White House has consistently denied that the president has a conflict of interest in his finances, emphasizing that he is not actively involved in the management of his businesses or investments.

Although cryptocurrency prices have struggled lately, Trump’s crypto company, World Liberty Financial, raked in more than $500 million from token sales last year, according to the latest filing. His biggest win was $635 million from a licensing deal tied to his memecoin — a functionally useless commemorative digital asset that has lost 98% of its value since its launch shortly before his inauguration.

Cryptocurrencies are decentralized digital money, like Bitcoin and Ethereum. But this fifteen-year-old industry operates largely on the fringes of finance, and these digital currencies are still not widely accepted as a means of payment for goods and services, and their value can be volatile.

Historically, bitcoin and other tokens have mirrored the movement of risk assets like tech stocks. But for most of the year, crypto has boomed partly in response to investors moving their money into AI. Crypto investors were also spooked by the move by Strategy (formerly the software company MicroStrategy), a bitcoin storage company that reversed a long-standing promise to never sell bitcoin.

The decline also triggered forced liquidations in the heavily leveraged crypto space, intensifying the heartbreaking price drops that crypto is known for.

Analysts say a rebound could still be a long way off.

“The most violent sell-offs appear to be easing, but demand has not yet returned, Yusuf Fakhro, a partner at crypto infrastructure firm ARP Digital, said this week. He expects the market to move toward a “slower hemorrhage.”

The months-long decline underscores the risk of investing in cryptocurrencies, which are typically an unreliable store of value compared to the U.S. dollar or other government-backed currencies.

Trump and his family’s embrace of the company, for better or worse, suggests that crypto will continue to receive favorable treatment from regulators, said Eswar Prasad, an economics professor at Cornell University.

“This will of course boost the demand and valuation of digital assets,” Prasad said, “implying a healthy future for this entire ecosystem, despite some short-term bumps in the road.”

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