Donald Trump, the sexual predator and current sitting president of the United States, has fully embraced bitcoin. World Liberty Financial, a cryptocurrency project he profits from, has purchased millions of dollars worth of tokenized bitcoin, and the federal government at his direction has placed bitcoin into a special stockpile and is searching for ways to purchase additional bitcoin.
This embrace of bitcoin comes after the cryptocurrency industry embraced him, with a wide variety of industry executives, including Cameron Winklevoss, Tyler Winklevoss, Brian Armstrong, Marc Andreessen, Michael Saylor, and many more, voicing their support for the authoritarian.
However, despite the industry’s support of Trump and Trump’s support of the industry, bitcoin has seemed to underperform.
Read more: Trump confused by Strategic Bitcoin Reserve he just ordered
Under Trump’s term so far, bitcoin has fallen over 13% from approximately $101k to approximately $87k.
Under former President Joseph Biden, who has featured heavily in industry critiques of the government’s regulatory role in the industry, bitcoin saw an increase of approximately 45% in this same period of his term. This was a rise from approximately $36k to approximately $52k.
Even Trump’s first term, when he still considered bitcoin a “scam,” saw better performance this term, with bitcoin rising approximately 8% by this point in that term, increasing from approximately $890 to $960.
Trump’s repeated violation of trade agreements and threats of tariffs combined with large government firings have served as a brake on the economy, which may be hurting bitcoin as well as the broader financial markets.
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