Donald Trump’s re-election in 2024 was welcomed by the cryptocurrency industry and investors as the inauguration of America’s first truly pro-crypto administration ever, but the billionaire politician was not always a fan of Bitcoin (BTC) and its peers.
Indeed, in his first term, President Trump was a vocal opponent of BTC, as seen from a 2019 X – then Twitter – post in which he accused the popular asset of being ‘based on thin air.’
Still, as evident from Bitcoin’s price movements over the years, cryptocurrency traders were not deterred by the Republicans’ negativity, much like they weren’t discouraged by the Biden Administration’s policy on digital assets.
Additionally, considering Bitcoin was trading just above $11,000 on July 12, 2010 – the day of Trump’s anti-BTC tweet – traders who decided to spite the former and current president and invest in the cryptocurrency would have seen massive returns by press time on January 27, 2026.
Specifically, a $1,000 investment in Bitcoin made more than six years ago would have turned into $7,730 for $6,730 in profits, as BTC rose a total of 673% since to $87,888.
Furthermore, the cryptocurrency’s performance over the years has proven its relative detachment from the regulatory climate. For example, while the $1,000 investment made in 2019 would not have risen quite as much by 2021 as by 2026, traders would have enjoyed $4,660 in profits even under the more antagonistic Biden Administration.
In fact, BTC’s relative detachment from the regulatory climate is also evident in its latest price drop – a drop that erased some 25,000 Bitcoin millionaires in the second Trump Administration’s first year – that took place despite the positive legislative developments.
Did Trump really reverse his stance on Bitcoin?
Elsewhere, it is noteworthy that despite not being a proponent of Bitcoin in his first term, some hints of President Trump’s agenda were visible already in 2019.
The second half of the anti-crypto tweet highlighted that the actual issue lies in the lack of regulation, as the billionaire politician signaled that it is the unregulated market that ‘can facilitate unlawful behavior, including drug trade and other illegal activity.’
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
It is interesting that such phrasing falls in line with the broader pattern of the Trump Administration’s controversial moves: it telegraphed policies to come.
Specifically, despite the re-election being welcomed as bullish for the industry and sending Bitcoin toward its latest all-time high near $125,000, the current version of the proposed CLARITY Act has proven contentious.
Specifically, the piece of legislation – originally supposed to be voted on in January 2026 – has been criticized by prominent figures like Brian Armstrong of Coinbase (NASDAQ: COIN) and Charles Hoskinson of Cardano (ADA) for stifling stablecoins, giving undue authority to the SEC, positioning every new project as a security by default, and numerous other reasons.
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