President Donald Trump was once a cryptocurrency critic but had a change of heart ahead of Election Day 2024. Bitcoin (BTC) and other digital assets enjoyed a massive surge in the weeks that followed. A year and a half later, cryptocurrency is trading lower than it was when Trump won the 2024 election.

The Crypto President

In 2019, Trump spoke out about Bitcoin and cryptocurrency. "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," Trump tweeted on July 11, 2019. But a reversal of love for cryptocurrency saw Trump gain support from single-issue voters, who saw supporting a pro-crypto president as a key political move. "If you like crypto in any form … if you're in favor of crypto, you'd better vote for Trump," Trump said to a crowd on May 8, 2024.

Trump praised Bitcoin throughout 2024 and even served as a keynote speaker at the Bitcoin 2024 Conference in July of that year. His campaign was also the first to accept cryptocurrency for donations. Trump's victory ultimately helped Bitcoin soar in value; it hit a high of $76,460.16 on Nov. 6, 2024, the day after Trump won the election. A week later, Bitcoin passed the $90,000 level for the first time. In January 2025, the month Trump was sworn in for a second presidential term, Bitcoin hit the $100,000 mark for the first time. Optimism grew after Trump signed an executive order to establish a Strategic Bitcoin Reserve. Trump, calling himself "the crypto president," even launched his own meme coin, Official Trump (CRYPTO: TRUMP), through an affiliate of the Trump Organization, one day before his inauguration. Bitcoin traded higher for over a year after the election, hitting an all-time high of $126,198.07.

Fast-Forward To Today

Bitcoin traded under $50,000 this week—the lowest level since October 2024. Optimism for cryptocurrency related to the presidency is not as high as it once was, as some of Trump's promises for a Strategic Bitcoin Trust to buy Bitcoin and the passing of major cryptocurrency legislation have stalled.

Investing $1,000 in Bitcoin

Bitcoin traded at a high of $76,460.16 on Nov. 6, 2024 after Trump won the 2024 presidential election. Today, Bitcoin trades at $63,889.31, down 16.3%. This means a $1,000 investment in Bitcoin after Trump won the election would be worth $836.95 today and lost money. Compare that to a $1,000 investment in the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, at the same time. That investment from Nov. 6, 2024, to now would be worth $1,254.45, up 25.4% over the same time period.

Bitcoin could gain in value in the future if a president who has shown past support continues to signal favorable policy toward the asset, but investors who bought into the leading cryptocurrency shortly after the 2024 presidential election are currently sitting on losses. Meanwhile, the Trump family continues to make billions through various crypto ventures.