Trillions of dollars in value have been vaporized from global crypto markets since October, plunging an ascendant industry championed by President Trump into a new bout of turmoil.
Why it matters: Crypto joins a growing list of MAGA coalition partners — from Epstein-focused populists to farmers to Latino men — now questioning whether Trump's return to power has delivered what they were promised.
Zoom in: The hyper-online, male-dominated crypto space embraced Trump's vision for a crypto "Golden Age," tying its fortunes to his presidency as prices surged and confidence soared through much of his first year in office.
- Many crypto leaders swallowed their discomfort last year after Trump-branded meme coins generated massive profits for insiders — and left retail traders holding tokens that plummeted in value.
- Ethical concerns deepened as the Trump family's crypto venture raked in hundreds of millions — including through a secret investment by an Emirati royal who was lobbying the U.S. government for access to advanced AI chips.
Those conflicts were largely waved off amid a steady stream of pro-crypto signals from Trump, including the creation of a strategic bitcoin reserve and vows to make the U.S. the "crypto capital of the world."
- But industry-friendly crypto legislation has stalled, in part because the White House rejected Democrats' demands to limit the Trump family's crypto profiteering.
- Then came this week's crash — which saw Bitcoin erase all gains since Trump's election, going from $70,000 when he won to over $125,000 late last year, and now back below $70,000 again.
- Reports that a wallet associated with the Trump family business sold millions of dollars' worth of crypto only deepened the anger.
What they're saying: Despite multiple factors driving bitcoin's downturn, the president once hailed as crypto's greatest ally has now become one of its most visible scapegoats.
- "Trump was a reason for me to believe in [bitcoin going to] $300k. At the end he was bad for crypto. Big mistake to have him as president," tweeted crypto influencer Carl Runefelt.
- Other major accounts posted self-deprecating memes, with one writing: "When Trump said we wouldn't have to pay taxes on crypto gains, I didn't realize he was removing the gains."
The other side: There's no clear sign yet that crypto's revolt will carry into elections, particularly with industry PACs gearing up to spend heavily in support of Republicans.
- Crypto influencers expressed outrage Thursday after a top Democratic account appeared to mock the bitcoin crash as a blow to Trump and his supporters.
"Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest," White House press secretary Karoline Leavitt said in a statement.
- "President Trump proudly made the United States the crypto capital of the world through executive actions, supporting legislation like the GENIUS Act, and other commonsense policies to drive innovation and economic opportunity for all Americans."
The big picture: The backlash captures a deeper problem for Trump: Niche and newly mobilized constituencies he courted in 2024 are growing disillusioned with his presidency.
- Podcast populists: The Trump administration's handling of the Epstein files and aggressive immigration enforcement has alienated some anti-establishment podcasters who helped shape his appeal to young men in 2024, including Joe Rogan and comedian Andrew Schulz.
- Nonwhite voters: Trump's support among Black and Latino Americans has slipped since he made major gains in 2024, as cost-of-living pressures continue to weigh heavily on these communities.
- Farmers: Even after Trump rolled out a $12 billion "bridge payment" to offset tariff-related losses, agricultural leaders warned this week of potential "widespread collapse" if Congress fails to act.
The intrigue: Even traditional Republican constituencies have expressed discontent with some of Trump's policies.
- Gun owners: The administration's response to the fatal shooting of Alex Pretti — who was legally carrying a firearm when he was killed by federal immigration agents in Minneapolis — has dismayed some Second Amendment advocates.
- Antiabortion activists: The FDA's approval of a generic version of the abortion pill mifepristone — along with Trump's call for Republicans to be "flexible" on federal abortion funding — has angered key pro-life leaders.
- Iran hawks: Foreign policy hardliners and diaspora groups want Trump to follow through on his promise to help Iranian protesters topple the regime — frustrated that he has opted, for now, to pursue diplomacy.
The bottom line: Trump's polling troubles reflect not one backlash, but many. At the heart of his slump are the very issues that powered his 2024 win: affordability and immigration.
