The return of Donald Trump to the White House has had a significant impact on the Bitcoin market, leading to a substantial decline in the number of Bitcoin millionaires.
Initially, Trump's re-election sparked optimism, creating approximately 11,000 new Bitcoin millionaires between October 7 and November 6, 2024. However, this euphoria was short-lived.
By March 21, 2025, the number of Bitcoin millionaire addresses had decreased by 32,647, representing an 18.51% decline since Trump's inauguration.
This decline was particularly pronounced in the first weeks following his return, with an average of 795 Bitcoin millionaire addresses being wiped out daily.
The total number of Bitcoin addresses holding more than $1 million fell from 157,563 to 129,477, while those with over $10 million decreased from 18,801 to 14,240.
Several factors contributed to this downturn, including economic uncertainty, the release of Trump family-themed meme coins, and a lack of immediate policy announcements supporting crypto.
Despite Trump's recent efforts to bolster the crypto sector, such as establishing a Strategic Bitcoin Reserve, the initial optimism has not been sustained.
Several other political events have also significantly impacted Bitcoin millionaires and the broader crypto market.
El Salvador's decision to make Bitcoin legal tender led to an initial price spike, but subsequent volatility arose due to concerns about adoption and IMF opposition. This event highlighted how political decisions can influence Bitcoin's valuation and investor sentiment.
China's repeated restrictions on Bitcoin mining and buying/selling caused significant sell-offs and market uncertainty. These regulatory actions demonstrated how political decisions in major economies can impact global crypto markets.
Unclear tax reporting requirements in the U.S. infrastructure bill led to uncertainty, negatively impacting Bitcoin's price. This shows how legislative actions can affect investor confidence and market stability.
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