Trump says he’ll ‘never let crypto down’ as cryptocurrencies wipe $1 trillion in his second term

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Shortly before the Department of Defense – or War – delivered the latest blow to the price of Bitcoin (BTC) and the total valuation of cryptocurrencies by exchanging fire with Iran, President Donald Trump published a lengthy Truth Social post pledging his support for digital assets.

Bitcoin price one-week chart. Source: Finbold

Specifically, the commander-in-chief began his message by accusing former SEC Chair Gary Gensler and an ‘Anti-Crypto Army’ of nearly destroying cryptocurrencies in the U.S. before declaring he ‘saved’ the industry. 

Additionally, President Trump shared that ‘Builders and Entrepreneurs are coming BACK to the United States where they belong,’ and declared that America is the ‘crypto capital of the world.’

Lastly, he also promised to fully codify favorable legislation that cannot be undone by subsequent administrations, before declaring:

The new Frontier of Finance is being Built in America, and “TRUMP” will NEVER let Crypto down! President DONALD J. TRUMP

Cryptocurrencies wipe $1 trillion since President Trump’s second inauguration

Elsewhere, while cryptocurrencies have been an important narrative during the election campaign and a recurring theme during President Donald Trump’s second term, his actual track record has been patchy.

To begin with, the overall digital assets market capitalization crashed by slightly more than $1 trillion from $3.45 trillion to $2.44 trillion between January 20, 2025 – the inauguration – and press time on May 28, 2026.

Total cryptocurrencies market capitalization 5-year chart. Source: TradingView

Bitcoin, the world’s premier cryptocurrency, is also ultimately down 28.53% from $102,573 to $73,307 within the same timeframe.

Still, it must also be said that BTC reached its new all-time high (ATH) near $125,000 and that the total market capitalization of digital assets hit $4.15 trillion during the billionaire’s first year back in office.

Notably, the previous multi-year highs – at $68,742 and roughly $3 trillion, respectively – were reached in 2021, while both President Joe Biden and SEC Chair Gary Gensler were in office, and the most recent bull market – either ended or paused late in 2025 – likewise began during the previous administration.

President Donald Trump ushers in an era of crypto-friendly regulators and legislature

Examining the actual policy, President Donald Trump’s administration has been pushing for extensive and industry-friendly legislation, with the Senate Banking Committee passing the Clarity Act earlier in May, and with the SEC walking back on multiple investigations and actions targeting the sector.

However, it is worth noting that the legal framework for cryptocurrencies in the U.S. is far from complete and has, in fact, seen multiple delays with the version unveiled early in 2026 leading to sharp disagreements among prominent voices in the space, such as Cardano’s (ADA) Charles Hoskinson, Coinbase’s Brian Armstrong, and Ripple’s Brad Garlinghouse. 

Additionally, despite the progress, President Trump has also been courting controversy regarding digital assets. 

President Trump shadowed by cryptocurrency controversy since inauguration

The first sign of the arguably mixed disposition came already with the inauguration, as the presidential family launched a series of personality-linked meme coins – a poor investment by most measures other than for traders who purchased with the sole aim of owning a digital commemorative coin, and for the issuers themselves.

Official Trump price all-time chart by late May 2026. Source: Finbold

Possibly the bigger controversy came with the extensive proliferation – and the deep integration of the Trump family – with prediction markets, which, on the one hand, extensively rely on cryptocurrencies and, on the other, are widely seen as a form of gambling despite the platforms making attempts to draw a sharp distinction.

Critics would argue that, between the rapidly depreciating meme coins and companies like Polymarket, President Donald Trump’s administration has done as much to harm the reputation of cryptocurrencies as amicable regulators and institutional adoption have done to help it.

Featured image via Shutterstock

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