"Krugman, who has made no secret of his contempt for cryptocurrencies (or for Trump and Trumpism), argues their rise is inextricably linked with the Trump administration's raft of friendly policies and actions toward crypto investors and exchanges. That includes calling for the creation of a government Bitcoin reserve, as well as signing an executive order in August to allow U.S. citizens to invest retirement savings in cryptocurrency, as well as other alternative assets."
"Fresh off its all-time high of $126,000 last month, Bitcoin has been in free fall for the past month, sitting at about $87,000 as of Wednesday after falling to a six-month low of about $81,000 last week. Cryptocurrency's broader $1 trillion selloff has even cost the Trump family-with its ample ventures in crypto-$1 billion of its fortune, according to the Bloomberg Billionaires Index."
Bitcoin dropped from an all-time high of $126,000 to roughly $87,000 after a recent fall to about $81,000, contributing to a broader $1 trillion crypto market selloff. That selloff trimmed roughly $1 billion from the Trump family's crypto-linked wealth. The cryptocurrency’s value has been tied to pro-crypto political support, including proposals for a government Bitcoin reserve, an executive order enabling retirement investments in crypto, and high-profile pardons. As visible political influence supporting the industry declines, investor expectations anchored to that political backing have weakened, pressuring Bitcoin prices downward.
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