US President Donald Trump's Bitcoin investment, coupled with the recent cryptocurrency market crash, has led to a significant loss of his personal wealth. According to Forbes, Bitcoin's drop below $100,000 today negatively impacted Trump's large-scale BTC purchases over the summer. Trump, who had long been skeptical of cryptocurrencies, suddenly turned around in the summer of 2024, becoming a “major crypto advocate.” Trump Media & Technology Group (TMTG) purchased approximately $2 billion worth of Bitcoin in July, with the average purchase cost estimated at $115,000 per coin. What initially seemed like a reasonable investment took a turn for the worse in the last month, with the price of Bitcoin falling 17%. TMTG shares also lost 24% of their value during the same period. This double decline has reduced Trump's personal wealth by approximately $490 million, according to Forbes calculations. Related News: What is Zcash (ZEC), and Why Has It Rallied So Much? Here's Everything You Need to Know Trump's sons, Donald Trump Jr. and Eric Trump, were on stage as the investment announcement was made public. Don Jr. noted that Bitcoin had risen 57% in a year and predicted a further 35–60% increase in price. Eric Trump also predicted a 55% annual increase. Half a year later, those predictions are starting to look overly optimistic. Bitcoin is down about 12% since TMTG's July purchase. In 2019, Trump described Bitcoin as “not money, just air, and extremely volatile.” However, with the rise of crypto support in the 2024 elections, the narrative shifted dramatically. At an event in Nashville, he praised crypto developers, saying, “You're like the modern Edisons, Wright brothers, Carnegies, and Henry Fords.” *This is not investment advice. Continue Reading: Donald Trump Suffers Major Losses in Bitcoin During Recent Drop: Here Are the Data
