Trump took over Musk’s role as crypto price setter
Last Updated on 4 March 2025 by CryptoTips.eu
Bitcoin seemed poised to slide to a low of $75,000 (or even lower) this weekend until Donald Trump made a long-awaited announcement on Sunday about a “strategic crypto reserve” for the United States, giving the entire crypto market a temporary boost (although it is once again dropping at the moment). This is not the first time Trump does this.
In this manner, he’s taking (in 2024 and 2025) over the role Elon Musk held in 2020 and 2021 and is now able to determine the direction of crypto prices through his words and actions.
Musk
Elon Musk is not only the world’s richest man, he has also been the world’s biggest crypto fan for a long time. He has had an opinion about Bitcoin and Dogecoin since 2014, after which it was quiet from his side for a very long time. In 2019, he suddenly started posting about Dogecoin very often on Twitter, which positively influenced the price. After he called himself the ‘CEO of Dogecoin’, the price rose rapidly. Dogecoin remained at a high price until Musk hosted SNL (Saturday Night Live) in May 2021 and also spoke about the memecoin several times. After that, the price fell again and Musk had to deal with angry investors who had gotten into Dogecoin too late and claimed that he could set the price higher or lower with his social media posts or his statements.
Musk also has a long relationship with Bitcoin. Through his car company Tesla, Musk bought $1.5 billion worth of Bitcoin in February 2021, which immediately increased the price by 10%.
In recent years, however, Musk has faced complaints from angry investors and his influence has waned, especially since BlackRock’s entry into Bitcoin ETFs in 2024.
Trump
During the summer of 2024, another figure became the driving force behind the price of Bitcoin and several altcoins it seems, namely Donald Trump. The new (and old) American president boosted the price of Bitcoin by surviving an assassination attempt on his life in July without any problems, then boosted the price of Bitcoin further by winning the election in November 2024 and is now, in March 2025, giving Bitcoin a new boost by talking about a ‘strategic crypto reserve’ for the United States. In the meantime, he also launched his own memecoin, although it was (except for the very early investors) much less successful.
Already I wonder whether there will be any investors who dare to start a lawsuit against Trump if the price of Bitcoin drops down again. I highly doubt it.
