Bitcoin’s Performance Under Trump and Biden: A Deep Dive
The cryptocurrency market has always been influenced by global politics, especially in the United States. When it comes to Bitcoin (BTC), two presidents stand out for their contrasting approaches: Donald Trump and Joe Biden. But the question remains—under whose administration did Bitcoin flourish the most? Let’s break it down.
Trump’s Pro-Crypto Rhetoric
Donald Trump positioned himself as America’s first “crypto president.” His promises of making the US the crypto capital of the world, halting regulatory crackdowns by agencies like the SEC, and promoting Bitcoin adoption garnered optimism. In January 2025, ahead of his second inauguration, Bitcoin rallied to a new all-time high of $109,000.
However, this momentum was offset by macroeconomic decisions, such as the announcement of tariffs on the European Union and later China. These actions introduced significant volatility in the crypto market. Despite Trump’s pro-crypto stance, Bitcoin’s price trajectory during his tenure reflected heightened sensitivity to market conditions and policy shifts.
Biden’s Measured Approach and Bitcoin’s Rally
In contrast, Joe Biden’s administration was initially seen as less crypto-friendly, particularly due to cautious SEC stances on cryptocurrency and ETF approvals. However, the numbers tell a different story. During Biden’s presidency, Bitcoin gained approximately 65% in his first year and surged 155% and 120.7% in 2023 and 2024, respectively.
One key milestone during Biden’s administration was the approval of spot Bitcoin ETFs, which opened the doors to wider institutional and retail investment. Despite less favorable rhetoric, these regulatory advancements enabled Bitcoin’s record-breaking growth.
ETF Growth and Institutional Adoption
One of the turning points for Bitcoin under both administrations was the rise of cryptocurrency ETFs. While Biden’s administration laid the groundwork with the SEC’s regulatory clarity, Trump’s return to office in 2025 saw an explosion in altcoin ETFs, featuring assets like Solana (SOL) and XRP (XRP). Though these ETFs improved accessibility, they also indicated a redistribution of capital across products rather than significant new inflows into the market.
The Role of Leverage and Volatility
Many experts argue that the cryptocurrency market’s volatility increased during Trump’s tenure, partly due to higher leverage levels used by traders. The collapse of nearly $20 billion in leveraged positions after the announcement of 100% tariffs on China was a stark reminder of these risks.
While Biden’s presidency showcased sustained growth and reduced volatility, Trump’s second term has so far delivered a mixed bag—initial highs followed by significant downturns. Structural issues like excessive leverage and institutional outflows have further compounded these challenges.
Trump’s Direct Involvement in Crypto
Another unique aspect of Trump’s presidency is his personal and family involvement in the crypto market. From the launch of Trump-adjacent meme coins like WLFI to ventures like American Bitcoin Corp, the administration’s relationship with crypto has been direct and controversial. While these initiatives have brought attention to the sector, they’ve also raised questions about governance and market integrity.
Who Helped Crypto the Most?
The answer depends on how we define “help.” Biden’s administration delivered steady regulatory progress that attracted institutional investors and reduced barriers to entry. This enabled Bitcoin to rise over 300% during his presidency. Meanwhile, Trump’s crypto-friendly rhetoric and faster ETF approvals created optimism but also heightened volatility.
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Final Thoughts
As the debate rages on about who benefited crypto the most, one thing is clear: political leadership plays a significant role in shaping the trajectory of the market. Investors should stay informed and carefully evaluate both rhetoric and policy before making decisions in this evolving sector.
