...(I've long predicted Trump would use the power of the US government to trash BTC in favor of TrumpCoin [or some other scam] because it could actually make Trump a trillionaire. So far, this thesis is still intact...)...
IMO, only part of "this thesis is still intact." Trump being "The Crypto President" has turned into a huge disaster for
BTC and the reputation of the whole ecosystem. Mainstream people who used to be uncertain about crypto are often now convinced the entire thing is associated with Trump's scams and favors for friends.
I warned before many times that the crypto industry attaching itself to Trump and his party was a suicidal mistake. But all people cared about at the time was the immediate pump, so $billions flowed from the industry into Trump and his party.
As for now, the sentiment is down, but a chunk of Americans still think Trump is awesome. I don't know the percentages here: it used to be 50/50, but now it's probably more like 30/70 for/against Trump and his party. But if that was the number, 30% of Americans is still a lot of money, and plenty to support BTC's current price level.
And keep in mind that Trump is still very much in power, and has directed the US government to protect himself and Bitcoin. If Republicans start losing elections, this could reverse.
The next part (about Trump making huge piles of profits) is currently completely untrue. Every project he and his family are involved in are bleeding huge amounts of investor funds, sitting near rock-bottom prices, and looking forward to a bankrupt future. The year of the Orange Menace continues now...
He has in fact doubled his net worth since taking office. Losing money doesn't make a difference when you can simply rip off investors and get away with it since you control the US government and you can perform any criminal activity with impunity.
Trump may go bankrupt in the future, but it will be for political reasons, not business reasons: his business is based on his possession of government power. If that stays, his money stays (and grows), and if it goes, so does his money.
