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Disillusionment is growing among young male cryptocurrency investors who had responded positively to U.S. President Donald Trump’s pro-crypto stance during the 2024 election, The Washington Post reported.
Crypto influencer Carl Runefelt said Trump had been seen as a hero by the crypto industry a few years ago but had now become the opposite. Runefelt added that crypto already carried a strong image as a scam, and that perception had hardened further after the president launched his own memecoin. The newspaper said disappointment had also deepened amid a sharp drop in the price of the TRUMP token, a strategic crypto reserve filled only with seized assets rather than new purchases, and the Trump family’s crypto businesses. At the same time, it said major crypto companies and industry figures still support Trump, while some investors view his appointment of pro-crypto officials to regulatory agencies and his enactment of stablecoin legislation positively.