Finbold’s research report uncovered that by April 30 – following President Donald Trump’s first 100 days in office – 23,310 Bitcoin (BTC) millionaire addresses disappeared.
Specifically, there were a total of 176,364 BTC millionaires on January 21, Trump’s first full day in the White House, that number decreased to 153,054 by April 30, representing a 13.22% decline, and an average loss of 233 BTC millionaire addresses a day in the first 100 days.
Addresses holding $10 million worth of the cryptocurrency or more were hit hard, as 18.30% of them disappeared, resulting in a total decrease of 3,441 from 18,801 to 15,360. Meanwhile, addresses between $1 million and $9.99 million were only slightly less affected, as 19,869 – 12.61% – disappeared.
The decline occurred across the board, including among addresses with less than $1 million worth of BTC, as the figure decreased by nearly 3 million, dropping from 91 million to 88 million.
The loss of millionaire Bitcoin addresses in the first 100 days of Trump’s second presidency is especially noteworthy as he has been engaged in highly pro-cryptocurrency rhetoric while on the campaign trail and, at least partially, fulfilled his promises to the industry and the community with changes to agencies such as the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS).
Interestingly, the total loss in the number of Bitcoin millionaire addresses has been partially tempered by BTC’s rally in the second half of April.
As Andreja Stojanovic, a co-author of the research, noted:
“The losses would have been significantly worse had Bitcoin not entered a surprise rally in the second half of April, which took it from Liberation Day lows near $75,000 to a relatively stable level just under $95,000 in just a few weeks. For comparison, the world’s premier cryptocurrency stood at $102,204 on January 21.”
Both the fact that Bitcoin’s price remains, even after the latest rally, well below its January 21 levels, and the fact that Trump’s re-election quickly generated 11,000 new BTC millionaire addresses, as a November Finbold research report revealed, demonstrate the stark contrast between the expectations and the delivery in the first 100 days.
