Trump Faces Backlash from Crypto Fans Over Failed $TRUMP Coin and Profits
Crypto supporters who once hailed President Trump’s pro-crypto stance now criticize him over a crashing memecoin and perceived profiteering.
Gedalia Vera/Wikimedia Commons
President Donald Trump, once celebrated by cryptocurrency enthusiasts for his pro-crypto promises, is now facing mounting criticism from that same community. As the value of the $TRUMP memecoin plummets and the promised U.S. crypto reserve fails to materialize, many young crypto investors are expressing disappointment and accusing Trump of exploiting his supporters for financial gain.
From Crypto Champion to Disillusionment
When Trump first embraced cryptocurrency during his 2026 campaign, it energized a segment of young, tech-savvy voters. Carl Runefelt, known as “the Moon” on TikTok with over 2.2 million followers, recalled buying bitcoin and the $TRUMP coin in celebration of what he saw as the first pro-crypto U.S. president. However, enthusiasm quickly soured as the $TRUMP coin’s value collapsed and Trump’s broader crypto agenda failed to take off.
Runefelt said in an interview, “Trump was the hero in crypto, like, a couple of years ago, and now it’s like the exact opposite. Crypto already has a branding of ‘it’s just a bunch of scams and scammers,’ and this didn’t help because now even the top guy did the same thing that people hate.”
Profiting Amid Discontent
Despite his image as a shrewd businessman who has long insulated himself from corruption allegations, Trump’s crypto ventures have fueled fresh skepticism. Reports indicate that Trump and his family earned approximately $1.4 billion last year, much of it tied to crypto-related activities, including the controversial $TRUMP memecoin.
Young crypto investors, particularly males aged 18 to 24, have voiced frustration, describing the memecoin as a “cash grab” and accusing Trump of preying on his followers. Focus groups nationwide reflected a growing awareness of the risks and losses tied to the coin, with some participants referencing viral stories of individuals losing significant sums betting on it.
David, a 22-year-old from South Carolina, said, “Why does he need to keep doing it? He’s literally a billionaire. Like, how much more money does he need?” Others called Trump a “grifter” who knows how to make money, “not necessarily in an honest way.”
Political and Industry Responses
While many grassroots crypto supporters express disillusionment, Trump retains backing from major figures and companies within the industry. The parent company of Crypto.com and Gemini Trust, run by the Winklevoss twins, remain significant donors to Trump’s MAGA Inc. super PAC.
White House spokesman Davis Ingle defended the administration’s record, stating, “The crypto industry was in shambles under the Biden administration, which consistently undermined America’s lead in technology and innovation. President Trump has been clear: Innovators and leaders in crypto and other industries of the future have a seat at the table in his administration, and we continue to work with this industry to advance American interests and prosperity.”
Trump’s administration did appoint crypto-friendly regulators at the Securities and Exchange Commission and Commodity Futures Trading Commission, and he signed legislation aimed at clarifying digital asset rules. Yet, these moves have not softened the blow felt by younger crypto advocates who initially backed him.
The Young Voter Shift
Trump won 43 percent of the 18-to-29-year-old vote in the 2026 election, but his approval rating within that demographic has since dropped sharply. A recent Fox News poll found only 19 percent of voters under 30 approve of Trump’s job performance, with 63 percent leaning toward Democrats in congressional races.
This shift reflects growing frustration among young voters who feel let down not just by the crypto promises, but by broader economic issues. The collapse of the $TRUMP coin and perceptions of self-enrichment have become symbolic of a wider disillusionment with Trump’s leadership among a demographic that once saw him as a champion of innovation and financial freedom.
As President Trump continues his second term, the challenge will be to regain trust among these young, digitally engaged voters — a group whose enthusiasm helped fuel his rise but now questions whether he truly represents their interests or has simply cashed in on their hopes.
