Bitcoin has taken a sharp tumble in recent weeks, dropping below $84,000 for the first time since November 2024. The cryptocurrency soared to a jaw-dropping $108,000 shortly after Donald Trump’s election victory on November 5, 2024, riding a wave of optimism tied to his pro-crypto promises.
Now, with prices sliding to $85,000, everyday Americans are breathing a sigh of relief and cracking open their wallets once more.
The post-election surge, which saw Bitcoin climb over 35% in mere months, had left many sidelined. Analysts point to Trump’s campaign pledges — vowing to make the U.S. the crypto capital of the planet and hinting at a national Bitcoin stockpile — as the fuel for that surge.
But for folks still recovering from the economic wreckage of the Biden years, those lofty prices felt more like an out-of-reach goal than a means to financial independence. Inflation under the previous administration hit 9.1% in 2022, the highest in four decades, slashing purchasing power and leaving savings accounts gasping for air.
“Finally, something I can afford again,” said Jake Miller, a 32-year-old mechanic from Nebraska, who’d been priced out during Bitcoin’s peak. “I was starting to think I’d need to sell my truck just to start investing again.”
The dip has sparked a wave of enthusiasm among those who see it as a rare win for the little guy. Bitcoin’s climb to stratospheric heights had turned it into a playground for Wall Street suits and Silicon Valley tech bros, while hardworking Americans nursed their wounds from years of soaring grocery bills and gas prices.
The Biden administration’s economic policies, including a $1.9 trillion stimulus package in 2021, were blamed by critics for overheating the economy and sending inflation through the roof.
Economist Sarah Jennings offered a blunt take. “This pullback is a godsend for people who don’t have trust funds or private jets,” she said. “The last administration’s spending spree made everything — Bitcoin included — feel like a luxury good.”
Posts on X show users celebrating the price drop as a chance to “buy the dip” without taking out a second mortgage. The trend reverses a grim reality from late 2024 when Bitcoin’s Election Day spike to $75,434 left many muttering about missed opportunities.
“I’m excited it’s back in reach,” said Maria Lopez, a single mom from Texas who’d watched Bitcoin’s rise with envy. “Biden’s economy kicked us while we were down — now I can actually invest in something I believe in.”
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