The Great Crypto Letdown: Bitcoin bulls overpromised, markets continue to underperform

Cryptocurrency was once pitched as a noble experiment in financial independence — a way to bypass gatekeepers, empower individuals and rebuild trust in a system broken by excess and exclusion. Instead, that ideal has been steadily diluted.

Summary

• Cryptocurrency, once championed as a tool for financial independence, has largely been co-opted by influencer hype, and speculative frenzy.
• In 2024, crypto bulls rallied behind Trump, backing his pro-crypto rhetoric. But 2025 predictions fell short.
• Michael Saylor, Tim Draper, Tom Lee, Cathie Wood, and Anthony Scaramucci overestimated Bitcoin’s 2025 performance, and the “top cryptocurrency” now faces a viability test.

Speculative frenzy over memecoins and influencer-driven hype transformed much of the market into something resembling a digital casino, where tokens are spun up for laughs and discarded just as quickly.

In 2024, crypto bulls threw their weight behind then-presidential candidate Donald Trump, seeing his pro-crypto stance and regulatory friendliness as a pathway to legitimizing digital assets in the U.S. election cycle.

Major exchanges and industry figures funneled campaign donations to favored candidates, with some even backing Trump’s inauguration events. The industry viewed Trump’s second term as more likely to deliver favorable legislation, creating a rare moment when political alignment and financial self-interest converged for the sector.

They were wrong:

Michael Saylor (Strategy / MicroStrategy)

Predicted Bitcoin could reach about $150,000 by the end of 2025 based on regulatory and adoption tailwinds.

Tim Draper (Venture Capitalist)

Draper reaffirmed his long-standing forecast that Bitcoin would hit ~$250,000 by the end of 2025.

Tom Lee (Fundstrat)

In broader expert forecasts, bulls looked to Lee, who expected 2025 to end well above current levels (often in the $150,000–$250,000 range).

Cathie Wood (ARK Invest)

While most 2025 forecasts focus on mid-range targets, Wood and ARK research positioned Bitcoin to be in the low six figures by the end of 2025 as part of a long-term adoption thesis (and has reiterated higher long-term targets).

Anthony Scaramucci (SkyBridge Capital)

The former White House Communications Director forecasted Bitcoin would reach between ~$180,000–$200,000 in 2025, citing supply constraints and institutional inflows. Scaramucci, now a staunch Trump critic, was especially critical of Trump’s meme coin endeavors.

As 2026 unfolds, the outlook for crypto remains uncertain amid stalled legislation. Optimism is now being tempered by hard lessons from the prior year.

For all the pomp on inauguration day when Bitcoin exceeded $101,000, the price is now roughly $89,490.

Despite high hopes under Trump’s pro-crypto rhetoric, adoption and market performance are lagging far behind the pace seen under the Biden administration, Protos reports.

Is it fair to say Biden-era regulatory clarity, institutional inflows, and ETF approvals helped sustain growth? The jury is still out on that.

One thing is for sure: the sector is now mired in a bear market. Momentum has stalled. With public confidence shaken, the year ahead may offer more volatility than validation, leaving builders, investors, and policymakers to confront whether crypto can survive as a serious financial infrastructure—or remain trapped in hype cycles and speculative headlines.