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During the summer of his 2024 presidential campaign, Donald Trump made a vow to the cryptocurrency industry: Elect him, and the United States would become the “crypto capital of the planet.” That winter, after crypto-industry donations helped secure Trump’s place in the White House, digital assets began appreciating rapidly—and the president-elect was glad to take the credit. When bitcoin crossed the $100,000 mark, he simply posted, “YOU’RE WELCOME!!!”

For a sense of just how much money has evaporated from the crypto industry…