Forbes Article Mocks Trump for Buying Bitcoin at an Inopportune Time, Resulting in a $490 Million Wealth Drop

BlockBeats News, November 7th, the Trump family had previously sued the U.S. media Forbes for its inaccurate reporting on Trump Media, referring to Forbes as "fake news media." At the moment when Bitcoin just fell below $100,000, Forbes published a new article titled "Trump Heavy on Bitcoin, But His Timing Couldn't Be Worse," mocking Trump by stating, "Buying in, especially at the top, does not necessarily make one richer."

The article mentioned that Donald Trump, who was once skeptical of cryptocurrency, has now transformed into the "chief cryptocurrency advocate." This summer, he purchased Bitcoin worth $2 billion through Trump Media at an estimated cost of $115,000 per coin. Initially, it seemed fine, but in the past month, Bitcoin's price has dropped by 17%, causing Trump Media's stock price to fall by 24%, indirectly reducing Trump's personal wealth by $490 million.

As Donald Trump pointed out in 2019, cryptocurrency itself is highly volatile. Trump wrote on Twitter at the time, "I am not a fan of Bitcoin and other cryptocurrencies, which are not money, have no basis, and their value is highly volatile." Five years later, as cryptocurrency pours into the 2024 election, his attitude has changed. Trump said at a Bitcoin enthusiast gathering, "You are the modern Edisons, the Wright Brothers, Carnegie, and Henry Ford."