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

On November 7th, the Trump family had previously filed a lawsuit against the US media Forbes due to its inaccurate reporting on Trump Media, referring to Forbes as "fake news media." At the very moment when Bitcoin just dropped below $100,000, Forbes published a new article titled "Trump Heavy on Bitcoin, But His Timing Couldn't Be Worse," and made fun of Trump by stating, "Buying in, especially at the top, doesn't necessarily make one richer." The article mentioned that Donald Trump, who was once skeptical of cryptocurrency, has now become the "chief cryptocurrency advocate." This summer, he purchased Bitcoin worth $2 billion through Trump Media at an estimated price of $115,000 per coin. Initially, everything seemed fine, but in the past month, Bitcoin's price has dropped by 17%, resulting in Trump Media's stock price falling by 24%, indirectly reducing Trump's personal wealth by $490 million. As Donald Trump pointed out in 2019, cryptocurrency itself is very volatile. Trump wrote on Twitter at that time, "I am not a fan of Bitcoin and other cryptocurrencies. They 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."