Trump Media Abandons Bitcoin Amid $200 Million Losses

Trump Media, the social media company majority-owned by President Donald Trump, has announced it will pivot away from Bitcoin after reporting nearly $200 million in losses. The company had invested heavily in Bitcoin last summer, buying 12,062 Bitcoins worth nearly $755 million at today's prices. However, with the price of Bitcoin declining for over 10 months now, the company is facing a significant paper loss.

The news comes as other top digital asset treasury companies are also struggling. Strategy, which famously told investors 'Never sell your Bitcoin,' reported a nearly $10 billion paper loss on its Bitcoin holdings in the past quarter. The company acquired its 840,447 BTC at an average price of $75,482, but the current price is just $63,000.

Crypto experts warn that if Strategy is forced to sell significant amounts of its Bitcoin at once, it could trigger a historic market meltdown and cause even more pain for crypto investors. The key takeaway from this situation is that trying to time the crypto market is ultimately futile, and investors should consider buying and holding Bitcoin for the long haul.