The paper value of the coins owned by Mr Trump himself has also fallen by $50bn. While Mr Trump's own losses have not been crystallised, investors are on the hook after spending heavily to back the Trump coin in the run-up to his inauguration, partly as a show of support but also as a gamble that the token would rise in value. However, interest in the project has since dwindled, accompanied by a wider market crash. Bitcoin has lost a fifth of its value since hitting an all-time high on the day of Mr Trump's inauguration. An official Melania Trump meme coin promoted by the First Lady has fared even worse, dropping 94pc since Jan 20. Mr Trump has vowed to be the first "crypto president", recently appointing venture capitalist David Sacks as the White House's "crypto tsar". However, investors have expressed disappointment at the supposed lack of momentum, highlighting Mr Trump's failure to create a strategic Bitcoin reserve.