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# Trump Issues Untrue Financial Assertions Prior to Digital Currency Conference
Just three days after Trump’s initial speech to Congress following his comeback to the presidential seat, a gathering occurred where he delivered multiple pronouncements, notably concerning the financial system, which lacked precision.
The White House organized its first-ever “Crypto Summit” on Friday, assembling leading figures from digital asset enterprises to deliberate on how the Trump government intends to reverse the Biden government’s decrees on cryptocurrency.
Trump proclaimed, “As everyone is aware, we acquired an economic downturn and an inflationary catastrophe from the prior government.”
## The Truth:
**Total National Output (GDP):** Under Trump’s forerunner, Joe Biden, the actual GDP expanded by roughly 3.4% on average in the initial three years, encompassing a 2.5% growth percentage in 2023. Conversely, during Trump’s initial tenure (excluding the COVID-19 year of 2020), the financial system underwent an average yearly actual GDP growth of approximately 2.5%. The pandemic triggered a substantial decline in 2020, culminating in an overall average yearly growth percentage of about 1.6% for Trump’s tenure.
**Price Increases:** Trump asserted that the U.S. is confronting “the most severe price increases we’ve ever encountered.” Nevertheless, this declaration is imprecise. Price increases last surpassed 9% in 1981 and have been considerably greater at numerous junctures in American history. While prices did escalate sharply during the initial two years of Biden’s presidency, peaking at 9.1% in June 2022, the yearly price increase rate was 2.9% by December 2024.
**S\&P 500 Results:** Since Biden assumed office on January 20, 2021, the S\&P 500 has surged by roughly 50%, notwithstanding a 19% decrease in 2022 due to the Federal Reserve elevating interest rates to counteract price increases.
However, participants apparently departed disillusioned. Here’s an examination of the price fluctuations over the preceding 24 hours.
Heres a summary of the current situation involving the Dow Jones, cryptocurrencies, and Trump, along with some additional background: Toncoin (TON) Value Forecast for March 26th
**The Dow’s Ascent During Biden’s Term:** The Dow Jones Industrial Average achieved considerable landmarks while Biden was in office, surpassing 30,000 near the end of 2020, 35,000 in July of 2021, and then skyrocketing beyond 40,000 in May of 2024.
**Challenges Emerging?** Moving ahead to the present day, there are worries. Consumer sentiment appears to be declining under Trump, the equity market recently experienced a difficult week, and inflation is resurfacing.
**Trump and Crypto: A Budding Partnership?** Trump’s fascination with crypto is generating surprise. How he intends to utilize his digital currency possessions is uncertain, particularly considering his pledge of no additional expense for taxpayers. There’s a distinct change from the Biden period, where the SEC, led by Gary Gensler, was perceived as being overly strict on the crypto sector. Prominent figures like Michael Saylor and the heads of Coinbase and Robinhood participated in a crypto conference with Trump shortly after he and his relatives introduced their own meme tokens. Some currently think that these crypto executives wield substantial sway over Trump, possibly resulting in greater disorder within the government.
