A veteran Bitcoin evangelist who entered the market when most people had never heard the word “blockchain” is now pointing the finger at the Trump family, and not a crypto exchange, as many believe, for the liquidation chaos that rocked the crypto industry last October.
Davinci Jeremy, one of the earliest known Bitcoin users, recently shared his unfiltered view of what he does believes this is the cause October 10, 2025, crash.
What Davinci Jeremy actually believes
The crypto market crash of October 10, 2025 is one of the most discussed events in the current cycle, with traders still divided over what really caused the sudden price drop. In the months since, several theories have emerged, ranging from Binance-led liquidations to coordinated sales attacks.
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Speaking on the Sujal Show, Jeremy offered some perspective that was politically charged. According to him the financial interests of the Trump family provide a simpler explanation for what happened to the crypto market that day.
“I’m obviously thinking about the Trump family. It’s clear now that the Trump family wants to push crypto down so they can get as much as they want,” Jeremy said.
According to the early Bitcoin believer, wealthy participants approach the markets differently. In his words, short-term thinking dominates shopping behavior, with many looking for quick profits or quick wealth creation. However, major players operate on longer timelines, often spanning five to ten years. “When you’re rich, you don’t think short-term like most people do; you think long-term,” he said.
The Binance Theory That Took Over Crypto
Jeremy’s position is at odds with the statement that dominated industry discourse in the months following October 10.
The October 2025 crypto crash, mainly on October 10, saw over $19 billion in leveraged positions liquidated within 24 hours. The sell-off started shortly after Donald Trump signaled plans to impose an additional measure 100% tariff on Chinese imports. That caused traders to dump risky investments, from stocks to Bitcoin. However, that crash was much more evident in the crypto market than expected.
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After the immediate aftermath of After the crash, a lot of attention focused on crypto exchange Binance. The exchange quickly became the focus of speculation, with many pointing to liquidation cascades on the derivatives platform as the main reason for the crash.
The theory was strengthened after OKX CEO Star Xu went outside with it his criticism, which was based on Binance’s promotional campaign offering 12% APY on USDe.
According to Star Xu, Binance’s campaign blurred the line between USDe and stablecoins such as USDT and USDC, and retail investors were unaware of the systemic risks related to the synthetic stablecoin ecosystem.
Davinci Jeremy is known as one of the earliest Bitcoin adopters, who entered the market when BTC was trading around $1. His reputation grew significantly years later when an old YouTube video surfaced in which he urged viewers to buy at least $1 worth of Bitcoin. The clip has since become one of the most mentioned moments in crypto history.
Featured image of Pngtree, chart from Tradingview.com