A veteran Bitcoin advocate is pointing fingers in an unexpected direction for the October 10, 2025 market meltdown — and his target isn’t a crypto exchange, it’s the Trump family.
Davinci Jeremie, one of the earliest public Bitcoin adopters, laid out his theory on The Sujal Show, arguing that political and personal financial motives — not just exchange mechanics — explain the chaos that day. Jeremie’s comments add a politically charged voice to a debate that has split traders and analysts for months.
What Jeremie is saying
- Jeremie contends the Trump family had an incentive to push crypto prices down on October 10 so they could buy in at depressed levels. “I think obviously the Trump family. It’s clear right now that the Trump family wants to push crypto down so that they can get as much as they want,” he said.
- He framed the episode as a clash between retail short-term behavior and the long-term strategies of wealthy actors: retail chases quick gains, while large players plan on five- to ten-year horizons.
The market event in question
- On October 10, 2025, crypto markets cratered, with more than $19 billion in leveraged positions liquidated within 24 hours. The sell-off accelerated after former President Donald Trump signaled plans to impose an additional 100% tariff on Chinese imports, which reportedly prompted a broad risk-off wave across stocks and crypto — though the impact on crypto was far larger than many expected.
The dominant counter-theory: Binance and liquidation cascades
- In the weeks after the crash, attention zeroed in on Binance. Many traders and commentators argued that liquidation cascades on Binance’s derivatives platform were the primary driver of the stampede.
- OKX CEO Star Xu publicly criticized Binance’s promotion of USDe — a synthetic stablecoin — pointing to a campaign that promised 12% APY. Xu argued that this campaign blurred the line between USDe and established stablecoins like USDT and USDC and may have left retail investors unaware of systemic risks tied to the synthetic stablecoin ecosystem.
Why this matters
- Jeremie’s view underscores how political narratives can become intertwined with market events in crypto, complicating efforts to isolate technical causes from geopolitical motives.
- The competing explanations — an exchange-driven liquidation cascade versus a politically motivated sell-off — highlight the broader fragility in crypto markets where leverage, retail behavior, and large stakeholders interact.
Who is Davinci Jeremie?
- Jeremie is known as an early Bitcoin adopter who first entered the market when BTC traded around $1. He gained renewed fame after an old YouTube clip resurfaced in which he urged viewers to buy at least $1 worth of Bitcoin; that video has become a frequently cited moment in crypto lore.
Bottom line
- The October 10 crash remains contested. Jeremie’s charge against the Trump family adds a provocative, politically tinged angle to the debate, but it stands alongside credible exchange- and market-structure-centered explanations. As analysts continue to parse on-chain data and exchange activity, the industry is still searching for a definitive, evidence-backed account of what triggered that dramatic day.
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