In a much-anticipated inauguration speech, the 47th President of the United States, Donald Trump, took the stage on Monday to lay out his vision for the country. But one topic notably absent from his address was any mention of bitcoin, cryptocurrencies, or blockchain technology. The price of bitcoin, which had surged to over $109,000 in the lead-up to the inauguration, dipped slightly as the speech went on, hovering around the psychologically significant $100,000 level.
However, the lack of crypto callouts in Trump’s speech doesn’t necessarily spell trouble for the industry. In fact, many of the president’s early moves suggest his administration will take a far more welcoming stance towards digital assets compared to the often hostile approach of the previous administration.
Trump’s Pro-Crypto Cabinet Picks
One of the clearest signals of Trump’s bullish intentions for crypto is his appointment of tech investor and PayPal alum David Sacks to the newly created role of White House “A.I. & Crypto Czar.” As a longtime advocate for cryptocurrencies and decentralized technologies, Sacks is expected to champion favorable policies from his influential post.
Trump has also nominated Paul Atkins, a veteran financial regulator known for his pro-crypto views, to lead the Securities and Exchange Commission. If confirmed, Atkins would likely steer the agency towards a more accommodating approach to digital asset regulation, potentially opening the floodgates for greater institutional adoption and mainstream use cases.
Awaiting a Strategic Bitcoin Reserve
Perhaps the most tantalizing, though still uncertain, prospect is that of the U.S. government creating an official strategic bitcoin reserve to complement its existing gold holdings. While Trump made no mention of such an initiative in his speech, the idea has gained traction among some forward-thinking policymakers who see it as a way to bolster America’s financial dominance in an increasingly digital world.
“Having the U.S. government hold a portion of its reserves in bitcoin would send a powerful message about our commitment to remaining at the vanguard of financial innovation.”
– An unnamed source close to the administration
However, betting markets currently put the odds of a strategic reserve being announced in Trump’s first 100 days at around 45%, down from 60% before the speech, according to data from Polymarket. So bitcoin nationalization may have to wait a bit longer.
Missteps and Memecoin Mania
Not all of Trump’s crypto moves have been well-received. His surprise launch of an official Trump memecoin over the weekend, followed shortly by a Melania memecoin, struck some as a frivolous ploy unbefitting the presidential office.
“It’s absolutely preposterous that he would do this. They’re plumbing new depths of idiocy with the memecoin launch.”
– Nic Carter, Castle Island Ventures
But for an administration that prides itself on being disruptive and defying convention, a bit of memecoin mischief may simply be par for the course. The real test will be whether Trump can deliver on his promises to foster crypto innovation, attract blockchain businesses, and cement America’s role as the global leader in the digital economy.
The Road Ahead for Crypto
With bitcoin continuing to trade above the $100,000 milestone, it’s clear that the crypto market has largely shrugged off the lack of mentions in Trump’s speech. The combination of pro-crypto appointments, the prospect of favorable regulations, and a generally bullish macro environment seem to be fueling optimism for the industry’s growth under the new administration.
As Trump settles into office, all eyes will be on his concrete policy actions in the crypto space. While an explicit shoutout in his inauguration speech would have been a welcome boost, the president’s early moves suggest that digital assets and blockchain technology will be a major focus in the years ahead. With the right mix of supportive policies and responsible oversight, the Trump era could prove to be a true inflection point in crypto’s journey from niche technology to transformative global force.
