Bitcoin Fades From Highs After No Crypto Mentions During Trump's Inauguration Speech

Key Points

  • President Trump did not mention a U.S. strategic bitcoin reserve in his inauguration speech.
  • A GOP report on congressional priorities also omitted any mention of bitcoin or crypto.
  • Bitcoin price fell during Trump's speech, testing the $100,000 level.
  • Trump has appointed David Sacks as the "A.I. & Crypto Czar" and nominated Paul Atkins to lead the SEC.
  • Trump's involvement with memecoins has drawn criticism from some supporters.

Summary

President Donald Trump's inauguration speech did not include any mention of a potential U.S. strategic bitcoin reserve, disappointing those who anticipated a policy shift towards cryptocurrency. This omission was mirrored in a GOP report on congressional priorities, which also failed to address bitcoin or crypto. During the speech, bitcoin's price experienced a decline, testing the $100,000 mark after reaching an overnight high above $109,000. Despite previous administrations' negative stance on crypto, Trump has shown a more favorable approach by appointing David Sacks as the "A.I. & Crypto Czar" and nominating Paul Atkins to lead the SEC. However, his recent involvement with memecoins, including one associated with his wife Melania, has sparked criticism from supporters like Nic Carter of Castle Island Ventures, who described the move as "idiocy." Betting odds on Polymarket for the creation of a strategic bitcoin reserve within Trump's first 100 days have also decreased, reflecting a cooling of expectations.

yahoo
January 20, 2025
Crypto
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