On his widely watched first day in office, US President Donald J. Trump did not issue any executive orders related to cryptocurrencies, nor did he recognize the Bitcoin Strategic Reserve that he promised during the 2024 Bitcoin Conference in Nashville. Although speculation ran high and Bitcoin briefly soared to nearly $110,000 in anticipation of the festivities, the opening speech did not mention Bitcoin or cryptocurrencies.
Bitcoin and cryptocurrencies were deleted by Trump on the first day
After Trump’s silence on cryptocurrencies, the price of Bitcoin fell from $110,000 to $100,000, showing a wave of volatility that shook short-term traders. However, according to some industry observers, the initial negativity on day one may not reflect the long-term policy direction.
“Well, Trump is unlikely to mention cryptocurrencies in his speech anyway. What’s important is what happens over the coming days. There are already reports of a pardon for Ross Ulbricht+ and an executive order to allow banks to hold digital assets more easily. Patience,” books Miles Deutscher via X.
Likewise, industry analyst Will Clemente III to request To calm nervous market participants with a broader view: “CT [Crypto Twitter] I’m scared because Trump didn’t do anything regarding cryptocurrencies on the first day Trump was sworn in, and we’re living in such a bubble. Professional crypto recordings are coming.”
In a statement reported by Reuters, Circle CEO Jeremy Allaire predicted that President Trump “may soon sign an executive order” to enable banks to more easily own digital assets. Allaire specifically called for the repeal of the SEC’s Staff Accounting Bulletin (SAB 121), which imposes restrictions on financial institutions’ ability to hold cryptocurrencies on their balance sheets. “This is something that I think should be closely monitored in terms of executive orders,” Allaire told Reuters.
Adding to the speculation, Elon Musk He responded A user on Cryptocurrency analyst Byzantine General (@ByzGeneral) interpreted Musk’s remark as an important indicator of potential future moves, saying: “We may be back. Trump will likely stick with all of his executive orders related to crypto later in the week.”
For now, however, there remains disappointment over the promised Bitcoin Strategic Reserve, an initiative the president mentioned during his campaign and at the Bitcoin 2024 conference. Although no official announcement has been made, Bloomberg ETF expert James Seyphart responded to the news. Regarding X by saying: “It’s not the strategic reserve everyone is looking for.”
Seyphart was referring to a post by Donald Trump Jr., who revealed that a Trump-backed cryptocurrency project, World Liberty Finance (WLFI), made significant purchases of digital assets on Inauguration Day. World Liberty Finance bought $47 million each of ETH and staked Bitcoin (WBTC), along with $4.7 million each in Aave, Chainlink, TRX, and ENA.
Emphasizing the potential long-term approach to Bitcoin accumulation, Felix Goffin, host of the Forward Guidance podcast, said, Comment: “If Trump really wanted to make the most discreet strategic reserve bitcoin purchase with the best execution, it would be through the Treasury’s Exchange Stabilization Fund which does not require congressional approval or executive order and is only updated annually. It can accumulate for a year discreetly unilaterally and then Of course it assumes the goal is to accumulate at the best prices. We have no idea but hopefully this is useful context.
Meanwhile, the CEO of BTC Inc. David Bailey He writes Today via He explained: “Electronic offices related to Bitcoin or cryptocurrencies.”
While President Trump’s opening silence on cryptocurrencies may have dampened market sentiment, industry leaders stress that upcoming policy decisions and potential executive actions are still on the horizon. Currently, the broader cryptocurrency community is awaiting clarification on the White House’s plans regarding Bitcoin reserves, regulatory relief for banks, and a potential pardon for Silk Road founder Ross Ulbricht.
At press time, Bitcoin was trading at $101,451.
Featured image from YouTube, chart from TradingView.com
