Trump’s ‘Golden Age’ begins without Bitcoin, but experts say big moves are coming

Although Bitcoin was not mentioned in Trump’s first speech, experts believe that his administration will soon make cryptocurrencies a priority.

A “golden age” without cryptocurrencies

On January 20, Donald Trump returned to the White House as the 47th President of the United States, where he delivered his inaugural address promising a “Golden Age” for America.

His speech covered topics such as unity, economic strength and border control while addressing hot-button issues such as inflation, immigration and energy production.

However, the cryptocurrency community noticed a glaring omission – there was not a single mention of cryptocurrencies or Bitcoin (BTC), despite the Trump family’s recent involvement in the cryptocurrency space.

On January 17, Donald Trump announced his own meme coin, “Trump Official” (TRUMP), a bold and unexpected move. Not to be outdone, Melania Trump followed suit two days later with her own “official Melania meme.”

Both symbols caused an explosion of hype, with millions of traders caught up in the craze. Despite early success, its value quickly declined, although it still maintains a huge market value worth billions.

Meanwhile, Bitcoin reached a major milestone, rising to a record high of $109,020 just hours before Trump was sworn in. However, the celebration was short-lived. As of January 21, the price of Bitcoin has fallen to $103,000 levels, a decline of approximately 5%.

Analysts attribute this decline to a combination of profit-taking by traders and market uncertainty caused by Trump’s silence on cryptocurrencies.

So, what has happened since Trump’s inauguration, and what can we expect in the coming days? Let’s find out.

Business Day, but not for cryptocurrencies

When Trump returned to the White House, the cryptocurrency world held its breath. Whispers of executive orders that could change the fate of the cryptocurrency industry dominated the conversations leading up to the inauguration.

Rumors have spread about initiatives to create a strategic bitcoin reserve, create a cryptocurrency advisory board, and even ban the creation of a central bank digital currency. Expectations rose. Day one looked like it could be a defining moment for the industry.

Instead, reality arrived with a dose of disappointment. Trump’s first day in office was eventful, with 80 executive orders signed in quick succession, reversing the previous administration’s policies.

Federal employees were ordered to return to their offices, the United States withdrew from the Paris Agreement and the World Health Organization, and new federal regulations were suspended. Even on January 6, the rioters saw the federal charges against them dropped.

But despite all the sweeping changes, cryptocurrencies have not been influential. Hopes for clarity on day one faded as priorities lay elsewhere.

However, all hope is not lost. Fox Business journalist Eleanor Terrett recently hinted at big moves potentially still on the horizon.

In a tweet that sparked conversations across the world of digital finance, she indicated that Trump may yet sign executive orders banning central bank digital currencies and creating an official cryptocurrency board.

Her words chime with those of Jeremy Allaire, CEO of Circle, the parent company behind USDC (USDC), who also expressed optimism.

Allaire believes the Trump administration could soon ease restrictions on banks holding digital assets, including rescinding SEC Staff Accounting Circular 121 — a long-standing barrier to financial institutions interested in cryptocurrencies.

While the cryptocurrency industry is eager to make rapid progress, industry leaders have urged patience. Binance founder CZ recently addressed this sentiment, tweeting: “Everyone expects everything to happen in one day. Good things take time.”

Glimpses of optimism amidst the silence

As the cryptocurrency industry grapples with uncertainty, a notable announcement from Donald Trump Jr. on January 20 caught attention.

Just hours after his father’s inauguration, Trump Jr. unveiled a series of strategic investments made by World Liberty Financial (WLFI), a DeFi project launched by the Trump family in 2024.

The allocations included $47 million each for Ethereum (ETH) and Wrapped Bitcoin (wBTC), along with $4.7 million each for Aave (AAVE), Chainlink (LINK), TRON (TRX), and Ethena (ENA), for a total of more than $120 million. .

While policy clarity may be delayed, the Trump family is placing its bets on the future of cryptocurrencies. On the other hand, the Trump administration is also working, behind the scenes, to adjust the regulatory era.

With former SEC Chairman Gary Gensler officially resigning from his position on January 20, Mark Ueda, a well-known cryptocurrency advocate, has taken over as acting SEC Chairman.

Paul Atkins, a former SEC official and cryptocurrency supporter, has been nominated by Trump to take on the role of SEC chairman permanently.

At the CFTC, Carolyn Pham has taken on the role of acting chair, bringing with her a reputation for thoughtful study of blockchain technologies.

The CFTC could become a leading federal regulator for cryptocurrencies, with early legislative efforts positioning the agency to oversee spot cryptocurrency markets for widely traded tokens.

While it is unclear whether Pham would be Trump’s top choice for the full-time position, her name is consistently mentioned on shortlists for the position.

Notably, in 2023, FAM rolled out a pilot program to monitor cryptocurrencies, citing its proactive stance towards regulating digital assets.

Even the Federal Deposit Insurance Corporation, a major player in previous controversies such as Operation Choke Point 2.0, is undergoing change, with its chairman, Marty Gruenberg, stepping down just before Trump’s inauguration.

The days ahead for cryptocurrencies under Trump’s second term remain uncertain but interesting. While his administration’s silence on day one left many people frustrated, signs of action are still there.

Good days ahead?

The second term of the Trump administration began with more questions than answers regarding the cryptocurrency industry. Although there is no immediate executive order addressing digital assets, experts urge patience.

Richard Galvin, co-founder of DACM hedge fund male “It is too early to draw strong conclusions from the absence of an immediate executive order,” which reflects the administration’s wide range of competing priorities.

Hints of progress behind the scenes also added to the optimism. Bitcoin Magazine’s David Bailey suggested that “our offshore offices are among the top 200,” though he acknowledged uncertainty about what specific measures might lead to a cut.

If these executive orders address issues such as the regulatory framework or even hint at a cryptocurrency board or strategic reserve, they could provide a much-needed boost to market confidence.

Bitcoin’s recent performance has heightened anticipation. In just one week, its price rose from $88,000 to $108,000, setting a new all-time high.

Analysts like Michael van de Poppe stressed that maintaining support above $100,000 is crucial for continued bullish momentum.

However, he also warned that failure to maintain this level could lead to a decline. Meanwhile, a weaker US dollar and lower yields have boosted altcoins.

Looking forward, the trajectory of cryptocurrencies under the Trump administration remains uncertain but full of potential. Executive orders can emerge as a defining moment, providing clarity on key issues. However, the lack of immediate action is not a cause for concern.

Bitcoin’s ability to sustain its recent gains, the broader market’s reaction to potential policy shifts, and the macroeconomic backdrop will all play critical roles in shaping what’s next.