In a much-watched first day in office, US President Donald J. Trump not issue any crypto-related executive orders, nor did he acknowledge the Strategic Bitcoin Reserve he had promised in the course of the Bitcoin 2024 conference in Nashville. Despite speculation running high and Bitcoin briefly surging to almost $110,000 in anticipation of the ceremonies, the inaugural address made no mention of Bitcoin or crypto.
Bitcoin And Crypto Omitted By Trump On Day 1
Following Trump’s silence on crypto, Bitcoin’s price plunged from $110,000 to $100,000, exhibiting a wave of volatility that rattled short-term traders. Nonetheless, based on some industry observers, the initial negativity about Day 1 may not reflect the longer-term direction of policy.
“Tbh, it was unlikely Trump was going to say crypto in his speech anyway. What matters is what happens over the approaching days. There are already reports of pardoning Ross Ulbricht + and an executive order to permit banks to more easily hold digital assets. Patience,” wrote Miles Deutscher via X.
Similarly, industry analyst Will Clemente III sought to calm jittery market participants with a broader view: “CT [Crypto Twitter] freaking out because trump didn’t do anything with regard to crypto on the primary day Trump got sworn in, we live in such a bubble. Pro crypto regs are coming.”
In a press release reported by Reuters, Circle CEO Jeremy Allaire predicted that President Trump “may soon sign an executive order” to enable banks to own digital assets more easily. Allaire specifically called for the repeal of the SEC’s Staff Accounting Bulletin (SAB 121), which imposes restrictions on financial institutions’ ability to carry cryptocurrencies on their balance sheets. “That’s something I feel to look at closely when it comes to EOs (executive orders),” Allaire told Reuters.
Adding to speculation, Elon Musk responded to a user on X by saying, “Ross will likely be freed too,” fueling theories that Trump is likely to be preparing to commute Silk Road and Bitcoin legend Ross Ulbricht’s sentence. Crypto analyst Byzantine General (@ByzGeneral) interpreted Musk’s remark as a big indicator of potential future moves, remarking: “We is likely to be back. Trump potentially just holding onto all of his crypto related executive orders for later within the week.”
Nonetheless, disappointment stays for now in regards to the promised Strategic Bitcoin Reserve, an initiative the president mentioned during his campaign and on the Bitcoin 2024 conference. While no official announcement materialized, Bloomberg ETF expert James Seyffart reacted to news on X with: “Not quite the Strategic Reserve everyone seems to be in search of.”
Seyffart was referring to a post by Donald Trump Jr., who revealed that the Trump-backed crypto enterprise, World Liberty Finance (WLFI), made substantial digital asset purchases on Inauguration Day. World Liberty Finance purchased $47 million each of ETH and wrapped Bitcoin (WBTC), alongside $4.7 million in Aave, Chainlink, TRX, and ENA each.
Underscoring a possible long-term approach to Bitcoin accumulation, Felix Jauvin, host of the “Forward Guidance” podcast, commented: “If Trump truly desired to do probably the most discreet bitcoin buying for strategic reserve with best execution it might be via the Exchange Stabilization Fund of the Treasury that requires no congressional approval or executive order and is barely updated annually. Could accumulate for a yr discreetly unilaterally then announce. After all assumes that the goal is to build up at best price. We now have no idea but hopefully this is useful context.”
Meanwhile, BTC Inc. CEO David Bailey writes today via X: “Got confirmation tonight that our EOs are among the many first 200. I do not know what made it in, but excellent news cometh.” He clarified: “EOs related to Bitcoin or crypto.”
While President Trump’s inaugural silence on crypto can have dampened market sentiment, industry leaders maintain that forthcoming policy decisions and possible executive actions remain on the horizon. For now, the broader crypto community awaits clarification on the White House’s plans regarding a Bitcoin reserve, regulatory relief for banks, and the potential pardon of Silk Road founder Ross Ulbricht.
At press time, BTC traded at $101,451.
Featured image from YouTube, chart from TradingView.com