Trump’s Inauguration Day and Bitcoin: No Mention of Crypto Policies
President Donald Trump’s inauguration day came and went without any acknowledgment of bitcoin or crypto in his speech on Monday afternoon. His inaugural speech and the GOP congressional objectives report contained no mention of a potential U.S. strategic bitcoin reserve, shattering hopes for such a move.
After hitting an overnight high of $109,000, the price of Bitcoin fell to $100,000 during the speech, reflecting market hesitancy. The administration’s lack of clarification or support seems to be a factor in the price decline, and investors are now anxiously monitoring any new developments.
Source: CoinGecko
DOGE Token Gains Unexpected Attention
Unexpectedly, the DOGE token’s price spiked right away when Trump brought up the term during his address. Trump declared the establishment of the Department of Government Efficiency (D.O.G.E), an advising body dedicated to cutting waste in government and improving federal operations. The coincidence triggered a surge of speculative trading, which increased the value of the cryptocurrency token even though the phrase “DOGE” had nothing to do with it.
The spike demonstrates how cultural and political developments impact market behavior, as traders quickly respond to any apparent link between well-known pronouncements and cryptocurrency initiatives.
While Trump’s speech lacked direct mention of crypto, his administration has shown signs of embracing the technology. A former COO of PayPal and venture capitalist, David Sacks, was named the White House’s “A.I. & Crypto Czar.” A well-known proponent of cryptocurrency, Paul Atkins, was also proposed to head the Securities and Exchange Commission (SEC).
These actions suggest a possible move toward more liberal regulations pertaining to digital assets and blockchain technology. However, critics remain cautious, awaiting concrete actions beyond symbolic appointments.
Source: Dogecoin
In addition to releasing a “Trump memecoin,” Trump also made waves over the weekend with a memecoin associated with his wife, Melania. The activity generated conflicting responses, with some applauding the idea and others denouncing it as a diversion. Nic Carter of Castle Island Ventures criticized the initiative, calling it “preposterous” and warning against speculative excess.
The launch fueled speculative trading but also raised questions about the administration’s approach to crypto. It left many wondering whether this was a genuine push for innovation or a poorly executed marketing gimmick.
DOGE Advisory Group Faces Legal Challenges
The Department of Government Efficiency, or DOGE, announced during Trump’s inaugural speech, aims to modernize government technology and reduce waste. Tesla CEO Elon Musk was tapped to lead the group, with ambitious goals such as eliminating entire federal agencies and cutting three-quarters of government jobs.
However, the advisory group has already faced multiple lawsuits from unions and watchdog organizations. Critics argue that the DOGE lacks the legal authority to implement its sweeping proposals. The lawsuits have brought immediate scrutiny to the group’s legitimacy and potential impact.
Speculation about a U.S. strategic bitcoin reserve has cooled for now. Betting odds on Polymarket for the creation of such a reserve within Trump’s first 100 days have dropped from 60% to 45%. Despite this setback, the market remains hopeful for potential policy announcements in the coming months.
For now, the lack of crypto mentions on Trump’s inauguration day leaves questions about the administration’s commitment to integrating digital assets into broader economic strategies.
As Trump settles into his presidency, market participants will be closely monitoring his administration’s actions for signs of crypto-related policies. Although the emergence of memecoins and the DOGE token have drawn attention, significant advancements in the field might not happen right away.
The cryptocurrency market will probably continue to be erratic until then due to speculation and the expectation of what will happen next in the realm of digital assets.
