Bitcoin Reserve on Hold as Trump Inauguration Speech Passes Without Crypto Mention
Despite growing anticipation, President Donald Trump did not bring up the much-expected topic of a U.S. strategic bitcoin reserve during his inauguration speech on Monday afternoon. This omission, alongside a report highlighting that GOP congressional priorities did not include bitcoin or crypto, left many crypto enthusiasts disappointed.
Bitcoin (BTC) had already been on a volatile ride, rising and falling sharply in the days leading up to the speech. Following the address, the price of bitcoin dropped and is now testing the $100,000 level, down from an overnight high of over $109,000.
While the previous administration maintained a stance of criticism towards cryptocurrency, Trump has promised to deliver policies that embrace what many see as a potentially transformative technology. His rhetoric has led many to expect a more crypto-friendly approach.
Before the inauguration, Trump made moves to solidify his crypto stance, including appointing venture capitalist and former PayPal COO David Sacks as the White House’s “A.I. & Crypto Czar.” Additionally, he nominated longtime D.C. veteran and crypto advocate Paul Atkins to lead the Securities and Exchange Commission (SEC).
However, not all reactions to Trump’s embrace of crypto have been positive. The recent launch of the Trump memecoin ignited a speculative frenzy, which was followed by the debut of a memecoin associated with his wife, Melania. Nic Carter, a crypto investor and supporter of Trump, criticized the move, calling it “absolutely preposterous” and “new depths of idiocy.”
Betting markets also reflect some skepticism, with Polymarket reporting a drop in the odds of a strategic bitcoin reserve being established in Trump’s first 100 days, from a high of 60% earlier in the day to 45%.
