Trump Inauguration Day and Bitcoin: No mention of cryptocurrency policy
President Donald Trump made no mention of Bitcoin or cryptocurrencies during his Inauguration Day speech on Monday afternoon. Neither his inaugural address nor the Republican Congressional Targets Report mentioned a potential U.S. strategic reserve of Bitcoin, dashing hopes for the initiative.
After hitting an overnight high of $109,000, Bitcoin price fell to $100,000 during the presentation, reflecting market indecision. The lack of clarification or support from the government appears to be a factor in the price decline, with investors now anxiously watching any new developments.
Source: CoinGecko
DOGE token unexpectedly attracts attention
Unexpectedly, dog When Trump mentioned the word in his speech, the price of the coin immediately surged. Trump announced the creation of the Department of Government Effectiveness (DOGE), a consulting agency dedicated to reducing government waste and improving federal operations. This coincidence triggered a surge in speculative trading, increasing the value of the cryptocurrency token, although the word “DOGE” had nothing to do with it.
The spike illustrates how cultural and political developments can influence market behavior, as traders react quickly to any apparent link between well-known statements and cryptocurrency moves.
Although Trump’s speech did not directly mention cryptocurrencies, his administration has shown signs of embracing the technology. David Sacks, former chief operating officer of PayPal and venture capitalist, has been appointed as the White House’s “Artificial Intelligence and Cryptocurrency Czar.” Paul Atkins, a prominent supporter of cryptocurrencies, has also been proposed to serve as chairman of the U.S. Securities and Exchange Commission (SEC).
These actions indicate that regulations regarding digital assets and blockchain technology may become more relaxed. Critics, however, remain cautious and await concrete action beyond symbolic appointments.
Source: Dogecoin
In addition to releasing the “Trump Meme Coin”, Trump also launched a meme coin related to his wife Melania over the weekend, which caused a sensation. The event prompted conflicting reactions, with some praising the idea and others denouncing it as a pastime. Nick Carter of Castle Island Ventures criticized the move, calling it “ridiculous” and warning against excessive speculation.
The release spurred speculative trading but also raised questions about the government’s cryptocurrency policy. This has led many to wonder whether this is a true push for innovation or a poorly executed marketing gimmick.
DOGE advisory group faces legal challenge
In his inaugural address, Trump announced the creation of the Department of Government Effectiveness (DOGE), which aims to modernize government technology and reduce waste. Tesla CEO Elon Musk was tapped to lead the team, whose ambitious goals include eliminating entire federal agencies and cutting three-quarters of government jobs.
However, the advisory group has faced multiple lawsuits from unions and regulatory groups. Critics argue the governor lacks the legal authority to implement his sweeping proposals. The lawsuits sparked immediate scrutiny of the group’s legality and potential impact.
Speculation about the U.S. strategic Bitcoin reserve has now cooled down. Polymarket’s odds of building such reserves within Trump’s first 100 days have dropped from 60% to 45%. Despite this setback, markets remain hopeful about policies that may be unveiled in the coming months.
So far, there has been no mention of cryptocurrencies on Trump’s inauguration day, raising questions about the administration’s commitment to integrating digital assets into its broader economic strategy.
As Trump takes office, market participants will be closely watching his administration’s actions for signs of cryptocurrency-related policy. Although the emergence of memecoins and DOGE tokens has attracted attention, major progress in this field may not happen immediately.
Until then, the cryptocurrency market is likely to continue to be unstable due to speculation and expectations of what will happen next in the digital asset space.
