A possible U.S. strategic bitcoin reserve will have to wait at least a little longer, as President Donald Trump did not bring up the topic during his inauguration speech on Monday afternoon.
Adding to this disappointment, a report showing the GOP’s congressional priorities did not include any mention of bitcoin or crypto.
Already on a wild ride both higher and lower over the past few days, the price of bitcoin (BTC) fell during the speech, now testing the $100,000 level and down from an overnight high of $109,000.
While the previous administration chose to focus on the negative in its relentless attacks on crypto in recent years, Trump has promised — and appears intent on delivering — policies that embrace what could potentially be transformative technology.
Among his moves ahead of today, Trump named venture capitalist and former PayPal COO David Sacks as the White House’s so-called “AI & Crypto Czar.” He has also nominated longtime DC veteran and crypto advocate Paul Atkins to head the Securities and Exchange Commission.
Trump’s embrace of crypto – at least for some – has not been without missteps. Just over the weekend, the president ignited a speculative frenzy with the launch of the Trump memecoin on Friday night, shortly followed by a memecoin associated with his wife Melania.
“It’s completely absurd that he would do this,” said Nic Carter of crypto investment firm Castle Island Ventures and an otherwise big supporter of Trump. “They are touching new depths of idiocy with the memecoin launch.”
A check by Polymarket shows that the odds of a strategic bitcoin reserve being created in Trump’s first 100 days in office have fallen to 45% from a high of 60% earlier in the day.
