A possible strategic reserve of bitcoins in the United States will have to wait at least a little longer, as President Donald Trump did not mention the topic in his inauguration speech on Monday afternoon.
Adding to that disappointment, a report showing Republican Congress priorities included no mention of bitcoin or crypto.
Already on a wild ride both up and down in recent days, the price of bitcoin (BTC) fell during the speech, now testing the $100,000 level and below an overnight high of over $109,000.
While the previous administration chose to focus on the negative in its relentless attacks on cryptocurrencies in recent years, Trump has promised (and seems determined to deliver) policies encompassing what could possibly become transformative technology.
Among his actions prior to today, Trump named venture capitalist and former PayPal COO David Sacks as the White House’s so-called “AI and cryptocurrency czar.” He has also nominated DC veteran and cryptocurrency advocate Paul Atkins to lead the Securities and Exchange Commission.
Trump’s embrace of cryptocurrencies, at least for some, has not been without its mistakes. Shortly over the weekend, the president sparked a speculative frenzy with the Friday night launch of Trump’s memecoin, which was shortly followed by a memecoin associated with his wife Melania.
“It’s absolutely absurd that he would do this,” said Nic Carter, of cryptocurrency investment firm Castle Island Ventures and otherwise a prominent Trump supporter. “They’re reaching new levels of idiocy with the launch of memecoin.”
A Polymarket review finds that betting odds for a strategic bitcoin reserve to be created in Trump’s first 100 days in office have fallen to 45% from a high of 60% that same day.
