In a much-watched first day in office, US President Donald J. Trump not issue any crypto-related executive orders, nor did he acknowledge the Strategic Bitcoin Reserve he had promised during the Bitcoin 2024 conference in Nashville. Despite speculation running high and Bitcoin briefly surging to nearly $110,000 in anticipation of the ceremonies, the inaugural address made no mention of Bitcoin or crypto.
Bitcoin And Crypto Omitted By Trump On Day 1
Following Trump’s silence on crypto, Bitcoin’s price plunged from $110,000 to $100,000, exhibiting a wave of volatility that rattled short-term traders. However, according to some industry observers, the initial negativity about Day 1 may not reflect the longer-term direction of policy.
“Tbh, it was unlikely Trump was going to mention crypto in his speech anyway. What matters is what happens over the coming days. There are already reports of pardoning Ross Ulbricht + and an executive order to allow banks to more easily hold digital assets. Patience,” wrote Miles Deutscher via X.
Similarly, industry analyst Will Clemente III sought to calm jittery market participants with a broader view: “CT [Crypto Twitter] freaking out because trump didn’t do anything with regard to crypto on the first day Trump got sworn in, we live in such a bubble. Pro crypto regs are coming.”
In a statement reported by Reuters, Circle CEO Jeremy Allaire predicted that President Trump “may soon sign an executive order” to enable banks to own digital assets more easily. Allaire specifically called for the repeal of the SEC’s Staff Accounting Bulletin (SAB 121), which imposes restrictions on financial institutions’ ability to hold cryptocurrencies on their balance sheets. “That’s something I think to watch closely in terms of EOs (executive orders),” Allaire told Reuters.
Adding to speculation, Elon Musk responded to a user on X by saying, “Ross will be freed too,” fueling theories that Trump might be preparing to commute Silk Road and Bitcoin legend Ross Ulbricht’s sentence. Crypto analyst Byzantine General (@ByzGeneral) interpreted Musk’s remark as a significant indicator of potential future moves, remarking: “We might be back. Trump potentially just holding onto all of his crypto related executive orders for later in the week.”
However, disappointment remains for now about the promised Strategic Bitcoin Reserve, an initiative the president mentioned during his campaign and at the Bitcoin 2024 conference. While no official announcement materialized, Bloomberg ETF expert James Seyffart reacted to news on X with: “Not quite the Strategic Reserve everyone is looking for.”
Seyffart was referring to a post by Donald Trump Jr., who revealed that the Trump-backed crypto venture, World Liberty Finance (WLFI), made substantial digital asset purchases on Inauguration Day. World Liberty Finance purchased $47 million each of ETH and wrapped Bitcoin (WBTC), alongside $4.7 million in Aave, Chainlink, TRX, and ENA each.
Underscoring a potential long-term approach to Bitcoin accumulation, Felix Jauvin, host of the “Forward Guidance” podcast, commented: “If Trump truly wanted to do the most discreet bitcoin buying for strategic reserve with best execution it would be via the Exchange Stabilization Fund of the Treasury that requires no congressional approval or executive order and is only updated annually. Could accumulate for a year discreetly unilaterally then announce. Of course assumes that the goal is to accumulate at best price. We have no idea but hopefully this is helpful context.”
Meanwhile, BTC Inc. CEO David Bailey writes today via X: “Got confirmation tonight that our EOs are among the first 200. I have no idea what made it in, but good news cometh.” He clarified: “EOs related to Bitcoin or crypto.”
While President Trump’s inaugural silence on crypto may have dampened market sentiment, industry leaders maintain that forthcoming policy decisions and possible executive actions remain on the horizon. For now, the broader crypto community awaits clarification on the White House’s plans regarding a Bitcoin reserve, regulatory relief for banks, and the potential pardon of Silk Road founder Ross Ulbricht.
At press time, BTC traded at $101,451.
Featured image from YouTube, chart from TradingView.com
