A possible US strategic bitcoin reserve will have to wait at least a bit as President Donald Trump did not bring up the subject in his inauguration speech on Monday afternoon.
In addition to that disappointment, a report shows GOP congressional priorities no mention of bitcoin or crypto.
Having been on a wild ride both higher and lower in recent days, the price of bitcoin (BTC) fell during the speech, now testing the $100,000 level and down from an overnight high of more than $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 seems intent on delivering — policies that embrace the potentially transformative technology.
Among his moves before today, Trump was appointed venture capitalist and former PayPal COO David Sacks as the White House’s so-called “AI & Crypto Czar”. He also appointed longtime DC veteran and crypto advocate Paul Atkins to head the Securities and Exchange Commission.
Trump’s embrace of crypto — at least to some — has not been without missteps. At the end of the week, the president ignited a speculative frenzy with the launch of the Trump memecoin on Friday night, followed by a memecoin associated with his wife Melania.
“It’s absolutely ridiculous that he would do this,” said Nic Carter of crypto investment firm Castle Island Ventures and a major Trump supporter. “They plumb new depths of idiocy with the memecoin launch.”
