A possible American strategic reserve of bitcoins will have to wait at least a little longer, as President Donald Trump did not raise the subject during his inauguration speech Monday afternoon.
Adding to this disappointment, a report showing the GOP’s congressional priorities did not include a mention of bitcoin or crypto.
Already in a wild ride both up and down over the past few days, the price of Bitcoin (BTC) fell during the speech, now testing the $100,000 level and down from a high of the night above $109,000.
While the previous administration chose to focus on the negative in its relentless attacks on crypto over the past few years, Trump has promised – and appears determined to implement – policies encompassing what could eventually become a transformative technology .
Among his actions taken before today, Trump named venture capitalist and former PayPal COO David Sacks as the White House’s “AI and crypto czar.” He also named longtime DC veteran and crypto advocate Paul Atkins to lead 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 sparked a speculative frenzy with Friday night’s launch of the Trump memecoin, which was closely followed by a memecoin associated with his wife Melania.
“It’s absolutely absurd that he would do this,” said Nic Carter of crypto investment firm Castle Island Ventures and otherwise a major Trump supporter. “They’re diving into new depths of stupidity with the launch of Memecoin.”
A Polymarket check reveals that the odds of betting on a strategic bitcoin reserve created during Trump’s first 100 days in office have dropped to 45%, down from a high of 60% earlier in the day.
