Zinger Key Points
- The omission has led to speculation about the administration's commitment to its previously stated crypto initiatives.
- Industry experts remain optimistic but await concrete policy actions from the new administration regarding digital assets.
In a moment keenly watched by the global financial community, Donald Trump‘s inauguration address on Monday notably omitted any mention of cryptocurrency.
The speech was in contrast to Trump’s often vocal, and at times contradictory, stance on the burgeoning digital asset class.
Trump delivered a speech focusing on national issues such as immigration, economic policies, and energy production. Conspicuously absent was any reference to cryptocurrency, despite his recent support for digital assets.
This silence has sparked questions and speculation, particularly given Trump’s history of both criticizing and engaging with the crypto world.
Also Read: Coinbase Launches Bitcoin-Backed Loans For US Users
Trump’s relationship with cryptocurrency is a complex one. During his initial term as president, he was a vocal skeptic.
In 2019, he famously tweeted about his distaste for Bitcoin BTC/USD. The then-45th president called it “based on thin air” and not “money,” expressing his preference for the U.S. dollar.
Trump, at times, expressed concern that cryptocurrencies could potentially undermine the dollar. This skepticism led to policies that observers viewed as overly cautious in regulating the nascent industry.
Trump’s personal actions have sometimes painted a different picture.
After leaving office in 2021, Trump embraced crypto to a degree that was not expected given his earlier criticisms. He launched his own NFT (non-fungible token) collections, a move widely seen as a personal endorsement of the digital asset technology.
These digital collectibles have garnered millions, demonstrating his willingness to participate in the crypto space.
However, during his 2024 presidential campaign, he adopted a more favorable view. He also proposed the establishment of a federal “Bitcoin stockpile” and accepting digital assets for campaign donations.
Furthermore, his venture into using cryptocurrencies to engage with his base during fundraising efforts has further blurred the lines between skepticism and adoption.
Prior to the inauguration, Bitcoin prices surged past $108,000, driven by anticipation of pro-cryptocurrency policies under the new administration.
The lack of any mention of crypto during the inauguration ceremony comes at a crucial time for the digital asset industry, which has continued to mature and become a relevant player in global financial markets.
Trump has recently intensified his engagement with the cryptocurrency sector through the launch of the Trump TRUMP/USD meme coin and the family’s investment in World Liberty Financial (WLF).
On Jan. 17, Trump introduced the TRUMP meme coin, which experienced a rapid surge in value.
Initially priced at approximately $3, the coin’s value escalated to $76.94, briefly achieving a market capitalization of $15 billion.
Notably, around $12 billion of this valuation is linked to three wallets associated with Trump.
The TRUMP coin is built on the Solana SOL/USD network, with a total supply of 1 billion tokens.
Eighty percent of these tokens are held by Trump-affiliated entities, including CIC Digital LLC, subject to a three-year unlocking schedule.
The Trump family’s involvement in the cryptocurrency space extends to WLF, a decentralized finance (DeFi) platform.
WLF has successfully raised $1 billion through token sales, surpassing its initial goal of 20 billion tokens sold.
An additional 5 billion tokens have been made available, according to Cointelegraph.
To diversify its digital asset holdings, WLF plans to acquire a significant amount of Tron TRX/USD tokens for its treasury.
This acquisition aims to strengthen ties between WLF and the Tron ecosystem, especially considering that Tron’s founder, Justin Sun, serves as an advisor to the project.
Trump’s involvement in cryptocurrency has also raised ethical and regulatory concerns.
Critics highlight potential conflicts of interest, particularly with the possibility of foreign entities purchasing the TRUMP coin, which could violate the Constitution’s foreign emoluments clause.
Ethics experts have described the venture as “predatory.” SkyBridge founder Anthony Scaramucci likened it to “Idi Amin level corruption,” emphasizing the risks of allowing individuals worldwide to deposit money directly into accounts associated with the President of the United States.
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