Trump’s Inauguration Day and Bitcoin: No Mention of Crypto Policies

President Donald Trump’s inauguration day came and went without any acknowledgment of bitcoin or crypto in his speech on Monday afternoon.

President Donald Trump's inauguration day arrived on Monday afternoon without any mention of bitcoin or crypto in his speech. Despite rumors and anticipation, his inaugural address and the GOP congressional objectives report made no mention of a potential U.S. strategic bitcoin reserve, dashing hopes for such a move.

As Trump delivered his speech, the price of Bitcoin, which had reached an overnight high of $109,000, dropped to $100,000. This shift in price seemed to be influenced by the administration's lack of clarification or support, leading investors to anxiously await any new developments.

Interestingly, Trump's use of the term "doge" during his speech to introduce the Department of Government Efficiency (D.O.G.E) unexpectedly sparked a surge in the price of the DOGE token. Although the token's name has no relation to the government body, this mention quickly drew the attention of traders.

As a result, the price of the DOGE token spiked immediately, highlighting how cultural and political developments can impact market behavior. Specifically, traders敏锐地 responded to any perceived link between well-known pronouncements and crypto initiatives.

While Trump's speech lacked direct mention of crypto, his administration has shown signs of engaging with the technology. David Sacks, a former COO of PayPal and venture capitalist, was appointed as the White House’s “A.I. & Crypto Czar.” Additionally, Paul Atkins, a known proponent of cryptocurrency, was nominated to lead the Securities and Exchange Commission (SEC).

These actions suggest a possible shift toward more liberal regulations pertaining to digital assets and blockchain technology. However, critics remain skeptical, awaiting concrete actions beyond symbolic appointments.

Moreover, Trump's administration also made waves over the weekend with a “Trump memecoin,” an activity that sparked varied responses. While some embraced the idea, others, like Nic Carter of Castle Island Ventures, expressed disapproval.

In a statement, Carter aimed to steer clear of crypto involvement, highlighting the absurdity of the memecoin and warning against speculative excess. This initiative ultimately raised questions about the administration's approach to crypto.

In addition to a "Trump memecoin," the activity also included one for his wife, Melania. This move drew attention and sparked discussion, with some praising the potential and others criticizing it as a distraction.

Moreover, a new cryptocurrency named after Trump, called "Make America Great Again Token" (MAGA), was also introduced with the aim of helping the country "get great again." This initiative also faced varied reactions.

Betting odds on Polymarket for the creation of a U.S. strategic bitcoin reserve within Trump's first 100 days also cooled, dropping from 60% to 45%. Despite this setback, the market still anticipates potential policy announcements in the coming months.

Overall, the lack of crypto mentions on Trump's inauguration day leaves questions about the administration's commitment to integrating digital assets into broader economic strategies. As Trump settles into his presidency, market participants will be closely monitoring his administration’s actions for signs of crypto-related policies.

Although the emergence of memecoins and the DOGE token have drawn attention, significant advancements in the field might not happen right away. Until then, the cryptocurrency market will probably continue to be erratic due to speculation and the expectation of what will happen next in the realm of digital assets.