Bitcoin And Crypto Omitted By Trump On Day 1

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.

US President Donald J. Trump completed his first day in office without issuing any crypto-related executive orders or acknowledging the Strategic Bitcoin Reserve he had promised during the Bitcoin 2024 conference in Nashville.

Despite much anticipation and a brief surge in Bitcoin’s price to nearly $110,000 ahead of the ceremonies, the inaugural address made no mention of Bitcoin or crypto.

In response, Bitcoin’s price dropped from $110,000 to $100,000, showing a wave of volatility that shook short-term traders.

However, some industry observers suggested that the initial negativity about Day 1 might not indicate 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 tried to reassure jittery market participants with a broader perspective, writing: “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 restricts financial institutions from holding cryptocurrencies on their balance sheets.

“That’s something I think to watch closely in terms of EOs (executive orders),” Allaire told Reuters.

Adding to the speculation, Elon Musk responded to a user on X, saying, “Ross will be freed too,” fueling theories that Trump might be preparing to commute the sentence of Silk Road and Bitcoin legend Ross Ulbricht.

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), along with $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 the 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.”