The Week in the World of Cryptocurrency Was Nothing Short of Eventful

From sarcastic speculations about President Biden's Bitcoin BTC/USD strategy to President Trump's executive order on crypto, the week was rife with significant developments.

Major cryptocurrency events of the week include sarcastic speculations about President Biden’s Bitcoin strategy, President Trump’s executive order on crypto, the crash of Trump-themed memecoins, and a whale investor making a massive purchase of the Trump memecoin.

While these events were unfolding, interesting stories also emerged. Here’s a look at some of them.

Peter Schiff’s Bitcoin BanterEconomist Peter Schiff humorously speculated on whether President Joe Biden would sell some of the state-owned Bitcoin ahead of Donald Trump’s presidential inauguration. Schiff’s comments came in the context of President-elect Trump’s reported plans to declare cryptocurrency a national priority and create a national Bitcoin reserve.

“I wonder if Biden will sell some of the state-owned Bitcoin before Trump takes over,” Schiff wrote in a sarcastic tweet on Friday.

The economist has been a vocal critic of Bitcoin and other cryptocurrencies, often dismissing them as a bubble or a scam. However, Schiff’s latest comments appear to be tongue-in-cheek, given his skepticism towards Bitcoin and his support for Trump.

In December 2020, Schiff endorsed Trump for president, calling him the “best president we never had.” The economist also expressed his optimism about Trump’s economic policies, such as his tax cuts and deregulation efforts.

Schiff’s latest comments sparked mixed reactions on social media, with some users joking about the possibility of Biden selling Bitcoin and others criticizing the economist for his support of Trump.

“I think Biden will sell some BTC to help fund the Trump inauguration,” one user commented.

“Peter Schiff is still alive? I thought he died of Covid after Trump lost the election,” another user wrote.

Trump’s Crypto MovesPresident Donald Trump signed executive orders on digital assets, aiming to bolster U.S. leadership in the crypto industry. The order establishes a Presidential Working Group on Digital Asset Markets, chaired by White House ‘AI & Crypto Czar’ David Sacks. The group will develop a federal regulatory framework for digital assets and stablecoins.

The order also directs the U.S. government to explore the feasibility of a central bank digital currency (CBDC) and report on the potential impact of China’s CBDC on the U.S. dollar.

“The United States must maintain technological leadership in the digital asset markets and set the global standard for digital asset regulation,” the executive order states.

The order comes as the Biden administration is reportedly considering executive actions to regulate cryptocurrencies. In May, Bloomberg reported that the administration is planning to issue an executive order directing federal agencies to study the risks and benefits of digital assets and develop a comprehensive regulatory framework.

The Trump administration’s executive order on digital assets is likely to face legal challenges from the Biden administration. However, the order could still have a significant impact on the crypto industry, as it provides a roadmap for future regulation.

Trump Memecoin MayhemThe official meme coins of President Donald Trump and First Lady Melania Trump tanked on Monday, eroding billions in investors’ wealth. The Official Trump (TRUMP) token sank over 30%, while the Official Melania (MELANIA) coin plummeted over 54% in the last 24 hours.

The tanking of Trump memecoins comes as the broader cryptocurrency market experienced a downturn on Monday. Bitcoin (BTC) fell below $48,000, while Ethereum (ETH) dropped under $3,900. The sell-off in the crypto market was triggered by concerns over rising inflation and the Federal Reserve’s plans to hike interest rates.

The poor performance of Trump memecoins is also likely due to the fact that they are highly speculative and have little intrinsic value. The coins are also not officially endorsed by the Trumps, and their legal status is unclear.

Despite the tanking of Trump memecoins, some investors are still making a lot of money. According to Benzinga Pro, one trader purchased over $5 million worth of Official Trump memecoin just minutes after President Trump said he knows little about the coin. The purchase, which came as the coin fell over 33%, is one of the biggest single purchases since the coin's launch.

The trader's average purchase price was around $0.33 per coin, and they now hold approximately 15 million TRUMP coins, which are valued at around $50 million at the current market price of $3.33.

It's unclear what motivated the trader to make such a large purchase of the Trump memecoin, especially given the coin's poor performance and legal uncertainty. However, the purchase could indicate that some investors are still bullish on the coin despite the recent sell-off.

Musk’s Martian Dreams GroundedElon Musk’s optimism about his Department of Government Efficiency at Donald Trump’s presidential inauguration did not lift Dogecoin, which plummeted amid lawsuits against the agency. Musk expressed his gratitude to the American people for voting for Trump and assured them of