Trump Fails to Address Crypto in Inaugural Speech

Trump silence on crypto during his inauguration leaves investors uncertain, causing market volatility and delays in expected pro-crypto policies.

President Trump’s inaugural speech failed to mention cryptocurrency, leaving many in the crypto community disappointed. Before his election victory in November, Trump had vowed pro-crypto policy before including the formation of a Strategic Bitcoin Reserve. However, he did not address these issues at his inauguration.

However, over the weekend, Trump missed a chance to mention crypto, sparking worries that, given his past promises, he never would. One of these decisions included praising Silk Road founder Ross Ulbricht on his first day in office and commenting on problems such as Operation Chokepoint, which has limited crypto businesses from obtaining access to banking services. However, during his inaugural address, none of these problems were mentioned.

Crypto Community Disappointed as Trump Administration Delays Crypto Action

But the uncertainty surrounding crypto-friendly policies under the new administration has forced the investors, who had a positive view on crypto-friendly policies, to be unmindful of the topic. Trump’s silence on crypto left many investors who had expected the administration to act immediately to support the industry wondering where the president will go.

Moreover, Punchbowl News projected that cryptocurrency will not be top of mind for the incoming administration. Many in the crypto community had also hoped that this would come quickly in support of digital assets.

Ultimately, that led to some volatility in the crypto market. For example, the price of Bitcoin dramatically decreased and even dipped to $100,300. Other cryptocurrencies were down too, seeing a drop of 4–5%. But, at the time of writing, Bitcoin has begun to recover and is currently trading at $104,200.

The lack of this much needed fast action on cryptocurrency issues prompts the question about the future of digital assets in the Trump universe. Some are still hoping Trump will ultimately sign pro-crypto policies but his inability to push them so far has left the community in the dark. Crypto investors will keep a close eye on how the administration will deal with the industry as the situation unfolds.