Donald Trump commenced his term as the 47th President of the United States without igniting a surge in cryptocurrency markets. Just hours before his inauguration, he launched his own meme coin, seemingly detracting from the momentum in altcoin trading. This raises questions: what will happen next? What awaits cryptocurrency enthusiasts under his leadership?
Trump and Cryptocurrencies
Until mid-2021, Elon Musk was viewed as a champion for cryptocurrencies. His investment in Bitcoin 
$77,420 coincided with a surge in markets, particularly during the GameStop incident. Musk’s playful engagement with the crypto sphere had since set new all-time highs, until his concerns about the environmental impacts of Bitcoin mining and subsequent restrictions imposed by China changed the narrative.
Will Trump write a similar story? The pause in market rises post-inauguration seems reminiscent of past scenarios. However, based on current conditions, we could argue that it is different this time.
Expectations from Trump in Cryptocurrencies
Cryptocurrencies have not prominently featured in Trump’s agenda thus far, despite his appointments of crypto-friendly figures in various ministries and agencies. He is reportedly involved in three distinct cryptocurrency projects.
The SEC has taken an initial step by forming a dedicated crypto team under Hester Peirce, a known advocate for favorable crypto regulations. Peirce has consistently criticized the SEC for its negative stance towards cryptocurrencies.
Additionally, Mark Uyeda has been appointed as the interim chair until Paul Atkins’ confirmation, strengthening the commission’s crypto-friendly image. With assurances that seized cryptocurrency assets will not be sold, investors can breathe a sigh of relief amidst market concerns about oversupply.
Moreover, in an environment where regulatory pressures are easing, every development can positively impact cryptocurrencies. This includes banks establishing a crypto framework, strategic Bitcoin reserves, new SEC leadership approvals for altcoin ETFs, and the resolution of non-fraudulent lawsuits in the crypto space. We are entering a news cycle filled with strong price catalysts for cryptocurrencies.
If Trump doesn’t abruptly sell Silkroad assets under the guise of a financial emergency, he may continue to support the crypto market positively. Given the significant strides made in the early stages, it’s questionable whether Trump might disrupt this momentum.
