Donald Trump was sworn in as the 47th US president, becoming the second leader in history to return to the White House. However, contrary to crypto traders' expectations, he did not mention cryptocurrencies in his inaugural speech.
Trump's Inaugural Speech
In his inaugural address, Trump did not mention cryptocurrencies. Instead, he focused on themes of unity, strength, and fairness, addressing critical issues like high inflation, immigration, border control, energy production, and oil. This lack of digital asset discussion contrasts with the anticipated crypto-friendly administration. Some analysts viewed this omission as wise, avoiding the political rhetoric that can create market uncertainty. Influential economist Peter Schiff praised Trump for not mentioning Bitcoin, stating, 'One of the best things about Trump’s speech is that he didn’t mention Bitcoin.'
Launch of Trump and Melania Meme Coins
Over the weekend before the inauguration, Donald Trump launched his own meme coin, which quickly soared in value to over $14 billion at its peak. On Sunday, First Lady Melania Trump announced her token, which also surged in valuation. Yet, Trump did not mention the TRUMP and MELANIA meme coins in his speech. According to CoinGecko, Trump's official meme coin fell by 25% immediately after the speech but then recovered.
Trump and Crypto Industry Influence
As the 2024 elections saw the crypto industry asserting political influence, Trump changed his stance and began courting industry figures. During a May event at Mar-a-Lago, Trump noted that supporters of crypto should vote for him. By July, he spoke at the Bitcoin 2024 conference in Nashville where he promised to create a US strategic Bitcoin reserve. In September, he and his sons launched a token for their DeFi platform, World Liberty Financial, seen as a stablecoin issuer.
Public and political interest in cryptocurrencies continues to grow. Despite the lack of mention in the inaugural speech, the crypto community remains attentive to all actions by Trump's administration in this area.
