President Donald Trump's recent executive order bans the creation of central bank digital currencies (CBDCs), a move that industry influencers see as a catalyst for institutional adoption of cryptocurrencies. Concurrently, Elon Musk's father announced plans to raise $200 million with a memecoin.
Trump's Executive Order: A New Era for the Crypto Industry
The executive order signed by President Donald Trump on January 23 prohibits the creation and usage of CBDCs in the United States, citing potential threats to financial stability, personal privacy, and national sovereignty. Experts believe this decision will usher in a new era for the cryptocurrency industry in the country.
Musk It Memecoin: Fundraising Plans by Elon Musk's Father
Elon Musk's father, Errol Musk, aims to launch his own memecoin called "Musk It" and plans to raise up to $200 million. The funds will be used to support a for-profit think tank, as he informed Fortune.
Increase in Cryptocurrency Wallet Users
The number of mobile cryptocurrency wallet users reached an all-time high of 36 million in the fourth quarter of 2024, according to a Coinbase report. This indicates a growing mainstream adoption. 'Mobile wallets can play a critical role in turning passive crypto owners into active users,' noted Daren Matsuoka, a data scientist at a16z Crypto.
Decisions and actions relating to cryptocurrency continue to evolve. Trump's order against CBDC and the Musk family's initiatives reflect the changing perspectives on digital currencies and ecosystems. These shifts, alongside the growth in crypto wallet users, demonstrate increasing interest and involvement in the crypto industry.
