Since Donald Trump’s return to the presidency, the crypto market has seen Bitcoin values rise significantly, a pro-crypto regulatory environment developing, and new initiatives, like Trump’s meme coin launch. His administration’s first moves suggest a strong inclination towards supporting cryptocurrency, although some in the community are tempering expectations regarding immediate growth and adoption.
Fans of cryptocurrency have found themselves with renewed hope since Donald Trump returned to the Oval Office, following his bold promises to transform the United States into a global crypto hub. With Bitcoin surging to around $104,000—an increase of nearly 50% since his election—optimism is palpable among crypto enthusiasts. Andy Baehr from CoinDesk Indices noted, “All of the things that were on the wish list last summer have pretty much happened — especially for bitcoin.”
One significant change has been the reshuffling of key regulatory figures. Trump’s administration is welcoming new faces, such as former SEC Chair Gary Gensler’s replacement. Incoming SEC Commissioner Paul Atkins, alongside venture capitalist David Sacks as the new White House AI and crypto czar, signals a shift in priorities. Under Trump, the SEC has already acted to repeal the controversial SAB 121 rule, easing burdens on banks and encouraging broader cryptocurrency acceptance. Kian Sarreshteh of InvestiFi shared, “Repealing it just gives a lot more comfort to financial institutions to consider custodying crypto…for clients.”
In a more lighthearted yet impactful move, Trump himself launched a meme coin right before his inauguration, mirroring the rise of meme-based cryptocurrencies. The token, which had a wild price swing, represents a trend in the crypto landscape. Federico Brokate from 21Shares commented, “It’s another vote of confidence in the ecosystem…by this new administration.” However, Andy Baehr cautioned retail investors to tread lightly, reminding them that meme coins come with inherent volatility.
On the administrative front, Trump signed an executive order last week to further advance cryptocurrencies in the U.S., emphasizing their importance in innovation and economic leadership. This order also proposed a working group to explore creating a national crypto stockpile from seized assets. While some hardcore crypto fans may see this as a modest step, others acknowledge that it sets the groundwork for future ventures. Baehr pointed out, “I don’t think people have reason to be as concerned as the [crypto] community was,” emphasizing the need for patience amid speculative expectations for Bitcoin’s growth.
In summary, Trump’s presidency has ushered in a wave of significant developments for the cryptocurrency market, from strategic regulatory changes to imaginative ventures like meme coins. As Bitcoin has soared in value and policy shifts have taken place, the crypto community appears cautiously optimistic about the future. While some await a more aggressive adoption or support of cryptocurrency by the government, there is no doubt that the wheels of change are spinning. Crypto enthusiasts will need to remain patient as they monitor how these early actions translate into long-term trends in this ever-evolving landscape.
Original Source: www.cnbc.com
