Trump's inauguration speech did not mention cryptocurrencies, fueling ongoing speculation about a potential Bitcoin strategic reserve
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Trump's inauguration speech did not mention cryptocurrencies, fueling ongoing speculation about a potential Bitcoin strategic reserve
Previously, the market expected that Trump might sign an executive order related to cryptocurrency within the coming days.
Navigating Web3 tides with focused insightsAuthor: Weilin, PANews
U.S. President Donald Trump delivered his inauguration speech early on January 21 after being sworn in, promising to lead America into a "golden era" and save the nation from what he described as "decline" caused by policies of his predecessor.
He did not mention Bitcoin or cryptocurrencies in the speech. The crypto market has experienced turbulence over the past 24 hours, with more than $824 million in liquidations. Bitcoin and major tokens such as Solana and Cardano saw sharp price swings. However, Bitcoin showed relative resilience.
As of the morning of January 21, data from Coinglass showed that within the last 24 hours, a total of 278,000 people globally were liquidated, with total liquidation amounting to $824 million—$556 million long positions and $268 million short positions. Bitcoin was trading at $101,812.82, up 0.31% over the past 24 hours.
According to NBC News, hours after taking the oath of office, Trump signed his first batch of executive orders at the U.S. Capitol. One of the orders relates to cabinet responsibilities. The New York Times reported that Trump is expected to sign up to 100 executive orders within hours of his inauguration. He may sign some of these at Washington’s “Capital One Arena,” covering policies on immigration, climate, and energy. Previously, the market anticipated that Trump might also sign executive orders related to cryptocurrency in the coming days.
Trump Declares “America’s Golden Era Begins Now,” Omits Bitcoin in Speech
Trump touched on familiar campaign themes including immigration and the economy, and repeated attacks on the Department of Justice and federal agencies. “National unity is returning to America, confidence and pride are higher than ever before,” Trump said. “In everything we do, my administration will be inspired by a powerful drive for excellence and endless success. We will not forget our country, we will not forget our Constitution, we will not forget our God.”
Specifically, Trump opened his speech with a declaration: “America’s golden era begins now.” He stated that under his leadership, the nation would “prosper again and earn respect around the world,” signaling a reversal of policies from the past four years. “Every day of the Trump administration, I will put America first,” he said.
Trump denounced America's "decline," quickly shifting to criticize the state of the nation under his predecessor’s policies. He condemned the U.S. education and healthcare systems, saying: “My recent election was an authorization to fully and completely reverse a terrible betrayal—and all betrayals that have occurred—and restore to the American people their belief, wealth, democracy, and even their freedom.”
Trump argued that the government failed to deliver basic services, citing disasters such as Hurricane Helene striking western North Carolina in September and wildfires in Los Angeles.
In addition, Trump briefly referenced the failed assassination attempt during a campaign rally in Butler, Pennsylvania, on July 13. He claimed he believed there was a “reason” his life had been spared. “I was saved by God so that America can become great again,” he said.
During his inaugural address, Trump outlined a series of administrative actions he plans to take immediately after being sworn in. On immigration, he announced he would declare a national emergency at the southern border—a statement met with a standing ovation from the crowd inside the Rotunda.
He also stated, “I will immediately begin a comprehensive reform of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will impose tariffs and taxes on foreign nations to enrich our citizens. To this end, we will establish an External Revenue Service responsible for collecting all tariffs, taxes, and revenues. Vast sums of money will flow into our treasury from abroad. The American dream will soon return and flourish in unprecedented ways, restoring the capacity and effectiveness of our federal government. My administration will create an entirely new Department of Government Efficiency.”
Trump confirmed he would rename the Gulf of Mexico to the "Gulf of America." He also said North America’s highest peak—Denali—would be renamed "Mount McKinley." Trump added that his administration would work toward sending American astronauts to Mars.
Speculation Over Bitcoin Strategic Reserve Continues as WLFI Purchases Cryptocurrencies Strategically
Amid market volatility, speculation continues over whether the U.S. might establish a Bitcoin Strategic Reserve (SBR). According to prediction market data, there is a 38% chance that Trump will sign an executive order establishing an SBR within his first 100 days in office.
The concept of SBR involves the U.S. government acquiring and holding Bitcoin as a strategic asset, similar to gold reserves. However, implementing such a policy would require extensive planning, regulatory coordination, and cooperation with the Federal Reserve System.
Nevertheless, on January 21, Arthur Hayes, co-founder and former CEO of BitMEX, said: “I don't think Trump is going to go ahead and build a Bitcoin reserve. At the end of the day, I don’t see how borrowing money to buy Bitcoin fits into any of Trump’s platforms.”
He added: “You have so much borrowing capacity before you destroy the bond market. Will you borrow money to buy Bitcoin? Or will you borrow money to fund healthcare for elderly voters who supported you? Or to build more bombs so defense lobbyists like you? You can borrow money for many different things. I just don’t think he’ll spend it on Bitcoin. While Bitcoin supporters believe Bitcoin matters, there are many other stakeholders who want borrowed funds flowing into their pockets.” Regarding the implementation of a Bitcoin reserve, Hayes said, “I hope I’m wrong.” But he noted that limited time before midterm elections could constrain the ability to implement major policy changes, and many other priorities compete for time and budget.
In the meantime, on January 21, World Liberty Financial (WLFI), a cryptocurrency project associated with the Trump family, announced on X that, in honor of Donald J. Trump’s inauguration as the 47th President of the United States, WLFI declared the following strategic purchases: $47 million in ETH, $47 million in wBTC, $4.7 million in Aave, $4.7 million in LINK, $4.7 million in TRX, and $4.7 million in ENA.
Around the time of Trump’s inauguration speech, several appointments related to his administration were also announced. As of January 21, Trump has appointed Mark Uyeda, a senior official at the U.S. Securities and Exchange Commission (SEC), to lead the agency until a permanent chair is confirmed.
Trump has also nominated current Commodity Futures Trading Commission (CFTC) commissioner Caroline Pham as acting chair. The CFTC’s five commissioners voted unanimously on Monday to confirm the nomination. Pham will succeed Rostin Behnam until the Senate confirms a new permanent chair.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) issued a statement announcing that Gary Gensler has officially stepped down as chair. In the statement, the SEC thanked Gensler for his leadership and his team’s efforts, describing him as a strong advocate for American investors, and noted that Gensler’s departure marks a milestone concluding nearly three decades of public service.
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