Author: Weilin, PANews
After being sworn in as President of the United States in the early hours of January 21, President Trump delivered a speech promising to lead America into a "golden age" and save the nation from what he described as a "recession" caused by the policies of his predecessor.
In his speech, he did not mention Bitcoin or cryptocurrency. The cryptocurrency market experienced turbulence in the past 24 hours, with over $824 million in funds being forcibly liquidated. Bitcoin and major tokens like Solana and Cardano saw significant price fluctuations. However, Bitcoin showed relative resilience.
As of the morning of January 21, data from Coinglass indicated that a total of 278,000 people were liquidated globally in the last 24 hours, with a total liquidation amount of $824 million, including $556 million in long positions and $268 million in short positions. Bitcoin was priced at $101,812.82, up 0.31% in the past 24 hours.
According to NBC News, just hours after his inauguration, Trump signed his first executive orders of his second term at the U.S. Capitol. One of the orders was related to cabinet responsibilities. Additionally, 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 orders at the Capital One Arena in Washington, addressing policies related to immigration, climate, and energy. Previously, the market anticipated that Trump might also sign executive orders related to cryptocurrency in the coming days.
Trump Declares "The Golden Age of America Begins Now," Speech Does Not Mention Bitcoin
Trump referenced familiar themes from his campaign, including immigration and the economy, and reiterated his attacks on the Justice Department and the federal government. "National unity is returning to America, and confidence and pride are at an unprecedented high," Trump said. "In everything we do, my government 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 began his speech with a statement: "The golden age of America begins now." He stated that under his leadership, the nation would "prosper again and earn respect around the world," hinting at a reversal of the policies of the past four years. "Every day of the Trump administration, I will put America first," he said.
Trump condemned the "recession" in America. He quickly shifted the topic in his speech, lamenting the state of the nation under his predecessor's policies. Trump criticized the U.S. education and healthcare systems, stating, "My recent election was a mandate to completely and utterly reverse a terrible betrayal, and all the betrayals that have occurred, to restore the faith, wealth, democracy, and even the freedom of the American people."
Trump stated that the government is unable to provide basic services, as evidenced by the disaster caused by Hurricane Helene in western North Carolina at the end of September and the wildfires in Los Angeles.
In addition, Trump briefly mentioned the assassination attempt that occurred during a campaign rally in Butler, Pennsylvania, on July 13. He claimed that he believes his life was spared "for a reason." "I was saved by God to make America great again," he said.
Trump outlined a series of executive actions he plans to take after being sworn in. On immigration, he stated that he would declare a national emergency at the southern border, a promise that received a standing ovation from the crowd in the rotunda.
He also stated, "I will immediately begin a comprehensive reform of our trade system to protect American workers and families. What we will do is not tax our citizens to enrich other countries, but impose tariffs and taxes on foreigners to enrich our citizens. To this end, we will establish an external tax bureau responsible for collecting all tariffs, taxes, and revenues. A massive influx of funds will flow into our treasury from abroad. The American dream will soon return, prospering in ways never seen before, to restore the capacity and effectiveness of our federal government. My government will establish a brand new Department of Government Efficiency."
Trump confirmed that he would rename the Gulf of Mexico to "American Bay." He also stated that North America's highest peak, Denali, would be renamed "Mount McKinley." Trump indicated that his administration would work to send American astronauts to Mars.
Speculation on Bitcoin Strategic Reserves Continues, WLFI Purchases Cryptocurrency as Strategic Procurement
Amid market turbulence, speculation about the U.S. potentially establishing a Bitcoin Strategic Reserve (SBR) continues. According to data from prediction markets, the likelihood of Trump signing an executive order to establish an SBR within the first 100 days of his presidency is 38%.
The concept of SBR involves the U.S. government acquiring and holding Bitcoin as a strategic asset, similar to gold reserves. However, this 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, stated, "I don't think Trump will move to establish a Bitcoin reserve. After all, I don't see the point of borrowing money to buy Bitcoin on any platform of Trump's."
He said, "Before you destroy the bond market, you have so much borrowing capacity. Would you borrow money to buy Bitcoin? Would you borrow money to provide healthcare for your elderly voters, or to make more bombs so that the defense lobby likes you? You can borrow money to buy many different things. I just don't think he will spend money on Bitcoin. While Bitcoin supporters believe Bitcoin is important, there are many other stakeholders who want borrowed money to go into their pockets." Regarding the implementation of a Bitcoin reserve, Hayes stated, "I hope I'm wrong." But he pointed out that time is limited before the midterm elections, which may restrict the ability to implement significant policy changes, and there are many other matters that need time and budget allocation.
Meanwhile, on January 21, Trump's family cryptocurrency project, World Liberty Financial (WLFI), announced on the X platform that to commemorate Donald J. Trump’s inauguration as the 47th President of the United States, WLFI announced 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 inaugural 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 five CFTC commissioners voted on Monday to confirm the nomination. Pham will succeed Rostin Behnam until the Senate approves a new formal chair nominee.
Meanwhile, the SEC issued a statement announcing that Gary Gensler has officially stepped down as chair. The SEC thanked Gensler for his leadership and the efforts of his team, calling him a steadfast advocate for American investors, and stated that Gensler's departure marks a significant end to a nearly 30-year public service career.
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