Trump did not mention cryptocurrency in his inauguration speech, the market fluctuated downwards, and speculation about Bitcoin strategic reserves continued

Author: Weilin, PANews

President Trump delivered a speech after being sworn in in the early hours of January 21, promising to lead the United States into a "golden age" and save the country from what he called a "recession" caused by the policies of his predecessor.

During his speech, he did not mention Bitcoin or cryptocurrencies. The cryptocurrency market has experienced turmoil in the past 24 hours, with more than $824 million in funds being forced to liquidate. Bitcoin and major coins such as Solana and Cardano have seen wild price swings. But Bitcoin has shown relative resilience.

As of the morning of January 21, Coinglass data showed that a total of 278,000 people around the world had been liquidated in the past 24 hours. The total liquidation amount was US$824 million, with long orders of US$556 million and short orders of US$268 million. Bitcoin was trading at $101,812.82, up 0.31% in the past 24 hours.

According to NBC, hours after being sworn in, Trump signed the first executive orders of his second term at the U.S. Capitol. One of the decrees relates to cabinet duties. According to the New York Times, Trump is expected to sign as many as 100 executive orders within hours of taking office. He may next sign some of those orders at Capital One Arena in Washington, covering policies such as immigration, climate and energy. The market had previously expected that Trump might also sign an executive order involving cryptocurrency in the next few days.

Trump said “America’s golden age begins now” and did not mention Bitcoin

in his speech

Trump mentioned familiar themes from his campaign, including immigration and the economy, and repeated attacks on the Justice Department and federal government. "National unity is returning to America, and confidence and pride are higher than ever," Trump said. "My administration will be inspired by a powerful drive for excellence and endless success in all we do. We will not forget our country, we will not forget our Constitution, and we will not forget our God."

Specifically, Trump began his speech with a statement: "America's golden age begins now." Trump said that under his leadership, the country will "prosper once again and earn respect around the world." , and hinted that he would achieve a reversal of the policies of the past four years. "Every day of the Trump administration, I will put America first," he said.

Trump railed against a "recession" in the United States. Trump quickly pivoted to a topic in his speech, lamenting the state of the country under the policies of his predecessor. Trump denounced America’s education and health systems, saying: “My recent election is a mandate to completely and utterly reverse a horrific betrayal, and all betrayals that have ever occurred, and reclaim the American people for their faith, wealth, democracy, even their freedom.”

Trump said the government is unable to provide basic services, as demonstrated by the devastation caused by Hurricane Helene when it hit western North Carolina in late September and the Los Angeles wildfires.

Among other things, Trump briefly mentioned the assassination attempt that occurred at a campaign rally in Butler, Pennsylvania, on July 13. He declared that he believed his life was spared "for a reason." "I was saved by God to make America great again," he said.

In his inaugural address, Trump laid out a series of executive actions he plans to take after being sworn in. On immigration, he said 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 said, "I will immediately begin comprehensive reform of our trading 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 foreign countries." To make our citizens prosperous, we will set up foreign countries. The Department of Revenue, responsible for collecting all duties, taxes, and revenues, will have vast amounts of money pouring into our coffers from abroad. The American Dream will soon be back and thriving like never before, restoring the competence and effectiveness of our federal government. "My government will create a new Department of Government Effectiveness."

Trump confirmed that he will change the name of the Gulf of Mexico to the "Gulf of America." He also said that Mount Denali, the highest peak in North America, will be renamed "Mount McKinley." Trump said his administration would work to send American astronauts to Mars.

Bitcoin strategic reserve speculation continues, WLFI buys cryptocurrency

as strategic purchase

Amid the market turmoil, speculation continues that the United States may establish a Bitcoin Strategic Reserve (SBR). According to prediction market data, the probability of Trump signing an executive order establishing the SBR within the first 100 days of taking office 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 requires extensive planning, regulatory coordination, and cooperation with the Federal Reserve System.

Nonetheless, on January 21, BitMex co-founder and former CEO Arthur Hayes said: “I don’t think Trump will embark on building a Bitcoin reserve. At the end of the day, I don’t know of any borrowing money on any of Trump’s platforms. What’s the point of buying Bitcoin?”

He said: “You have so much borrowing power before you destroy the bond market. Would you borrow money to buy Bitcoin? Would you borrow money to provide health care for the senior citizens who voted for you or to build more bombs for national defense? The lobby likes you? You can borrow money to buy a lot of different things. I just don't think he's going to spend it on Bitcoin, but there are a lot of other stakeholders who want to borrow it. The money will go into their pockets." Regarding implementing Bitcoin reserves, Hayes said “I hope I’m wrong.” But he noted that the limited time before the midterm elections could limit the ability to implement major policy changes and that there are plenty of other things to allocate time and budget to.

At the same time, on January 21, the Trump family encryption project World Liberty Financial (WLFI) announced on the X platform that in order to commemorate the inauguration of Donald J. Trump as the 47th President of the United States, WLFI announced the following strategic purchases: Ten thousand US dollars in ETH, 47 million US dollars in wBTC, 4.7 million US dollars in Aave, 4.7 million US dollars in LINK, 4.7 million US dollars in TRX, and 4.7 million US dollars in ENA.

A number of appointments related to Trump's administration were also announced around the time of Trump's inauguration speech. As of January 21, Trump has appointed senior Securities and Exchange Commission (SEC) official Mark Uyeda to lead the agency until a permanent chairman is confirmed.

Trump has also nominated current Commodity Futures Trading Commission (CFTC) Commissioner Caroline Pham as acting chairman. The five CFTC commissioners voted to confirm the nomination on Monday. Pham will succeed Rostin Behnam until the Senate approves a new official chairman.

At the same time, the U.S. Securities and Exchange Commission (SEC) issued a statement announcing that Gary Gensler has officially stepped down as chairman. In a statement, the SEC thanked Gensler for his leadership and the efforts of his team, calling him a staunch advocate for American investors and saying that Gensler’s departure marked the end of a career that spanned nearly 30 years of public service.