Trump's inaugural speech did not mention cryptocurrencies, the market fluctuated downward, and speculation on Bitcoin strategic reserves continued

Author: Weilin, PANews

U.S. President Donald Trump delivered a speech after being sworn in early on 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. Cryptocurrency markets have experienced turbulence in the past 24 hours, with more than $824 million in forced liquidations. Bitcoin and major tokens, 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 in the last 24 hours, a total of 278,000 people worldwide were liquidated, with a total liquidation amount of US$824 million, including US$556 million in long orders and US$268 million in short orders. Bitcoin was quoted at US$101,812.82, up 0.31% in the past 24 hours.

According to NBC, hours after being sworn in, Trump signed the first batch of executive orders of his second term at the U.S. Capitol. One of the decrees is related to cabinet duties. According to the New York Times, Trump is expected to sign up to 100 executive orders within hours of taking office. Next, he may sign some of these orders at the Capital One Arena in Washington, involving policies such as immigration, climate and energy. Previously , the market expected that Trump may also sign an executive order involving cryptocurrencies in the next few days.

Trump said "America's golden age begins now", but did not mention Bitcoin in his speech

Trump touched on familiar themes from his campaign, including immigration and the economy, and repeated his attacks on the Justice Department and the federal government. "National unity is returning to America, and confidence and pride are higher than ever before," Trump said. "In all 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, 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 again and command respect around the world," and hinted that he will 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 lambasted the U.S. "decline." Trump quickly pivoted to the topic of his speech, lamenting the state of the country under the policies of his predecessor. Trump condemned the U.S. education and health systems and said: "My recent election is a mandate to completely and totally reverse a terrible betrayal, and every betrayal that has ever occurred, and give back to the American people their faith, their wealth, their democracy, and even their freedom."

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

Among other things, Trump briefly mentioned the attempted assassination 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 outlined 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 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 to impose tariffs and taxes on foreign countries to enrich our citizens. To do this, we will establish an external taxation department to collect all tariffs, taxes, and revenues. A huge amount of money will flow into our treasury from foreign countries. The American dream will soon return and prosper like never before to restore the capacity and effectiveness of our federal government. My administration will establish a new Department of Government Efficiency."

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

Speculation of Bitcoin strategic reserves continues, WLFI buys cryptocurrencies as strategic purchases

Amid market turmoil, speculation continues about the possibility of the United States establishing a Strategic Bitcoin Reserve (SBR). According to data from prediction markets, there is a 38% chance that Trump will sign an executive order to establish the 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, this policy requires extensive planning, regulatory coordination, and cooperation with the Federal Reserve System.

Nonetheless, on Jan. 21, BitMex co-founder and former CEO Arthur Hayes said: “I don’t think Trump is going to start building a Bitcoin reserve. At the end of the day, I don’t know what the use is of borrowing money to buy Bitcoin on any of Trump’s platforms.”

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 elderly who voted for you, or to build more bombs so that the defense lobby likes you? You can borrow money to buy a lot of different things. I just don't think he will spend money on Bitcoin. While Bitcoin supporters think 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 said "I hope I'm wrong." But he pointed out that the limited time before the midterm elections may limit the ability to implement major policy changes, and there are many other things that need time and budget to be allocated.

At the same time, on January 21, the Trump family crypto project World Liberty Financial (WLFI) announced on the X platform that in order 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 inauguration speech, several appointments related to his administration were 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 chairman is confirmed.

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

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