Crypto is turning volatile as Donald Trump assumes the office of president for the second time.
The price of bitcoin (BTC-USD) set another record in the hours leading up to Trump’s inauguration, briefly crossing above $109,000, but then fell below $101,000 as Trump delivered a speech after taking the oath of office in Washington, D.C.
Trump made a lot of promises to crypto enthusiasts in 2024 as he pledged to make the United States the “crypto capital of the planet,” but he didn’t discuss any policies during his speech. At least one crypto-focused executive order is expected later today.
“The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun,” Trump’s appointed AI and crypto czar David Sacks said Friday evening while speaking to industry insiders at a crypto industry-sponsored black-tie gala in D.C.
Trump himself is participating in the digital asset rally.
Last Friday, Trump’s team launched an official meme coin for the incoming 47th President (TRUMP) along with one for first lady Melania Trump (MELANIA) on the Solana (SOL) blockchain. They began trading Sunday.
Fight Fight Fight LLC and CIC Digital LLC, an affiliate of The Trump Organization, own 80% of the meme coin’s total supply, subject to a three-year unlocking schedule, according to a disclosure at the bottom of the meme coin’s website.
The new Trump meme coins took some in the crypto world by surprise.
One former Trump administration official, who is now critical of the president, said on X that the “most dangerous thing” about the Trump coin is that “anyone in world can essentially deposit money into bank account of President of USA with a couple clicks.”
“Every favor — geopolitical, corporate or personal — is now on sale, right out in the open.”
But the coins nonetheless quickly attracted a lot of investor interest as a number of major crypto exchanges said they plan to list the meme coins on their platforms, including Coinbase Global (COIN), Robinhood (HOOD) and Binance.
