Trump boosts the crypto revolution. As is characteristic of Trump, the crypto believers were excited, worried, and plain perplexed by the president’s inauguration on January 20.
Although Bitcoin and cryptocurrencies were not mentioned in US President Donald Trump’s January 20 inaugural address, this does not necessarily mean that the industry will see significant developments this year. Coinbase CEO Brian Armstrong said the Trump government will emphasise appropriate stablecoin laws. Financial companies are looking at cryptocurrency payment prospects in the new environment, according to Brian Moynihan, CEO of Bank of America.
While Trump’s silence on crypto also extended to executive orders and his list of “America First Priorities,” the sector was arguably the week’s biggest news story. Even before Trump took office, his name was plastered on a new meme coin that reached $15 billion in value in less than 48 hours.
This week’s Crypto Biz explores Trump’s wild first few days in office, recent crypto purchases from World Liberty Financial, and a new AI venture that could cement America’s leadership role in artificial intelligence.
Trump boosts crypto revolution. TRUMP meme-coin hits the top 15 in 48 hours
Trump’s official meme coin went live on the Solana blockchain on January 17th, sparking a rush of activity as traders rushed to take advantage of the chance. The TRUMP coin rose to the 15th-largest cryptocurrency in the world in under 48 hours.
TRUMP was worth more than $73 at its peak. Since then, it has fallen to less than $40.
According to Glassnode data monitored by custody platform Copper.co, the introduction of TRUMP caused the number of new Solana addresses to reach an all-time high.
For his part, Trump didn’t know much about the project. “I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” Trump said in response to a reporter’s question. Shortly after the launch of TRUMP, First Lady Melania Trump minted her memecoin, which attracted about 500,000 users within hours.
Trump-backed World Liberty Financial gobbles up ETH and other cryptos
World Liberty Financial, a cryptocurrency firm sponsored by Trump, acquired $48 million worth of Ether ($3,314). This week, indicating that it plans to be involved in the cryptocurrency market and perhaps the Ethereum network. The acquisition caused Ether’s price to soar and a deluge of Google searches for “Ethereum.”
Trump’s son Eric suggested that there are significant plans in the works, even if World Liberty did not reveal the reason for its acquisition. About World Liberty Financial, Eric Trump wrote on January 20th, “Wait until you see what they do tomorrow.” But no plans have been revealed as of yet.
US asset managers file for meme coin ETFs
US asset managers Osprey Funds and Rex Shares may have applied for new cryptocurrency exchange-traded funds (ETFs) as a result of the Trump meme coin craze.
The asset managers are requesting permission to introduce ETFs for TRUMP, Dogecoin, and DOGE, according to documents dated January 21.
As well as Boonk BONK $0.00002984.When Gary Gensler led the US Securities and Exchange Commission (SEC), it would have seemed improbable that ETFs would be based on meme coins. Now that Gensler has been banished to the “waste bin of Washington,” as GOP Representative Tom Emmer has put it, asset managers are waiting for regulators to give their approval.
Due to spot Bitcoin funds’ overwhelming popularity, crypto ETFs have grown to be a huge industry. Bitcoin was the most successful US ETF launch ever, according to Bitwise chief investment officer Matt Hougan.
Trump boosts crypto revolution. Trump launches $500B infrastructure venture
President Trump launched Stargate, a $500 billion investment in AI infrastructure, the day after his inauguration. The project aims to construct AI data centres throughout the United States.
Instead of receiving government grants, OpenAI, SoftBank, and Oracle will serve as the company’s equity investors. According to SoftBank CEO Masayoshi Son, $100 billion will be invested right away.
According to Trump, Stargate could guarantee that the future of AI innovation remains in the United States while also generating hundreds of thousands of American jobs.
This project will not only help the United States re-industrialize, but it will also give us a strategic capability to safeguard America’s and our allies’ national security,” OpenAI stated.
Trump singled out China as a major “competitor” in the AI race, which is partly why Stargate was established.
China is a competitor; others are competitors. We want it to be in this country, and we’re making it available,” Trump said.
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