Author: Weilin, PANews
US President Trump delivered a speech after being sworn in on the early morning of January 21, promising to lead America into a "golden age" and save the country from the "recession" he said was caused by the policies of his predecessor.
In his speech, he did not mention Bitcoin or cryptocurrencies. 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 experienced violent price fluctuations, but Bitcoin showed relative resilience.
As of the morning of January 21, Coinglass data showed that in the past 24 hours, a total of 278,000 people were liquidated globally, with a total liquidation amount of $824 million, including $556 million in long positions and $268 million in short positions. Bitcoin was trading at $101,812.82, up 0.31% in the past 24 hours.
According to NBC News, within hours of being sworn in, Trump signed the first batch of executive orders of his second term at the US Capitol. One of the orders was related to cabinet responsibilities. The New York Times also reported that Trump was expected to sign up to 100 executive orders within hours of taking office. He may then sign some of those orders at the "Capital One Arena" in Washington, covering policies on immigration, climate, and energy. Previously, the market expected that Trump might also sign an executive order related to cryptocurrencies in the next few days.
Trump said "the golden age of America begins now", but did not mention Bitcoin in his speech
Trump touched on familiar campaign themes, 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 soaring as never before," Trump said. "In all that we do, my administration will be inspired by a powerful drive to achieve excellence and endless success. We will not forget our nation, we will not forget our Constitution, we will not forget our God."
Specifically, Trump began his speech with a declarative statement: "The golden age of America begins now." Trump said that under his leadership, the country will "prosper again and win respect around the world," hinting that he will reverse the policies of the past four years. "Every day of the Trump administration, I will put America first," he said.
Trump lamented America's "decline." Trump quickly turned to the topic of his speech, lamenting the state of the country under the policies of his predecessor. Trump condemned the US education and healthcare systems, saying: "My recent election is an authorization to completely and thoroughly overturn 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 said the government was unable to provide basic services, as evidenced by the disaster caused by Hurricane Hailin in western North Carolina in late September and the Los Angeles wildfires.
In addition, Trump briefly mentioned the attempted assassination that occurred at a campaign rally in Butler, Pennsylvania on July 13. He claimed that his life being spared was "for a reason." "I was saved by God to make America great again," he said.
In his inauguration speech, Trump outlined a series of executive actions he planned to take after being sworn in. On immigration, he said he would declare a national emergency at the southern border, a promise that drew a standing ovation from the audience in the rotunda.
He also said, "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 foreign countries to enrich our citizens. To this end, we will establish an external tax office responsible for collecting all tariffs, taxes and revenues. Huge amounts of money will flow into our treasury from abroad. The American dream will soon return, prospering in a way never seen before, to restore the capacity and effectiveness of our federal government. My administration will establish a brand new government efficiency department."
Trump confirmed that he will rename the Gulf of Mexico to the "Gulf of America." He also said that Denali, the highest peak in North America, will be renamed "McKinley Mountain." Trump said his administration will work to send American astronauts to Mars.
Speculation on Bitcoin strategic reserves continues, WLFI buys cryptocurrencies as strategic procurement
Amidst the market turmoil, speculation about the US potentially establishing a Bitcoin strategic reserve (SBR) continues. According to prediction market data, the probability of Trump signing an executive order to establish an SBR within the first 100 days of his term is 38%.
The SBR concept involves the US 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, BitMEX co-founder and former CEO Arthur Hayes said: "I don't think Trump will move to establish a Bitcoin reserve. At the end of the day, I don't know what use it would be for him to borrow money to buy Bitcoin on any of his platforms."
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 the elderly who voted for you, or would you borrow money to make more bombs so the defense lobbying groups like you? You can borrow money to buy all sorts of different things. I just don't think he's going to spend money on Bitcoin. While Bitcoin supporters think Bitcoin is important, there are a lot of other stakeholders who want the 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 time before the midterm elections is limited, which may limit the ability to implement major policy changes, and there are many other things that need to be allocated time and budget.
Meanwhile, on January 21, the Trump family's cryptocurrency project World Liberty Financial (WLFI) announced on the X platform that to commemorate the inauguration of Donald J. Trump as the 47th President of the United States, WLFI announced the following strategic procurement: $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.
Before and after Trump's inauguration speech, several appointments related to his administration were also announced. As of January 21, Trump has appointed Mark Uyeda, a senior official at the US 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 to serve as acting chair. The CFTC's five commissioners voted on Monday to confirm the nomination. Pham will replace Rostin Behnam until the Senate approves a new permanent chair.
Meanwhile, the US Securities and Exchange Commission (SEC) issued a statement announcing that Gary Gensler has officially stepped down as chairman. The SEC statement 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 the end of a phase in his nearly 30-year public service career.
