Trump and cryptocurrencies: the performance of Bitcoin in the first 100 days of government
Since his rise on January 20, President Trump has become one of the biggest nightmares for stock and cryptocurrency investors. His aggressive policies, especially in the trade arena, have caused enormous volatility in the markets. Both the S&P 500 and Bitcoin have experienced an extremely negative reaction since the inauguration.
In the case of the largest cryptocurrency, it has experienced approximately -7% despite numerous positive decisions. For example, Trump abruptly halted the SEC's war against innovation and canceled numerous lawsuits against companies in the sector.
Other notable policies include the nomination of Bitcoin-friendly figures to high positions in his administration. As if that weren't enough, he stated that the last Bitcoin would be mined in the U.S. as the country would hold the vast majority of the hash power of that blockchain internally. Likewise, Trump signed an executive order that makes Bitcoin a strategic reserve of the nation.
Agencies like the Federal Reserve, the Mint, and others have lowered their guard and are no longer pursuing banks trading in cryptos. Had only one of these events occurred in 2023, the price of BTC would have skyrocketed. However, it is now barely reacting due to market conditions.
