Trump’s victory was seen as Crypto’s victory due to his pro-crypto initiative. To that end, the first 100 days were meant to help the crypto industry. However, Trump’s trade war with the rest of the world has had the most immediate effect on crypto markets.
Prices have been volatile due to worry and doubt about the economy as a whole. Electronics prices have also gone up, making it harder for Bitcoin miners to break even, and there are a lot of worries about the BRICS de-dollarization agenda.
Investors, in the US and globally, are not very confident with the POTUS. Trump had an approval rating of 50.5% at the end of January, with a disapproval rating of 44.3%. The tables have turned now, and he has a disapproval rating of 52.4% and an approval rating of 45.3%, according to the same average.
Trump’s pro-crypto strategies have been blurred by his tariffs
During his campaign, Trump’s optimism about the crypto industry caused a bull rally that broke all crypto records. The first thing that Trump did that sparked excitement in the crypto industry was banning the US Central Bank digital currency (CBDC).
Then Trump signed an order creating a “Strategic Bitcoin Reserve” on March 7. However, it was not as exciting. Instead of making a clear plan for how the US government would buy and hold Bitcoin, it just set up a single reserve to hold all the Bitcoin the government had taken during illegal investigations.
The order does say that the government can buy more Bitcoin, but it has to do so in a way that doesn’t cost the government any money. In addition to the Bitcoin hoard, Trump set up a US Digital Asset Stockpile. This stockpile holds other cryptocurrencies like Ethereum, Solana, XRP, and Cardano.
Most recently, top Trump memecoin holders were offered a chance to have dinner with the president.
