Donald Trump disappoints bitcoin and crypto optimists on first day

As Donald Trump was inaugurated as the 47th US president, part of the crypto market missed at least two things on his first day back in office. However, industry observers suggest that the market just needs to wait.

Yesterday, Trump pardoned, commuted prison sentences, and vowed to dismiss cases for more than 1,500 Americans charged with crimes during the Capitol riot in January 2021. However, despite his promise to do this on his first day in office, Trump didn't pardon Ross Ulbricht, founder of the Silk Road darknet market website.

In the bitcoin and crypto community, Ulbricht, who is serving a life sentence and has already been imprisoned for 12 years, is largely seen as wrongfully sentenced, with authorities making an example of him to other operators of similar markets.

Next, some of the correction in bitcoin (BTC) prices yesterday and today is attributed to the fact that Trump didn't mention BTC or crypto among his administration's priorities as was largely expected.

However, in both cases, some industry observers claim that Trump just needs more time.

A person behind a popular crypto trading account, MacroScope, noted that "No one should be surprised BTC wasn't mentioned" because it's "not an appropriate topic for that speech, to say the least."

Recent media reports, based on undisclosed sources, have also claimed that more crypto-friendly news might come from the White House in the first days of Trump's presidency. One of the long-awaited announcements is the repeal of the US Securities and Exchange Commission's Staff Accounting Bulletin No. 121, which makes it very complicated for banks to hold crypto assets.

"If repealed, doors swing open for banks to offer bitcoin services, integrate it into their core operations, and accelerate its path to becoming a global monetary standard," another X account, FiatHawk, said, stressing that this would be even more important than the Strategic Bitcoin Reserve that the industry is also expecting to be announced by Trump.

Meanwhile, Trump and his family disappointed bitcoiners by launching memecoins, which are largely considered a cash grab. In either case, at the time of writing, the TRUMP token is down 48% from its all-time high, while the MELANIA token has crashed by 68%.