The arrival of Trump marks a significant change for digital assets
US President Donald Trump The January 20 keynote didn't mention cryptocurrency or Bitcoin, but that doesn't mean there aren't big things in store for the sector this year. Brian Armstrong, CEO of Coinbase, said the Trump administration will put a new focus on common sense stablecoin regulations. According to Bank of America CEO Brian Moynihan, financial institutions are creating opportunities for cryptocurrency payments under the new regime.
Trump's silence on crypto extends to executive orders and a list of “America's First Priorities,” but the sector was arguably the biggest news story of the week.
Even before Trump left office, his name was plastered on a new memecoin that reached $15 billion in less than 48 hours.
This week's CryptoBiz explores Trump's first few days in office, recent crypto purchases from Global Liberty Financial, and a new AI venture that cements America's leadership role in artificial intelligence.
TRUMP memecoin reached high 15 in 48 hours
On January 17, Trump's official memecoin launched on the Solana blockchain, sparking a flurry of activity as traders rushed to take advantage of the opportunity. Within 48 hours, the TRUMP token became the 15th largest cryptocurrency in the world.
At its peak, TRUMP was valued at over $73. It has since dropped below $40.
TRUMP's launch boosted new Solana addresses to record highs, according to Glassnode data tracked by jailbreak platform Copper.co.
Trump, for his part, knew little about the project. “I don't know where he is. I don't know much about it except that I started it; Apart from being very successful,” Trump said in response to the reporter's question.
Shortly after TRUMP launched, First Lady Melania Trump launched her own memecoin, which attracted nearly 500,000 users within hours.
Trump-backed World Freedom Financial has launched ETH, other cryptos.
Trump-backed crypto venture World Freedom Finance raised $48 million worth of Ether (ETH) this week, signaling its interest in becoming active in the crypto market and possibly the Ethereum network. The purchase spiked the price of Ether and caused a flood of Google searches for the term “Ethereum.”
While Liberty Global did not reveal the motivation behind the purchase, Trump's son Eric hinted that big plans are in the works. “Wait till you see what they do tomorrow,” wrote Eric Trump World on Jan. 20, referring to Liberty Financial. However, no plan has been announced yet.
In addition to the ETH purchase, Global Freedom also acquired TRON (TRX), Chainlink (LINK), Ave (AAVE), and Etena (ENA).
The acquisitions are significant as they further strengthen President Trump's involvement in the crypto sector. Apparently it's not just about memes.
Source: Eric Trump
US asset managers file for memecoin ETFs
The Trump memecoin frenzy may have prompted US asset managers Osprey Funds and Rex Shares to file applications for new crypto exchange-traded funds (ETFs).
Asset managers are seeking approval to launch TRUMP, Dogecoin (DOGE) and Boonk (BONK) ETFs, according to Jan. 21 filings.
Memecoin-based ETFs seemed highly unlikely when Gary Gensler headed the US Securities and Exchange Commission (SEC). Now, Gensler has been relegated to the “Washington dump,” as GOP Rep. Tom Emmer said, where asset managers are waiting for the green light from regulators.
Crypto ETFs have become big business, driven by the incredible success of Bitcoin funds. According to Matt Hogan, Bitwise's chief investment officer, Bitcoin was the first US ETF to launch at any time.
Trump launched a $500 billion infrastructure project
A day after his inauguration, President Trump announced plans to invest $500 billion in AI infrastructure called Stargate to build artificial intelligence centers in the United States.
Stargate is not funded by government books, but instead is led by equity investors OpenAI, SoftBank and Oracle. Softbank CEO Masayoshi Son said $100 billion will be invested immediately.
For Trump, Stargate could create hundreds of thousands of American jobs by ensuring that future AI innovation stays within American borders.
“This project will not only re-industrialize the United States, but will provide a strategic capability to protect the national security of the United States and its allies,” said OpenAI.
Trump has singled out China as a major “competitor” in the AI race, for which Stargate was founded in part.
“China is a competitor, so are others. We want it in this country, and we're making it happen,” Trump said.
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