On Monday, President Donald Trump was sworn in as the 47th president of the United States. Speculation is running high that he could roll out crypto-focused executive orders later in the day — potentially delivering on long-awaited demands, such as creating a national bitcoin strategic reserve or eliminating capital gains taxes on crypto.
At the time of writing, bitcoin is currently trading near $102,000. Ahead of the inauguration, bitcoin set a new all-time price high above $109,000, demonstrating anticipation that a Trump presidency might push it even higher with news of pro-crypto policies.
Earlier last year, Trump campaigned on promises to turn the U.S. into the "crypto capital" of the world and to retain crypto innovation at home. Speculation is rife that Trump will make good on this promise by unleashing a flood of much-anticipated promises to the digital asset community, including potential policy changes such as removing capital gains tax on crypto or establishing a bitcoin strategic reserve. Both will likely require significant support in Congress.
At the same time, the long-beleaguered crypto community remains divided over Trump's recent launch of his own Solana-based meme coin, $TRUMP, which saw its market value catapult to nearly $11 billion. Melania Trump, the First Lady, followed suit with her own $MELANIA meme coin on the eve of Trump's inauguration, raising ethical concerns about using the presidency to promote cryptocurrencies.
.Despite Wall Street being closed for Martin Luther King, Jr. Day, analysts expect public crypto markets to open tomorrow generally optimistically about bitcoin's price action this week – particularly if Trump signs any executive orders related to crypto later in the day.