Trump’s first 100 days in office, crypto suffers despite POTUS promises

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. This raised new concerns about his crypto project and led one US lawmaker to call for impeachment. On the other hand, the coin has gone up 50% in a week, which also sparked some short-term gains in other memecoins.

Regardless of the small steps Trump has taken for the crypto industry, tariffs have undone most of it. For instance, on Liberation Day, BTC went down to 85,k and on April 9, when Trump announced 125% tariffs on China, BTC hit 77k. Also, crypto miners based in the US were further squeezed as their operation costs increased significantly, namely for buying new mining rigs.

The long-awaited crypto regulations have already begun with Choke Point 2.0 down; more rules are coming soon.

Michelle Obama’s biggest fear

Michelle Obama, the former first lady’s biggest fear about Trump’s administration is not markets; rather, it is about immigrants and what she characterized as the lack of due process involved in the Trump administration’s deportation policies. She did not address the draining economy or tariffs but rather the errors in the Biden Administration that Trump is ‘rectifying.’

She argues, “And knowing that there’s so much bias and so much racism and so much ignorance that fuels those kinds of choices, I worry for people of color all over this country. And I don’t know that we will have the advocates to protect everybody. And that makes me, that frightens me. It keeps me up at night.”

This is similar to what Barack Obama said. Obama was more concerned with what he described as the White House’s infringement of rights. He also said he doesn’t think Trump’s new tariff announcement “will be good for America.” 

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