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Bitcoin reached a new all-time high just below $109,000 on Monday, as the cryptocurrency industry grew increasingly optimistic ahead of Donald Trump’s inauguration as President of the United States. The price remains significantly up from last week, with Bitcoin trading at over $106,000 at the time of writing.
Investors are speculating on the impact of Trump’s promises to become the “crypto president.” They expect him to take pro-cryptocurrency measures as soon as he takes office. Among the anticipated actions is the repeal of controversial SEC guidelines, notably SAB 121, which requires crypto custodians to record assets under their custody as liabilities on their balance sheets. There is also talk of establishing a strategic Bitcoin reserve, with the likelihood of an announcement within the first 100 days of his term currently estimated at 57% according to Polymarket.
Other rumors suggest that Trump could sign an executive order to create a “presidential crypto council,” composed of 20 founders and CEOs from the industry. This initiative could lend increased legitimacy to the industry and attract new investments. The last time Bitcoin crossed the $108,000 threshold was on December 17, amid speculation regarding the establishment of a national Bitcoin reserve.
Just days before his inauguration for a second term, Donald Trump surprised the cryptocurrency world by promoting a meme coin based on Solana, named TRUMP, through his official social media accounts. This announcement immediately caught the attention of investors, generating hundreds of millions of dollars in trading volume. While some initially suspected a typical “pump-and-dump” scam, the post on Truth Social, followed by confirmation on X, gradually dispelled doubts about the project’s authenticity.
Despite the general enthusiasm, several observers have raised red flags, particularly regarding the initial funding of the project from funds originating from platforms such as Binance and Gate, which do not serve U.S. customers. However, further analysis revealed that the official token website closely resembles those used for Trump’s previous NFT collections, managed by CIC Digital, his official licensing partner. Additionally, blockchain experts noted that the website launch followed a structure nearly identical to Trump’s previous NFT projects, reinforcing the project’s credibility.
Donald Trump’s official meme cryptocurrency, named TRUMP, experienced a sharp decline after Melania Trump announced the launch of her own digital token on the Solana blockchain. This new token, called Melania, was promoted through her social media accounts on X and Truth Social, attracting immediate attention. Within just 24 hours, the value of the Melania token surged by over 12,000%, reaching $6.70, according to DEX Screener data, while the price of Donald Trump’s cryptocurrency fell by approximately 32%, dropping from $77 to $45. The utility of these tokens remains highly questionable.
Then, unsurprisingly, the cryptocurrencies linked to Donald Trump and Melania Trump suffered sharp declines over the past 24 hours, with respective drops of 26% and 54%. This correction comes amid massive profit-taking and widespread disappointment over the lack of concrete pro-crypto measures in Donald Trump’s inauguration speech. Despite the initial excitement generated by the launch of these tokens, investors had hoped for favorable announcements for the industry, such as the creation of a strategic Bitcoin reserve, a key campaign promise by Trump. The price of the TRUMP token fell to around $39, while the MELANIA token dropped to $4.56, according to CoinGecko data. Although several executive orders were signed by Trump on his first day in office, none directly addressed cryptocurrencies, frustrating industry supporters who had been expecting immediate measures. Furthermore, the rise of fraudulent Trump-inspired tokens and decentralized applications further complicates the situation. Blockchain security firm Blockaid reported a 206% increase in malicious tokens bearing Trump’s name and a 14-fold increase in impostor applications. These scams highlight the growing interest in digital assets associated with the political sphere, but also the security challenges facing the rapidly expanding sector.
President Donald Trump has appointed Mark Uyeda, a Republican commissioner at the Securities and Exchange Commission (SEC), as the agency’s interim chairman following the departure of Gary Gensler. This decision, announced just hours after his inauguration, marks a potential turning point for cryptocurrency regulation in the U.S. Uyeda, a critic of Gensler’s policies, has denounced an inadequate regulatory approach and called for greater clarity regarding digital asset regulations, particularly concerning secondary trading. Under this new Republican leadership, the SEC could initiate major reforms to provide more certainty to crypto market players. Mark Uyeda and his colleague Hester Peirce are considering initiatives to clarify the SEC’s position on cryptocurrencies and review certain ongoing cases. This revision could be implemented quickly, according to sources reported by Reuters, signaling a shift in the industry’s regulatory landscape.
Donald Trump has yet to fulfill his promise to commute the sentence of Ross Ulbricht, founder of the Silk Road dark web marketplace, disappointing his supporters who had hoped for action on the first day of his second presidential term. After signing several executive orders in the Oval Office, Trump attended celebration events without mentioning Ulbricht’s case. The administration has yet to clarify whether the commutation will occur in the coming weeks, leaving uncertainty about the fulfillment of this campaign pledge. Ross Ulbricht, incarcerated for over a decade, was sentenced in 2015 to two life sentences plus 40 additional years for charges of money laundering, computer hacking, and drug trafficking. Silk Road, the platform he created in 2011, enabled anonymous transactions via Bitcoin and generated around $1.2 billion before being shut down by the FBI. Despite the severity of his sentence, Ulbricht is described by his supporters as an exemplary prisoner who teaches fellow inmates and expresses sincere remorse.
MicroStrategy has strengthened its Bitcoin position by acquiring 11,000 BTC for a total of $1.1 billion, according to a recent SEC filing. This latest acquisition follows President Donald Trump’s inauguration and brings the company’s total holdings to 461,000 BTC, purchased at an average price of $63,610 per unit, including fees. With this latest purchase, the total cost of the company’s Bitcoin holdings reaches approximately $29.3 billion, reaffirming its long-term commitment to the world’s most popular cryptocurrency. During this transaction, MicroStrategy paid an average price of $101,191 per Bitcoin, reflecting the recent market evolution. Despite this massive investment, the company’s stock price remained relatively stable, trading around $396.50, slightly down from the previous session.
The Dogecoin logo, the meme cryptocurrency supported by Elon Musk, recently appeared on the website of the Department of Government Efficiency, a new unit created under the Trump administration. This department, aimed at streamlining costs and improving government efficiency, is now exclusively led by Elon Musk, following the departure of Vivek Ramaswamy, who plans to run for governor of Ohio. The official website features the Dogecoin logo alongside a dollar symbol and the slogan “the people voted for major reform.” Although not an official government entity, this department aims to provide recommendations on structural reforms using an unprecedented entrepreneurial approach.
According to a study conducted by HashKey Group, Bitcoin’s price could surpass $300,000 by 2025, driven by growing institutional adoption and a massive influx of capital into the cryptocurrency sector. The survey, which gathered responses from nearly 50,000 participants, highlights Wall Street’s increasing interest in digital assets, with several major financial institutions recently expanding their crypto-related services. HashKey’s president, Dr. Xiao Feng, stated that the cryptocurrency market is poised for exceptional growth, aiming for a total market capitalization of $10 trillion by the end of the year. Bitcoin’s recent recovery above $100,000, following a period of volatility linked to macroeconomic data and institutional capital outflows, further strengthens market optimism. HashKey predicts that Bitcoin will continue to be perceived as “digital gold,” an inflation-resistant asset and an alternative to U.S. government bonds. HashKey Global’s CEO, Ben El-Baz, emphasized that this key feature is increasingly attracting institutional investors seeking diversification in the face of economic uncertainties, such as inflation and geopolitical instability. Finally, the report highlights strong bullish trends, noting that more than 62% of Bitcoin’s total supply has remained unmoved for over a year, indicating a strong long-term holding sentiment among investors. Although market indicators show short-term overheating, the post-halving historical pattern suggests positive returns in 2025.
The Rivemont Crypto Fund has taken a position of approximately 15% in SOL, with the remainder exposed to Bitcoin.
The presented information is as of January 21st, 2025, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.
