Trump 2.0: a key to unlock Crypto’s full potential?

Ansh Pandey January 21, 2025
Trump 2.0: a key to unlock Crypto’s full potential?

Cryptocurrency has become a focal point as Donald Trump returns as U.S. President. His newly launched digital token, $TRUMP, has garnered significant attention, surpassing a $10 billion (€9.2 billion) valuation just as he began his second term. Released before his inauguration, this meme coin sparked a trading frenzy, with its price surging from under $10 (€9.20) to a peak of $74.59 (€68.60) before stabilising at $45.21 (€41.50).

$TRUMP, touted as a symbol of Trump’s ideals and values, gained traction among his supporters while igniting debates in the crypto community. Despite its success, Trump’s team emphasised the coin is not an investment but a symbol of loyalty. Most of the supply is controlled by Trump-affiliated entities, raising ethical and regulatory questions.

Meanwhile, Melania Trump, the first lady of the U.S also introduced her own cryptocurrency, $MELANIA, which quickly reached a $1 billion market valuation. Both tokens operate on the Solana blockchain, which has seen record growth due to their launches.

Crypto rallies as Trump launches meme coin 

While the wider crypto market rallied, Bitcoin reached an all-time high of $109,071 (€100,280), reflecting the optimism surrounding Donald Trump’s administration and its potential impact on the cryptocurrency sector.

Trump’s administration is expected to usher in a transformative era for digital currencies. Crypto entrepreneurs and companies, once frustrated by regulatory uncertainty, are reportedly eyeing a better outlook as Trump promises to position the country as a global leader in cryptocurrency innovation. 

During his first term, Trump was sceptical about cryptocurrencies, but his stance has since evolved. His proposals for a national Bitcoin reserve and a crypto advisory council have further bolstered confidence among enthusiasts. 

Trump’s promise…. more crypto-friendly decisions

In July last year, at the Bitcoin 2024 conference in Nashville, Trump pledged to preserve the government’s Bitcoin holdings, vowing never to sell its reserves seized from financial criminals. He emphasised this commitment as a cornerstone of his administration’s policy, promising to protect and promote decentralised finance.

And with his commitment industry experts are also high on hopes. Recently, Rivalry Corp, a digital sportsbook and iGaming operator, became one of the first platforms to integrate the $TRUMP meme coin as a payment method. 

This strategic move demonstrated Rivalry’s efforts to align with cultural phenomena and expand its cryptocurrency gambling offerings.

Steven Salz, Co-Founder and CEO of Rivalry, underscored the significance of $TRUMP, describing meme coins as “monetised attention.” He highlighted that the coin’s impressive valuation, exceeding $30 billion (€27.6 billion), demonstrates its widespread acceptance and the growing intersection of internet culture and cryptocurrency.
Salz emphasised that this trend positions Rivalry to leverage emerging crypto dynamics within the gambling industry.

Industry hopes for a new boost 

Not just this, multiple Industry leaders believe his policies could provide the regulatory clarity and business-friendly environment needed for innovation and growth.

Jeffrey Zirlin, co-founder of Sky Mavis, has also expressed optimism, stating that Trump could be a game-changer for blockchain gaming and decentralised finance (DeFi). He noted that a crypto-friendly administration might ease regulatory constraints, paving the way for innovative token designs and broader utility in gaming ecosystems.

Similarly Bill Miller, president of the American Gaming Association, echoed sentiments, highlighting how Trump’s business-oriented approach and evolving national perspectives could boost regulated gaming. 

Miller pointed out that the administration’s preference for decentralised, state-level control aligns seamlessly with the gaming industry’s priorities, creating a fertile ground for expansion.

Scepticism remains on future 

However, several experts also flag concern over Trump’s action.  Several industry experts fear that the introduction of $TRUMP may undermine the credibility of the broader cryptocurrency market, as it could be perceived as leveraging political influence for personal financial gain. 

Peter McCormack, one such crypto podcaster, expressed disapproval of the $TRUMP memecoin, stating, “The Trump coin is embarrassing. It is the opposite of what you voted for.”

For years, cryptocurrency has lingered in a regulatory grey area, marred by calls for tighter oversight and concerns over fraud. However, with Donald Trump’s return to the White House and his indications of a more crypto friendly approach, the landscape may undergo a significant transformation.

The Trump administration’s crypto-friendly stance signals the potential for broader acceptance of digital assets across industries. By fostering innovation and addressing regulatory uncertainty, the administration may pave the way for cryptocurrencies like Bitcoin to thrive in mainstream markets.

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