President Donald Trump will soon hold a 100-day inauguration celebrating rally in Michigan on April 30th. This launches a fast-paced second period at least in the cryptocurrency space.
Within the first 100 days of his second term, Trump fulfilled his campaign promise by singing executive orders to establish a strategic Bitcoin reserve, thereby officially acknowledging Bitcoin as a key US asset.
Commerce Howard Lutnick said with the help of Crypto Czar David Sacks, Trump has promoted the establishment of a reserve and demonstrated the administration’s unwavering support for Bitcoin. “We were able to help the president deliver that strategic preparation for Bitcoin,” Rutnick said.
The Trump administration officially classified Bitcoin as a product of gold and oil, not security. “If you embrace the concept of a product, you see how beautiful it is,” Lutnick told Bitcoin Magazine, explaining that he will clarify the regulations on exchanges with investors.
Trump took swift action in his first 100 days of office, signing an executive order for the Strategic Bitcoin Reserve, which has already confiscated 200,000 BTC, and served as the second sanctuary for other major cryptocurrencies such as Ethereum, Solana and XRP.
An executive order from Trump’s administration promoted public blockchain networks, approved mining, and banned the development of the US Central Bank’s digital currency (CBDC).
The White House also hosted a Crypto Summit and baptized the Presidential Working Group in the Digital Asset Market, chaired by Digital Sax.
Trump and his wife Melania also launched Trump and Melania meme coins ahead of the president’s inauguration on January 20th. It attracted criticism from Democrats along with launching Memecoin and Trump’s involvement with crypto ventures such as the world’s free finances.