The crypto sector was happy to see the introduction of executive orders, regulatory revisions, and pardons during Trump's first week in office. On Friday, Bill Gurley of Benchmark told CNBC, "I don't think they could have imagined better results than what they've seen in the last 48 hours."
However, a number of meme coins linked to the Trump family caused investors and industry leaders to express skepticism and worry.
Crypto officials, companies, and investors are quickly
seeing returns on their investments with Donald Trump in office.
After pumping millions of dollars into his 2024 presidential
campaign, the crypto industry has been well-rewarded during his first week in
the White House.
Bill Gurley of Benchmark, known for his early bets on Uber,
said, "I don’t think they could have imagined better results than what
they've seen in the last 48 hours," when speaking to CNBC’s Closing
Bell on Friday. He mentioned that while the new tech influence in
Washington could be harmful for certain parts of the startup world, "it's
clearly good for crypto."
The industry's support for Trump was built on his promise to
stop government action on crypto and implement favorable regulations for those
looking to develop new payment technologies while reducing restrictions on
cryptocurrency investments.
Industry giants like Coinbase CEO Brian Armstrong and
Binance CEO Richard Teng are celebrating the start of a new era.
Armstrong told CNBC at the World Economic Forum in Davos,
Switzerland, "You have to remember, over the last four years, we really
felt like we were under attack by this administration." He criticized the
Biden White House for trying to punish companies trying to help by
"weaponizing the lack of clarity in the regulations."
Armstrong said, "To be honest, there were some bad
actors as well." "But I think they really tried to go after the good
actors like us." Coinbase was one of the leading corporate donors in the
2024 election cycle.
Bitcoin reached a record high of around $109,000 on Monday and ended the week near $105,000. Since Trump's election win in early November, it’s up more than 50%
Not all of Trump's actions last week were universally praised by the crypto industry.
One of the most concerning aspects is that the president was engaging in a part of the market known for scams. Last weekend, while crypto leaders and members of Trump's family and inner circle were partying at the Crypto Ball in Washington, the $TRUMP meme coin was trending online.
Then came the $MELANIA coin. Overall, the Trump family made billions on paper from the ownership of these air-made assets. Crypto enthusiasts are worried that this is a troubling sign of Trump’s real intentions and could be harmful to the credibility of an industry that’s still trying to prove its legitimacy..