The crypto industry will be closely following President Trump’s first days after major campaign promises.
Transcript:
Conway Gittens: Stocks moved higher Tuesday as Trump era Number 2 begins on Wall Street. Investors are feeling some relief that Trump didn’t enact sweeping tariffs on Day 1 of his new administration. Meanwhile, earnings season continues. Manufacturing conglomerate 3M beat profit forecasts and gave an upbeat 2025 outlook.
Back to President Trump now, the price of bitcoin hit the skids as Trump’s crypto bravado on the campaign trail failed to translate into any first-day actions. Little was said during his Inauguration Day speeches about the crypto industry. And even though there were a flurry of executive orders issued on Monday after his inauguration, none were tied to the crypto industry.
Crypto prices surged in the days after Trump’s November win on the bet Trump would be more friendly towards the industry than President Biden. The crypto industry poured billions into the November elections to not only elect Trump but to also elect lawmakers that would take a lighter regulatory approach towards the industry.
Despite the early disappointment, eyes are still on what the next four years will look like for digital assets under Trump. Bank of America CEO Brian Moynihan told CNBC that if the right rules are put in place, “and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it.”
Banks and investment firms already let investors buy crypto through investments like ETFs but there’s reluctance to accept it as a form of payment like a traditional currency. As Moynihan, however, points out, that could change with the proverbial flip of a switch.
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