Trump’s First 100 Days in Office: What Has Changed?
It has been 100 days since Trump returned to the White House. During this period, global markets have been volatile, filled with uncertainty and chaos.
When Trump successfully won re-election, the cryptocurrency market was full of hope. However, despite some positive statements about Bitcoin after he took office, crypto enthusiasts remain disappointed.
Just before the inauguration, Trump released the official token, $TRUMP, which caused a market frenzy but also sparked controversy. Some critics argued that this move presented a clear conflict of interest, and it could even threaten national security.
Currently, $TRUMP has fallen 82% from its all-time high of $75.35 on January 19. Meanwhile, $MELANIA has performed even worse, plummeting by nearly 97%.
After Trump took office, many speculated that he would sign a series of executive orders on his first day to support cryptocurrencies, including establishing a strategic Bitcoin reserve. However, these orders never materialized. On January 20, Bitcoin briefly soared to a record $109,000, but it has never returned to that level.
Trump did quickly deliver on some of his campaign promises made at the 2024 Bitcoin conference in Nashville. Ross Ulbricht, the founder of the dark web marketplace “Silk Road,” received a full and unconditional pardon. In photos circulating online, he was seen smiling for the first time after being incarcerated for 11 years. Reports indicate that Sam Bankman-Fried (SBF) has also been lobbying for a pardon, but this has not yet come to fruition.
At the same time, several members of Trump’s cabinet, who were friendly toward Bitcoin, quickly gained Senate approval. This includes Treasury Secretary Scott Bessent, who declared, “Cryptocurrency is about freedom, and the cryptocurrency economy will endure for the long term.”
Others faced harsh scrutiny. Commerce Secretary Howard Lutnick was severely criticized during his confirmation hearing but downplayed the issues regarding his company’s relationship with the Tether stablecoin.
The White House appointed David Sacks as the first “czar” of artificial intelligence and cryptocurrency. Prior to his appointment, he sold his holdings of BTC, ETH, and SOL. This appointment received widespread praise, even from Trump’s critics, such as Anthony Scaramucci, the founder of SkyBridge Capital.
Additionally, Trump’s businesses have increasingly ventured into the digital asset space. The Trump Media & Technology Group has accumulated significant cryptocurrency reserves and launched a series of exchange-traded funds (ETFs).
For Trump, there is one simple rule: always be prepared for the unexpected. On March 2, Trump suddenly announced on Truth Social that he plans to create an “American Crypto Reserve” containing XRP, Solana, and Cardano. Upon the announcement, the prices of these altcoins surged dramatically, with some rising by as much as 70%. However, the initial post did not mention BTC and ETH, but a subsequent follow-up emphasized that these two flagship digital assets would also “become the core of the reserve.”
The news that Bitcoin would be lumped together with other altcoins quickly sparked heated debates. Experts called the proposal “absurd” and “chaotic.” Concerns were raised over the feasibility of the plan, with worries that it might require Congressional approval to launch, and that there were few details regarding funding allocation, the source of reserve funds, or when it would take effect.
Ultimately, all these issues became irrelevant. Trump made a sharp turnaround, quickly signing an executive order to establish a strategic Bitcoin reserve—while also including other cryptocurrencies in the reserve.
Although this marked one of the largest adoption milestones in Bitcoin’s history, as investors digested the news, BTC was heavily sold off. Why? Because the executive order specified that no new BTC would be purchased as a reserve unless it could be done without affecting the budget, except for Bitcoin seized from criminals. This was also a negative for XRP, SOL, and ADA, as the U.S. currently does not hold any of these tokens.
Bitcoin supporters had long hoped the U.S. would become a significant buyer of Bitcoin and achieve the grand goal set by Senator Cynthia Lummis of accumulating one million Bitcoins within five years. However, using taxpayer money for such a move would be hypocritical, especially considering Elon Musk’s commitment to dramatically cutting federal government spending.
Data from Arkham Intelligence shows that the U.S. currently holds around 198,000 Bitcoins, worth about $18.8 billion. But as noted by Samson Mow, CEO of JAN3, the actual size of the U.S. strategic Bitcoin reserve could be much smaller—because 95,000 Bitcoins will eventually be returned to Bitfinex. However, Mow remains optimistic, stating that the significance of Trump’s policy is “huge” because it will encourage other major economies to follow suit.
Shortly after Trump announced the establishment of a Bitcoin reserve, on March 7, the White House hosted the first cryptocurrency summit. Industry giants, including Michael Saylor of MicroStrategy and Brian Armstrong of Coinbase, attended the summit. However, public opinions on the summit were mixed, with analysts suggesting, “It felt more like a political stage than a meaningful policy forum.”
However, investors have more pressing issues to deal with. Trump faces accusations of deliberately suppressing the stock market to force the Federal Reserve to lower interest rates. The S&P 500 index and the tech-heavy Nasdaq 100 index have taken a beating, and their close correlation has led to even larger selloffs in Bitcoin.
After “Liberation Day,” the situation worsened as the President announced a blanket, punitive tariff on some of America’s closest trade partners, resulting in a sharp increase in the cost of imported goods. As the possibility of a recession rose and tensions between Washington and Beijing escalated, Bitcoin dropped to around $80,000 in early April.
Bitcoin briefly faced the risk of falling below $75,000, a 30% discount from its historical high on inauguration day. But Trump confirmed a 90-day suspension of reciprocal tariffs for most countries, while increasing tariffs on China to 145%, temporarily bringing some relief to the market. When smartphones and computers were exempted from these aggressive trade policies, optimism in the market further surged. However, the White House’s continued flip-flopping left investors anxious and exhausted, and many have reduced their holdings in U.S. assets, turning instead to gold.
Today, keeping up with the constant stream of news from Washington seems almost impossible. Amidst all of this, Trump has escalated his attacks on Federal Reserve Chairman Jerome Powell—posting on Truth Social that “Powell should be fired as soon as possible!”
Although the President generally lacks the authority to dismiss the heads of independent federal agencies, a case before the Supreme Court could change this precedent, potentially allowing Trump to intervene in the affairs of the Federal Reserve. Critics from across the political spectrum worry that this could lead to another market crash, and the S&P 500 index has even come close to entering a bear market.
A key appointment was delayed slightly, that of Paul Atkins to the U.S. Securities and Exchange Commission (SEC), who was selected to replace the anti-crypto Gary Gensler. This appointment was finally completed last week, and one of his first tasks will be deciding whether to approve ETFs tracking altcoins like XRP.
Meanwhile, despite the price of $TRUMP plummeting, the team behind it has come up with a novel way to attract attention. They are organizing an “exclusive” dinner for the top 220 holders of the token, sparking a buying spree between now and May 12. Following this announcement, $TRUMP’s value surged by 64%.
However, some on Crypto Twitter are uneasy about this, calling the dinner “a trap designed to sell off and profit from those buying in due to FOMO.” One analyst urged those who bought $TRUMP at a high price to sell quickly.
Over the past 100 days, Bitcoin has dropped by 12%, while the S&P 500 index has fallen by 8.6%. The threat of tariffs remains ever-present. A new CNN poll shows that 59% of Americans believe Trump’s policies have worsened the U.S. economy. About 60% think he has exacerbated the cost-of-living crisis, and an increasing number of consumers are concerned that a recession may be imminent.
Meanwhile, expectations for Bitcoin to reach new highs this year are rapidly fading. On the Polymarket platform, only 67% believe Bitcoin will surpass $110,000 by the end of 2025, while the probability of surpassing $120,000, $130,000, and $150,000 has dropped to 54%, 40%, and 30%, respectively. In January of this year, these targets were considered fairly conservative, showing how quickly circumstances can change.
Trump’s political unpredictability and volatility make it nearly impossible to predict what will happen next week, let alone next month or next year. This makes predicting Bitcoin’s future movements even more challenging. Bold and confident price predictions should be treated with caution.
A lot has changed over the past 100 days, but there are still 1,361 days to go.
This article is a collaborative repost from: PANews