Trump’s Presidency and its Impact on the Crypto Market: Insights from Coinbase CEO

Brian Armstrong, CEO of Coinbase, shared his views at the World Economic Forum in Davos, Switzerland, on the potential influence of a new Trump presidency on the cryptocurrency market. According to Armstrong, the upcoming legislative actions in Congress could attract significant new investments into the crypto space.

“The Trump effect is real,” Armstrong noted, emphasizing the impact of the U.S. president’s stance on cryptocurrency. He highlighted Trump’s bold declaration as “the first crypto president,” marking a pivotal moment for the industry, especially given the U.S.’s status as the world’s largest economy.

Armstrong also suggested that Bitcoin’s surge to an all-time high of $109,000, reached shortly after Trump’s inauguration, was tied to this newfound optimism. However, the enthusiasm was short-lived as Bitcoin saw a nearly 3% dip shortly after, dropping to around $104,000 amid a sense of unmet expectations about immediate actions from the new administration on digital assets.

Despite the dip, Armstrong believes that the broader crypto market is poised for growth, bolstered by a pro-crypto regulatory environment. The recent resignation of SEC Chairman Gary Gensler—who had been a staunch critic of the industry—was seen as a win for crypto advocates. With Gensler out, Trump’s potential pick for SEC chair, Paul Atkins, awaits Senate confirmation.

Atkins’ appointment could pave the way for a more crypto-friendly regulatory approach, which many experts believe will accelerate the adoption of Bitcoin and other digital assets.