As we approach the symbolic 100-day mark of Trump's second term, we thought it was worthwhile to check in on how the "crypto president" is doing on his ambitious campaign promises.
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Welcome to a special crypto-focused edition of Snacks! Crypto is a much different animal than it was when people were showcasing their ape NFTs on late-night talk shows. Now you're more likely to suffer a $10 million loss on a CryptoPunk, or even worse, find out you're facing six years in prison because you never paid taxes on those NFT sales. Ouch.
Energy and consumer staples were the top two S&P 500 sector ETFs, while tech and healthcare were the lone two to end the session in the red. Nvidia continued to see heavy selling pressure following enhanced restrictions on exports to China.
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We haven't hit it quite yet, but as we approach the symbolic 100-day mark of Trump's second term, we thought it was worthwhile to check in on how the "crypto president" is doing on his ambitious campaign promises.
To mine all bitcoin in the US and take bitcoin to the moon;
To make the US the "crypto capital of the world";
And to reverse the previous administration and former SEC Chair Gary Gensler's sterner stance toward the industry and end the "war on crypto."
Bitcoin rallied immediately after the news that Trump had won the 2024 election and hit an all-time high on Inauguration Day, but as this chart shows, while it's still higher than it was on Election Day, the coin's price dipped below the six-figure mark at the beginning of February and hasn't neared that mark since.
Part of the reason has to do with promise No. 1: the bitcoin reserve. On January 23, Trump signed an executive order to establish regulatory clarity for digital financial technology, saying this was proof he was fulfilling his promise to make the US the planet's crypto capital. But it wasn't until March that he provided any details on the reserve, which would include not only bitcoin but other cryptocurrencies as well. While that was disappointing to some bitcoin purists, the real disappointment came from how the reserve would get its bitcoin.
On the "wins" side of the column, Trump has created a new, crypto-friendly administration. The SEC, with Paul Atkins now confirmed as chair, has dismissed many crypto companies' litigations, including those against Coinbase, Kraken, Crypto.com, and Ripple. Trump has also appointed David Sacks as his "Crypto Czar" and has staunch crypto proponent Hester Peirce leading the SEC "Crypto Task Force." While some said the first Crypto Summit "delivered almost nothing," others noted that "the mere fact that the POTUS has signaled openness and support for digital assets has completely changed the attitude toward crypto."
It's still early days, but we don't have the space to get to everything this administration has done — which speaks to crypto and its future in the US being a priority for this administration. Trump signed his first piece of crypto legislation on April 10 and stablecoin bills are advancing through both the House and Senate. Still, some say that "the delta between campaign swagger and policy delivery is wide," and many feel let down that "this is nothing like the raging bull market that was expected."
Bitcoin's history isn't as short as many people think. It was back in 2010 that someone decided to sell the coin for the first time, swapping 10,000 BTC for two pizzas. If the buyer had kept those coins, today they'd be worth over $800 million.
Grayscale had the foresight to tap the coin's potential over a decade ago by launching cryptocurrency investment products. As a crypto-focused asset manager, Grayscale bridges the gap for the crypto-curious — offering exposure to the crypto asset class through familiar investment vehicles like ETFs.
If you're looking to make the crypto crossover, Grayscale's Bitcoin Mini Trust ETF (ticker: BTC) is the lowest-cost1 way to gain Bitcoin exposure in your existing brokerage account (though brokerage fees may still apply). Just type BTC to find it, wherever you invest.2
Grayscale Bitcoin Mini Trust ETF ("BTC"), an exchange traded product, is not registered under the Investment Company Act of 1940 (or the '40 Act) and therefore is not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds.
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Meme coins were among the best-performing crypto sectors in 2024, but this year the sector has declined roughly 55%. Last week, though, the animal spirits rose, taking coins inspired by cats, dogs, frogs, and penguins with them.
Crypto is on pretty much every investor's radar. If you want to get crypto exposure with less commitment and lower costs, Grayscale's Bitcoin Mini ETF (ticker: BTC) is the place to start.
BTC is the lowest-cost1 Bitcoin exchange-traded product in the world, meaning you get more shares of the fund.3 Gain exposure to crypto without switching platforms — just search for BTC wherever you invest.2
Grayscale Bitcoin Mini Trust ETF ("BTC"), an exchange traded product, is not registered under the Investment Company Act of 1940 (or the '40 Act) and therefore is not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds.
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Discover a lower-cost,1 accessible crypto investment with Grayscale's Bitcoin Mini ETF. It's Bitcoin exposure with all the convenience of an ETF — search for ticker BTC wherever you invest. Investing involves risk and possible loss of principal.2
Tuesday: Earnings expected from Tesla, 3M, Kimberly-Clark, Lockheed Martin, Northrop Grumman, GE, and Verizon
Wednesday: March new home sales. Earnings expected from Boeing, AT&T, Philip Morris, IBM, Texas Instruments, and Chipotle
Thursday: March durable goods and existing home sales.Earnings expected from Alphabet, American Airlines, Hasbro, Comcast, Procter & Gamble, PepsiCo, Merck, Southwest, Valero, Keurig Dr Pepper, T-Mobile, and Intel
Friday: Earnings expected from AbbVie and Colgate-Palmolive
Advertiser's disclosures:
1 BTC is low cost based on gross expense ratio at 0.15%. Brokerage fees and other expenses may still apply.
2 Please read the BTC prospectus carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for the Fund.
Investing involves significant risk, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. As a non-diversified and single industry fund, the value of the shares may fluctuate more than shares invested in a broader range of industries. Extreme volatility, regulatory changes, and exposure to digital asset exchanges may impact the value of Bitcoin and, consequently, the value of the Trust. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. There is no guarantee that a market for the shares will be available, which will adversely impact the liquidity of the Trust.
The value of the Trust relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors. There is no certainty that an active trading market for shares will develop or be maintained which will adversely affect the liquidity of shares of the Trust.
3 With lower expense ratios, more of your investment can go to buying actual shares rather than paying fees.
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