Since Trump’s re-election on November 6, 2024, the value of Bitcoin has surged by 60%, from just under $68,000 to a new high of $108,535 on January 20, 2025, the day of his inauguration. Dogecoin, favored by Elon Musk, nearly tripled in value from $0.15 to $0.45 in the same period. Trump even launched his own cryptocurrency, a meme coin called $Trump, which debuted at $50 on January 20. His wife, Melania, followed suit by launching $Melania coin just days earlier.
While cryptocurrencies don’t provide a straightforward alternative to cash or traditional payment systems, under the new administration, their role as speculative financial assets is likely to grow.
In contrast, Meta’s failed attempt to launch its digital currency, Diem, under the Biden administration highlighted the challenges of creating a global peer-to-peer payment system. Diem faced immense regulatory opposition over concerns about monetary sovereignty, financial stability, and privacy. When Elon Musk acquired Twitter in 2022, many speculated he would use the platform to introduce payments and banking services.
