New President, New Crypto Cash, Coinbase CEO Hopes

Brian Armstrong, the CEO of Coinbase, sees a bright future for cryptocurrencies under President Trump. Speaking at the World Economic Forum in Davos, Switzerland, Armstrong predicted that the new administration's policies could drive fresh investment into the crypto market. "The Trump effect is real, " he stated. Armstrong believes that Trump's support for crypto could lead to significant legislation in Congress over the next few months. This could open the floodgates for more money to flow into the crypto world. His optimism was boosted by Bitcoin reaching an all-time high of over $109, 000 shortly after Trump's inauguration. However, the market cooled down quickly. Within a day, Bitcoin's price dropped to around $104, 000. This was due to investors’ disappointment with the new president's actions, or lack thereof, regarding crypto and digital assets. The global crypto market cap also took a dip, falling more than 2% to approximately $3. 58 trillion. Investors were hoping for faster regulatory changes that would support growth and adoption of cryptocurrencies. On a positive note, Securities and Exchange Commission Chairman Gary Gensler, who was quite tough on the crypto industry, resigned, making way for Trump's pick, Paul Atkins, to take over, subject to Senate confirmation.