Trump abandons Bitcoin ETF

[legiteum]

https://finance.yahoo.com/markets/crypto/articles/trumps-truth-social-pulls-bitcoin-100426533.html

This is slightly old news, but it flew below the radar. Trump was planning a Bitcoin ETF and now he has abandoned the idea.

This is yet another sign that Trump is pulling away from Bitcoin while still pumping his own products. That's a very bearish sign for Bitcoin since US government action can severely affect the price: say if the US president decided he'd make more money if he told people to buy his coin and not Bitcoin. Or worse, if he directed US government agencies to make enforcement actions that benefitted himself and his products at the expense of Bitcoin.

The crypto industry--now the biggest political donor in the United States--cemented itself tightly to Trump and his party starting in the 2024 election cycle. Hence, a major indicator of Bitcoin's price is going to be the political success (or failure) of Trump and his party.

[stompix]

The crypto industry--now the biggest political donor in the United States--cemented itself tightly to Trump and his party starting in the 2024 election cycle. Hence, a major indicator of Bitcoin's price is going to be the political success (or failure) of Trump and his party.

That so-called crypto industry that pumped Trump didn't do it for the good of Bitcoin.
Their interest was with "crypto" with crypto spelled as meme pump and dump on the heads of gullible users every garbage possible. This is the reason why they wanted Gary out, Gary was a maximalist, he disliked shitcoins and the garbage and wnated them regulated, Trump and his supporters knew that there is a lot of money to be made if you're the one selling that garbage, much like a Simpson movie.

Trump never cared about Bitcoin, didn't care about crypto, he only counted $, but some were too blind to see reality while kissing his ass like he was the $1mil per BTC messiah.

[Ambatman]

I believe Bitcoin to him was a means to an end
It was never the goal nor does care about the future which we were all aware.
They might have abandoned the idea not because they want to abandon Bitcoin
Because there's still much they can gain from it
It could be related to the clarity act.

The move comes as lawmakers advance the CLARITY Act, a legislation that would bar senior public officials and their families from issuing, sponsoring, or endorsing any digital assets during their tenure. This could potentially create new complications for the Trump-linked crypto ventures.

[Charles-Tim]

This is yet another sign that Trump is pulling away from Bitcoin while still pumping his own products. That's a very bearish sign for Bitcoin ...

I do not think so.

Trump does not necessarily need to have bitcoin ETF.

since US government action can severely affect the price: say if the US president decided he'd make more money if he told people to buy his coin and not Bitcoin. Or worse, if he directed US government agencies to make enforcement actions that benefitted himself and his products at the expense of Bitcoin.

Are you sure about this? His tokens has always been falling. Trump amd his family are making money, but those that invest that still have their money on the tokens are losing. Just go check the chart of the coins and where they are.

Trump is just a business man, he does not care about bitcoin.

[Odohu]

Trump have never kept to his promises regarding Bitcoin, I think he just leveraged on Bitcoin to launch his own cryptocurrency. As we have seen, most of his actions were not directly favorable to Bitcoin and some of the things he promised were not realised. Anyone who even believed that Trump was going to create a Bitcoin ETF is definitely very gullible. There was never a Trump backed Bitcoin ETF so I wouldn't say he abandoned anything, he simply added that as one of his too many talks.

[Antidote47k]

I’m not sure I buy the idea that this is automatically bearish for Bitcoin.

What is more concerning is how quickly Bitcoin conversations now drift into politics and personalities instead of the actual protocol or fundamentals though I have always thought this was inevitable

Bitcoin fundamentally was never really meant to depend on any politician or government figure. If its long-term outlook starts hinging on whether a specific president is “for it or against it”, then something feels off compared to the original idea of it being neutral and outside that kind of influence.

At the same time, I get why people react to news like this. Politics does matter in the short term, especially around regulation and market sentiment. But over a longer horizon, I don’t think it should change Bitcoin’s core mechanics or its monetary design.
It feels like Bitcoin is slowly getting pulled into the same political and narrative cycles it was supposed to sit outside of.

So I’m less focused on whether this particular move is bullish or bearish, and more on whether Bitcoin’s growing connection to political figures potentially becomes a risk in itself.

[BlackHatCoiner]

They didn't abandon Bitcoin, they just pulled one redundant ETF. The filing itself says they're moving from the '33 Act to the '40 Act structure.

And just because the Trump administration might "abandon" Bitcoin, it doesn't mean it is doomed... It has been through a lot worse and still pumped hard, Legi.

[Cookdata]

Trump have never kept to his promises regarding Bitcoin, I think he just leveraged on Bitcoin to launch his own cryptocurrency. As we have seen, most of his actions were not directly favorable to Bitcoin and some of the things he promised were not realised. Anyone who even believed that Trump was going to create a Bitcoin ETF is definitely very gullible. There was never a Trump backed Bitcoin ETF so I wouldn't say he abandoned anything, he simply added that as one of his too many talks.

I think the joke should be on us for believing that he was going to do everything he said. It's refreshing that the threads I was counter attacking his supporters that this play book was what he used in his previous regime but I guess everyone were hype up to see what he had for them in the bag and he went, signed some useless executive bill to recognize crypto by the US instead of the crypto reserve he said. It's been long since I heard of Bitcoin reserve, everyone has gone silent.

Good thing about his Bitcoin plan is that if he bought Bitcoin and made Bitcoin a recognize and legal tender, he and the entire world would have benefit but he locked up like none of the promised were made before election. There is lesson here learn or not, but people that understand politics knows the man was doing everything to get to the office so he can enjoy what he missed in those years. I will be so interested in what Republicans will do with his family that has pocket $2.3b they have made from crypto.

[sunsilk]

Him and his family has earned already billions with it, and that's why maybe he's already having that exit.

He kept saying the markets will have more billions and billions, and that's wherever it will flow then he'd be there together with his fam.

Let's see if it's totally abandoned before his administration ends or there will be push to it.

[PrivacyG]

You still have not found other continents on this planet where life also happens to exist?  Still stuck in some conspiracy that the United States is the only place in this World?

[BRINIRHA]

In the end, the pattern will be increasingly visible where when from the beginning he was promoting crypto and looking for an image to be considered friendly to bitcoin, it was only one way for him to be widely known and have good prestige so of course Trump will also play other dramas when profits begin to diminish.
Since the beginning Trump has done many things only for his own interests and I think it is possible that there will always be a lot of things he does and links to bitcoin regardless of whether it is good news or bad news to keep increasing the traffic he has for his benefit.

[MarryWithBTC]

US has a strong legislature.

Strong party system.

Only Trump cannot do this. The senators must agree and sign into law before Trump implements. For some political reasons, there are expected sabotage and we don't expect it not to be.

We should also know that bitcoin and crypto is not the only business of Trump. He takes fight everywhere, North, East, West and South. Maybe we should be a little more patient.

[Chibit01]

The crypto industry--now the biggest political donor in the United States--cemented itself tightly to Trump and his party starting in the 2024 election cycle. Hence, a major indicator of Bitcoin's price is going to be the political success (or failure) of Trump and his party.

People will move from this overtime, where they put so much hope and expectation on what Trump will do or say during his time in office or any other politician, policies which will affect crypto, of course, will still have great impact, but not as like you stated it, as if the power to control bitcoin price lies in the hand of US politicians.

[PX-Z]

...
This is yet another sign that Trump is pulling away from Bitcoin while still pumping his own products. That's a very bearish sign for Bitcoin since US government action can severely affect the price: say if the US president decided he'd make more money if he told people to buy his coin and not Bitcoin. Or worse, if he directed US government agencies to make enforcement actions that benefitted himself and his products at the expense of Bitcoin....

People are not so stupid to what to buy and sell when it comes to crypto with bitcoin. When people short bitcoin, altcpins and tokens will follow eventually, especially for a someone that influence who intentionally want to dump bitcoin  then want to pump its coin is not possible, it's been proven many times in history.

[SamReomo]

And just because the Trump administration might "abandon" Bitcoin, it doesn't mean it is doomed... It has been through a lot worse and still pumped hard, Legi.

I agree, Bitcoin can still survive and even gain value if not supported by Trump, although his support played an important role in creating some good investors attention in last bull run the ones that we had last year and that was good I believe. Bitcoin will always move up in long term no matter if it's supported by someone or not.

[Danica22]

This is yet another sign that Trump is pulling away from Bitcoin while still pumping his own products. That's a very bearish sign for Bitcoin since US government action can severely affect the price: say if the US president decided he'd make more money if he told people to buy his coin and not Bitcoin. Or worse, if he directed US government agencies to make enforcement actions that benefitted himself and his products at the expense of Bitcoin.

Is this a negative sign for bitcoin or for the Trump family's business? According to many experts, the reason the Trump family withdrew was due to fierce competition in the spot ETF market.

So far, we have 11 BTC ETF that are performing very well and attracting massive amounts of investment capital. It could be said that the Trump family was simply too late to this race.

Additionally, another possible reason could be related to the CLARITY Act. This bill includes provisions restricting senior government official and their families from issuing or promoting crypto assets while in office.

Finally, Trump has only about two years left in his term. Are you overestimating his power and influence over Bitcoin?


https://x.com/JSeyff/status/2056839538321072245

[Vanilla00]

The Bitcoin ETF market is no longer as empty as it once was. Big asset managers like BlackRock, Fidelity, Grayscale have already taken a strong position in the spot Bitcoin ETF market. It is not easy to create competitive fees, liquidity, brand trust and real investor demand by introducing a new ETF in such a crowded market. So an ETF filing to withdraw is certainly newsworthy, but to call it a direct long-term bearish signal for Bitcoin seems exaggerated to me.

[legiteum]

Finally, Trump has only about two years left in his term. Are you overestimating his power and influence over Bitcoin?

Long term, not at all. Indeed, that's always been my point about Trump and the crypto industry staking their reputations on him: at some point, he'll be gone (although his son will surely be the next nominee of his party).

I also think the "Trump bump" started dying nine months ago, but I personally think it's still responsible for a big chunk of the current price of BTC. I think when Trump is truly gone, along with his party being out of power, only then will you see the end of the full "Trump bump".

[Alpha Marine]

This is yet another sign that Trump is pulling away from Bitcoin while still pumping his own products.

He never cared about Bitcoin. I still don't understand how this was not common knowledge for everybody during the campaign. I can't understand how hard it is to see through people, especially politicians. This is a man who has said all sorts of negative things about Bitcoin previously, and suddenly, when it was convenient for him, he was the one who loved Bitcoin the most and was the new saviour? Surely people are not that gullible, are they?

say if the US president decided he'd make more money if he told people to buy his coin and not Bitcoin. Or worse, if he directed US government agencies to make enforcement actions that benefitted himself and his products at the expense of Bitcoin.

He can't do anything to hurt Bitcoin. If he wants people to buy his coin, he has to make Bitcoin become popular because if Bitcoin falls, his token will also fall. There was a reason he was campaigning with Bitcoin all these years. If people no longer trust Bitcoin, it would be difficult to trust another coin. The goal of these people is to make money, and they would always put their money where they trust.
Making laws that would affect Bitcoin negatively and benefit his coins will be counterproductive to his coins.

[X-ray]

I think he just gave up issuing another yet bitcoin ETF among many others and there is absolutely no reason why people gonna choose his ETF instead, how are you gonna make profit from that ?

It's wise from the perspective of his business, adding another thing that is unsustainable.

Also it could be caused by the Clarity Act that prohibit official from endorsing digital asset while they are still in office.