Trump abandons Bitcoin ETF

[davis196]

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.

The crypto industry is the biggest political donor in the US? Do you have any verified data to backup your claim? I find it hard to believe that the American crypto industry is the one, that donates more money to politicians in the US in comparison to the "Big Oil", "Big Pharma", "Big Tech", Wall Street or the industrial military complex. I also find it difficult to believe that the US crypto community had "cemented itself tightly to Trump". Most crypto supporters are libertarians and right wing people, who are against mass regulations, higher taxes and "big government". This means that most crypto enthusiasts in the US are supposed to be voting Republican. Maybe Trump's failures could cause small BTC price drops, but Bitcoin will be OK in the long run, no matter who is running the country.

[bitbollo]

Abandon ?
Probably they are just facing a challenge and just retreat for now .
There is a clear pressure to have new regulation, I would not see actually a real bad news (even the idea to be "bad" must be revised).For sure this is an interesting news and ... in a certain way could be see as negative... anyway, would you buy an "et?f" mixed btc - eth? as community, this could really help on what we are doing - it could help users / miners/ nodes etc?

[KiaKia]

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.

We can't take away the fact that Trump is playing politics to steal money, yes I said this with my full chest, it was all a game after all, the truth is politicians have to spend a lot of money to get better supports even if people don't like or choose to like them.

And once they win the first thing they will do is try to make all that money back and even more money, bitcoin was a big opportunity for Trump back then, many people wanted a president that will talk and support Bitcoin for a real bullrun to start.

Everyone wanted this, and Trump gave it, this was a perfect score for Trump, and he used his influence and power to sign the ETFs and other things, I am sure that they will do something similar after this bear market is over.

[Lucius]

~snip~
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.

Has anything changed today compared to the period when millions were literally in a trance awaiting the first BTC president? The man promised them anything and everything, in the end it all came down to the fact that he released a couple of criminals and enabled everyone to get rich by cheating people with all the possible tokens they can invent.

However, the president is a passing thing, but what is much more dangerous for BTC is the general centralization of the same in the US, whether it is supremacy in connection with mining, ownership of coins by companies and funds and the influence of their institutions on the price of the same. The FED sneezes and the price drops 5%.

[Lida93]

We can't take away the fact that Trump is playing politics to steal money, yes I said this with my full chest, it was all a game after all, the truth is politicians have to spend a lot of money to get better supports even if people don't like or choose to like them.

Myself believed this shit of Trump support and a marxist of bitcoin and probably crypto entirely but with him achieving his pursuits it starts to get clearer that the man is just another business man politician who just saw an opportunity to increase his net through crypto community. Roughly doing a search about the family that have deeply benefited from the different crypto market bubbles since Trump second regime, the result would shock you.

[instantexchange.i2p]

No one in their right mind should ever believe what any "politician" says/claims literally none of them to date have ever been about anything other than lies and self gain.  If you believe or follow these you are a lemming.

[Zlantann]

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.

The news was not noticed because the industry doesn't care much about Trump and his businesses anymore. It's clear that he used the crypto industry to achieve his political and financial goals.

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 Bitcoin ETF industry has become very competitive. Maybe Truth Social withdraws its Bitcoin and Bitcoin-Ethereum ETFs application because they don't have what it takes to succeed in the sector.

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.

The inability of this news to influence the market is a sign that Bitcoin is not tied to any politician.

[legiteum]

The crypto industry is the biggest political donor in the US? Do you have any verified data to backup your claim? I find it hard to believe that the American crypto industry is the one, that donates more money to politicians in the US in comparison to the "Big Oil", "Big Pharma", "Big Tech", Wall Street or the industrial military complex. I also find it difficult to believe that the US crypto community had "cemented itself tightly to Trump".

Yes, the crypto industry was the biggest donor in 2024, and they are on track to be the biggest in 2026:

https://www.nonprofitpro.com/article/report-crypto-giving-exceeds-1b-in-2024/

Most crypto supporters are libertarians and right wing people, who are against mass regulations, higher taxes and "big government". This means that most crypto enthusiasts in the US are supposed to be voting Republican. Maybe Trump's failures could cause small BTC price drops, but Bitcoin will be OK in the long run, no matter who is running the country.

False. Most crypto supporters care about one thing today: Number Go Up. Bitcoin's "libertarian roots" are about as relevant as Coca Cola's roots as a cough medicine today.

And sure, "in the long run" anything can happen, but Trump abandoning BTC is clearly going to have a negative effect on the market NOW. Smart investors will sell now and wait for Trump and his party to fully implode and then buy when it hits bottom.

[Haunebu]

The crypto community stopped giving a shit about the orange clown's views on BTC and the crypto industry in general a long while back which is why him abandoning that ETF or anything else related to crypto isn't really a big deal if you think about it.

Dude is practically a meme in the crypto sub reddit. Also, his party has failed royally on multiple fronts which has impacted BTC in a negative way, but it will recover as usual.

[retreat]

Trump never cared about Bitcoin in the first place, he only cared when it was more favorable to his interests. He's not a bitcoiner who really cares about Bitcoin's future--he's more concerned with his shitcoins than involving himself further with Bitcoin. He is just a politician and capitalist, expecting that he will do something more about Bitcoin is just a delusion. Besides, Bitcoin will do fine without him, so it's not a problem if he moves in the other direction..

[legiteum]

The crypto community stopped giving a shit about the orange clown's views on BTC and the crypto industry in general a long while back which is why him abandoning that ETF or anything else related to crypto isn't really a big deal if you think about it.

Dude is practically a meme in the crypto sub reddit. Also, his party has failed royally on multiple fronts which has impacted BTC in a negative way, but it will recover as usual.

"The crypto community" probably accounts for about 2% of Bitcoin's market cap. Most of the money that drives the market is from retail investors, and millions still love Trump more than anything (ask them and they will tell you that Trump just won the war with Iran  ).

I fully agree Trump has failed to deliver the mooning that the industry expected (i.e. when they gave him and his party $1 billion to get elected), but I also think the effect is only about half gone. It can get a lot worse, especially if Trump fully reverses and goes against Bitcoin in favor if his own stuff.

And also keep in mind that "Trump" isn't going to go anywhere: his son, Trump Jr., will be the next nominee of his party. And Trump Jr. is in the same business (literally the same physical businesses) as his father.

Also, whether Trump is popular anymore doesn't matter: he still has the power of the US government. Don't count him out just yet. Maybe after the midterms, assuming his party loses, but not yet.

Like it or not, Trump still has an effect on the price of BTC. Not as big as it was, but it's still there...

[stompix]

~

Has anything changed today compared to the period when millions were literally in a trance awaiting the first BTC president? The man promised them anything and everything, in the end it all came down to the fact that he released a couple of criminals and enabled everyone to get rich by cheating people with all the possible tokens they can invent.

I think that crypto folks, saying this as the majority of them who felt for that bs are still circling in the five stages of grief but only pivoting around denial.
Probably they are so heavily invested both emotionally and financially that they can't even go to bargaining or, God forbid, accepting it, remember that most crypto investors also have a high opinion of themselves against the plebs non-belivers so it's like a thousand cut death for them to accept they have been tricked big time by the most stupid of all con artists.

The FED sneezes and the price drops 5%.

The FED sneezes, and everyone in the world catches a cold.
Remember 2008?  A guy from a 3rd world country who never heard of Fannie Mae and whose first thought was it's either a pornstar name or a burger chain lost his house because of a crisis 10,000 km away. This is the thing, the US is still the financial capital of the world, people need to deal with this fact, that's where all the money is, that's what rules the world.

[HajiBagi]

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 never believed in Trump from the beginning that is why i am not surprised for his actions and the promise he made and did not fulfill it, one thing we should know about the politicians is that everything they do is for their own benefit and that is what Trump has prove to us, it not a surprise for me when he said that he is planning bitcoin ETF and some promise that will make people to believe him, he is doing all those things for his own goals and he think that if he can use bitcoin to get the opportunity he will do something that will be better than bitcoin and he forgot that bitcoin has already won people hearts and trust, so no matter how he plan to do it his coin will never be ahead of bitcoin because even the promise he made without fulfilling it will make people not to trust his coin any other things he is planning to do.

[ColdLava40]

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.

Oh, this shouldn't be surprising at all. He was elected president and his first intention was to create his own memecoin $Trump which we saw was rug pulled on investors for his own profits.

That wasn't all, his wife followed pattern and created $ Melania, that should say more about their agenda in the crypto world. They never had interest In Bitcoin. Everything he did was to fulfill his political ambitions and to increase his bags.

So even if Trump suddenly pushed his interest away from everything concerning Bitcoin, it was highly expected. Just some that were too dump to see his true plan.

[Orpichukwu]

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?

I have read a lot of comments and posts from the op; the way he praises the US is as if the country were above all and some sort of ancient god that makes the call for others to follow. He believes everything is and can be controlled by the US government if they pick interest in it.

[legiteum]

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?

Still under the delusion that US policy doesn't matter to the price of Bitcoin? You should really direct your protests to almost every story about BTC's price these days.

And boy, that sure wasn't the sound of things around this website back in the 2024 elections when every post was about how awesome Trump was and how he was going to moon the price of Bitcoin.

Sounds like sour grapes to me. 

[laijsica]

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.

The Bitcoin market is not based on the actions of an individual or organization. The market may be somewhat volatile, but it is not permanent. Donald Trump has expressed his intention to make America the capital of Bitcoin. He used Bitcoin in the last election and the important decisions he made positively affected the price of Bitcoin. It is almost certain that Bitcoin will be established as a leading asset in America in the future because Texas, New Hampshire and Arizona have passed bills to accept Bitcoin as a strategic reserve. Several more states are awaiting approval.

Trump and his family are actively involved in the crypto industry. If he is not in power in the future, there will be no negative signs for this decentralized asset (Bitcoin).

[Iranus]

I have read a lot of comments and posts from the op; the way he praises the US is as if the country were above all and some sort of ancient god that makes the call for others to follow. He believes everything is and can be controlled by the US government if they pick interest in it.

It is possible the OP is biased and exaggerating Trump's influence and the greatness of the US. However, we cannot deny the fact that the US has a very significant influence on the cryptocurrency market as well as the global economy.

They remain the world's largest economy and financial center, where many of the major institution, investment fund and capital pools capable of influencing global markets are concentrated.

Bitcoin is indeed being significantly impacted by the Us, from monetary policies and regulation to capital flows from large financial institutions.

[Haunebu]

And also keep in mind that "Trump" isn't going to go anywhere: his son, Trump Jr., will be the next nominee of his party. And Trump Jr. is in the same business (literally the same physical businesses) as his father.

Also, whether Trump is popular anymore doesn't matter: he still has the power of the US government. Don't count him out just yet. Maybe after the midterms, assuming his party loses, but not yet.

Like it or not, Trump still has an effect on the price of BTC. Not as big as it was, but it's still there...

Firstly, it's pretty evident that you're just one of those braindead MAGA supporters who still believes in this perverted clown which is why your reasoning is crap. Secondly, Vance and Rubio are the next possible successors genius(Not his son etc).

Thirdly, Trump will obviously have an effect on crypto as long as he is the POTUS, but that effect has diminished severely with time. Overall, I know it's most likely pointless reasoning with you MAGA dumdums, but whatever. Smh!

[GreatArkansas]

The Bitcoin market is not based on the actions of an individual or organization. The market may be somewhat volatile, but it is not permanent. Donald Trump has expressed his intention to make America the capital of Bitcoin. He used Bitcoin in the last election and the important decisions he made positively affected the price of Bitcoin. It is almost certain that Bitcoin will be established as a leading asset in America in the future because Texas, New Hampshire and Arizona have passed bills to accept Bitcoin as a strategic reserve. Several more states are awaiting approval.

Trump and his family are actively involved in the crypto industry. If he is not in power in the future, there will be no negative signs for this decentralized asset (Bitcoin).

For the short term, actions from these personalities have an impact on the current price of the market, as they can manipulate it, and they can make money on it.
But for me, what Donald Trump is doing in the cryptocurrency market right now is a joke, especially some of his projects. For me, soon, they will become considered as an expensive lesson. And later on they will realize they should've go to Bitcoin only, and soon they will shift their attentions to Bitcoin only too.