Cryptocurrency Executives Party to Celebrate Trump’s Inauguration
Cryptocurrency executives swilled cocktails and danced to rap superstar Snoop Dogg on Friday night as they celebrated the approaching inauguration of President-elect Donald Trump. The event marked a stunning turnaround for an industry that has been in the Biden administration’s crosshairs. Trump, who courted crypto campaign cash with promises to be a “crypto president,” is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.
The first-ever crypto inauguration ball was held at the Andrew W. Mellon Auditorium, where guests noshed on miniature lobster rolls and Trump’s favored McDonald’s burgers and fries. The entertainment lineup featured rappers Rick Ross and Soulja Boy, in addition to Snoop Dogg. Attendees wore black tie and ball gowns, and swag included “Make Great Again” red baseball caps and American flag pins with the symbol for Gemini.
Tickets sold out at $2,500 each for general admission, but VIP packages for $100,000 provided face time with tech entrepreneur David Sacks, Trump’s incoming crypto czar and the gala’s emcee. About 1,500 people attended, with several officials from Trump’s incoming administration also present.
The event marks a major shift for the industry, which was on the brink of extinction just two years ago. With Trump’s policy changes expected to reduce regulatory roadblocks and promote adoption, executives are optimistic about the future.
“I think this signifies what the future looks like… I think that’s the optimism we’ve been waiting for,” said Les Borsai, co-founder of the crypto investment adviser Wave Digital Assets.
Bitcoin, the world’s largest cryptocurrency, hit new records above $107,000 in December on excitement over Trump’s policy changes. The industry is eager to see the impact of Trump’s administration on the sector, with many predicting a major turnaround.