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Something Else Up Trump’s Sleeve?
As investors worry about the “Trump Bump” coming to its end, all eyes will be on tonight’s State of the Union-style address.
CoinSnacks
March 04, 2025 • Estimated Reading Time: 4 minutes
5. That Was Quick
Crypto’s Sunday rally already vanished, undoing most of the gains sparked by Trump’s “Crypto Reserve” announcement. It’s hardly surprising – markets were already in the midst of a correction, and stocks just posted one of their worst days this year after fresh tariffs (see story below). Bad timing all around.
4. Trump's Tariffs on Canada and Mexico Take Effect
25% tariffs on goods from the two countries went live this morning. Canada responded with 25% tariffs on nearly $100 billion of U.S. imports, and Mexico's president said it would also retaliate by Sunday. Trump also introduced an extra 10% tariff on Chinese imports, which the country responded to with tariffs on U.S. agriculture. Investors, who probably thought a last-minute reprieve was coming, were rattled. Stocks, agricultural commodities, and bitcoin all fell. Gold rose.
“Over the medium term, which is what we’re focused on, it’s a focus on Main Street. Wall Street’s done great, Wall Street can continue to do fine, but we have a focus on small business and consumers. So we are going to rebalance the economy.”
3. Something Else Up Trump’s Sleeve?
As investors worry about the “Trump Bump” coming to its end, all eyes will be on tonight’s State of the Union-style address. Between tariffs, Russia’s war in Ukraine, DOGE cuts, immigration, etc… its safe to say that crypto may get overlooked. Friday’s White House Crypto Summit seems the better bet for any real crypto news or bold policy moves, with dubious rumors already swirling about a 0% capital gains tax.
2. Broker DeFi Ruling
The White House is reportedly standing by to sign Congress' effort to reverse an IRS crypto rule that requires "custodial brokers" to collect and report user data to the agency. Trump is reportedly ready to sign if it reaches his desk.
The White House is pleased to announce its support for the CRA introduced by @SenTedCruz and @RepMikeCarey to rescind the so-called Broker DeFi Rule, an 11th hour attack on the crypto community by the Biden administration.
— David Sacks (@davidsacks47)
3:09 PM • Mar 4, 2025
1. Mexican Billionaire All-In on Bitcoin
Legendary Mexican entrepreneur Ricardo Salinas sat down with Bloomberg and discussed his investment portfolio, stating, “I’ve got about 70% in Bitcoin-related exposure and 30% in gold and gold miners… I don’t have a single bond and I don’t have any other stocks except my own.” Although you may have never heard of Salinas, he’s highly influential in Mexico, racking up millions of followers. What he says will influence investments among the Mexican population.