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In Washington’s historic Andrew W. Mellon Auditorium, cryptocurrency executives paid up to $100,000 per ticket to celebrate Donald Trump’s upcoming inauguration with rapper Snoop Dogg.
Around 1,500 guests gathered at the first-ever crypto inaugural ball on Friday night. Leaders from major companies like Crypto.com, Kraken, and Exodus mingled with incoming administration officials over McDonald’s burgers and lobster rolls. This event marked the industry’s transformation from Washington outsider to political insider.
“The reign of terror against crypto is over,” David Sacks, Trump’s incoming Crypto and AI czar, told the assembled crowd. “The beginning of innovation in America for crypto has just begun.”
The lavish celebration reflected crypto’s new political clout. After years of regulatory battles under the Biden administration, the industry successfully backed Trump with promises of being a “crypto president.”
Trump himself was absent, but his influence was felt throughout the night. Guests donned formal attire while collecting “Make Bitcoin Great Again” caps and custom cocktails named after sponsoring companies like Gemini and Robinhood. Performers Snoop Dogg, Rick Ross, and Soulja Boy entertained the crowd.
“Last night was truly a testament to how mainstream crypto has become,” said JP Richardson, CEO of Exodus, which co-hosted the ball.
Some veterans cautioned against excess optimism. One attendee compared the night to the 2021 Bitcoin conference in Miami that preceded a market crash, quoting Shakespeare: “These violent delights have violent ends.”
The occasion coincided with the launch of $TRUMP, Trump’s own cryptocurrency, featuring an image from his July assassination attempt. Within hours, the token’s value shot from $7 to $30, reaching a market capitalization of $70 billion. Critics have labeled the token a potential financial risk, with Adav Noti, Executive Director of the Campaign Legal Center, warning, “It is literally cashing in on the presidency.”
“While it’s tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora’s box of ethical and regulatory questions,” added Justin D’Anethan, a Hong Kong-based crypto analyst.
After taking office on Monday, Trump is expected to sign executive orders to ease crypto regulations. His administration’s appointments, including Paul Atkins for SEC chair, signal major policy shifts ahead. Bitcoin’s value soared past $107,000 in December, driven by excitement over Trump’s promised policy changes.
As Trump prepares to take office, the crypto community is hopeful. The event’s mix of political influence and celebrity entertainment highlighted how far cryptocurrency has come from its anti-establishment roots. Whether this new era brings innovation or instability remains to be seen.
