Bitcoin (BTC) surged over $106,000 on Thursday morning in the US on reporting that US President Donald Trump will speak later today with Nayib Bukele, president of El Salvador, president of the nation state Bitcoin friendly.
Bitcoin advanced more than 3% to session highs in the minutes following the report, erasing early morning losses. It rose 2.2% in the last 24 hours.
Earlier this morning, prices began to rise when US Senator Cynthia Lummis posted on social media to “be on the lookout for 10:00am” ET, only to give back most of the gains after reports that The Senate Banking Committee would vote to confirm Lummis as chair of the panel’s new digital assets subcommittee.
Fueling the gains was speculation that Bitcoin and Crypto regulation could be among the talking points between the two leaders. El Salvador has emerged as a nascent crypto hub under Bukele’s leadership. It was the first nation state to adopt BTC as legal tender in 2021 and accumulated over 6,000 BTC worth $622 million as a strategic reserve.
Trump said last year on the campaign trail that, if elected, his goal is to position the United States as a global leader in the digital asset space. He also made several specific crypto promises, including the creation of a national reserve, or strategic reserve, of Bitcoin.
He will speak with Bukele at 3:30 pm ET.
