Bitcoin Climbs to $106K as Trump Set to Speak with El Salvador’s Crypto-Supportive President Bukele.

Bitcoin Surges to $106K as Trump Set to Discuss Crypto with El Salvador’s Bukele

Bitcoin (BTC) surged past $106,000 on Thursday morning in the U.S., following reports that U.S. President Donald Trump is scheduled to speak later today with Nayib Bukele, the president of El Salvador, a nation known for its embrace of Bitcoin.

The price of Bitcoin rose by over 3% to session highs in the minutes after the news broke, erasing earlier losses. As of now, it is up 2.2% over the last 24 hours. The upward momentum began earlier when U.S. Senator Cynthia Lummis posted on social media, hinting at a significant announcement at 10:00 a.m. ET, though much of the gains were given back after it was revealed that the Senate Banking Committee would vote on confirming Lummis as the chair of its new Digital Assets Subcommittee.

The rally was fueled by speculation that Bitcoin and broader crypto regulation might be part of the conversation between the two leaders. Under Bukele’s leadership, El Salvador has become a growing hub for cryptocurrencies. In 2021, the country made history as the first to adopt Bitcoin as legal tender and has since accumulated over 6,000 BTC, which is now worth around $622 million, as part of its strategic reserve.

During his 2024 campaign, Trump made several crypto-related promises, including positioning the U.S. as a global leader in the digital asset space. One of his key promises was the creation of a national Bitcoin reserve, or strategic stockpile.

Trump is set to have his conversation with President Bukele at 3:30 p.m. ET today, which could bring further clarity on U.S. crypto policies and how they align with El Salvador’s forward-looking approach to Bitcoin.