Bitcoin has suddenly surged toward $70,000 per bitcoin as hype builds ahead of Donald Trump’s hotly-anticipated appearance at the Bitcoin 2024 conference.
The bitcoin price soared to over $69,000, up from recent lows of $53,000 earlier this month—pulling the wider ethereum, XRP and crypto market with it.
Trump, who has embraced bitcoin in recent months after making millions from his ethereum-based non-fungible token (NFT) digital trading cards, is due to speak at the Bitcoin 2024 conference at 2pm CT on Saturday.
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Hype has been building since Trump was announced as a speaker at the Bitcoin 2024 conference in Nashville, Tennessee, with conference organizer David Bailey saying it will be “the most consequential political event in bitcoin’s history and a defining cultural moment for our society.”
This week, wild rumors have swirled that Trump could announce he’d create a U.S. bitcoin strategic reserve during his speech if re-elected president.
Independent presidential candidate Robert F. Kennedy (RFK) Jr. promised during Bitcoin 2024 to sign an executive order requiring the U.S. Justice Department and U.S. Marshalls to transfer the 204,000 bitcoin held by the U.S. to the Federal Reserve to be held as a “strategic asset” if he’s elected president. RFK Jr. also said he would also order the Treasury Department to purchase 500 bicoin daily until the reserve reaches at least four million bitcoin.
The U.S. would attain “a position of dominance no other country will be able to usurp” and its bitcoin reserve would eventually reach a value of “hundreds of trillions of dollars,” he said.
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“A Trump presidency, now very likely, will push bitcoin and crypto back to better heights as he is in favor of such digital assets,” Desmond Marshall, managing director at Hong Kong-based investment advisory company Rouge International, said in emailed comments, adding he expects the bitcoin price to end 2024 at $74,000.
“Bitcoin is now a proxy for a Trump victory,” Sean McNulty, director of trading at Arbelos Markets, told Bloomberg.
Read More: Donald Trump Suddenly Sends The Bitcoin Price Sharply Higher—Boosting Ethereum, XRP And
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