Bitcoin surged close to the $70,000 mark on Monday, reaching its highest level in six weeks.
The rally came after supportive remarks from former U.S. President Donald Trump about cryptocurrency during the weekend and Kamala Harris calling for a ‘reset’ in relations between the Democrats and crypto.
The world’s largest cryptocurrency is currently trading at around $69,600, marking a 3% increase in the last 24 hours, according to CoinMarketCap. Over the past month, the flagship cryptocurrency has increased by more than 14%.
Meanwhile, the broader altcoin market has also rebounded. Over the past day, Ethereum experienced a rise, up 4.28% to $3,350, while Solana climbed 5.9% to approximately $193.
Trump Pledges to Establish Strategic Bitcoin Reserve
The spike in Bitcoin’s value is largely attributed to the Bitcoin 2024 conference held in Nashville on Saturday. During the event, Republican presidential nominee Donald Trump pledged to establish a “strategic Bitcoin reserve” if elected in November.
Trump also announced plans to prevent the U.S. from selling its existing Bitcoin holdings. He further promised to dismiss the current Securities and Exchange Commission (SEC) Chair, Gary Gensler.
“For too long, our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin,” Trump declared during his keynote speech.
“This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world, and we’ll get it done.”
Despite a brief dip during Trump’s speech, Bitcoin prices quickly recovered and were slightly up for the day. Throughout his address, Trump emphasized the Republican Party’s growing embrace of cryptocurrency in contrast to the Biden administration’s regulatory approach.
“The Biden-Harris administration’s repression of crypto and Bitcoin is wrong, and it’s very bad for our country,” Trump said. “Let me tell you if they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things that you wouldn’t believe.”
Trump Vows to End Biden’s Campaign Against Crypto
During his speech, Trump continued with a series of crypto-friendly promises, pledging to dismantle what he called the “anti-crypto crusade” of President Joe Biden and Vice President Kamala Harris. “On day one, I will fire Gary Gensler,” Trump announced.
Additionally, Trump promised to create a “Bitcoin and crypto presidential advisory council” with members who support the industry. “The rules will be written by people who love your industry, not hate your industry,” Trump assured the cheering crowd.
The Republican nominee also held a fundraiser in Nashville, with ticket prices reaching as high as $844,600. In June, Bitcoin Magazine CEO David Bailey, who organized the conference, pledged to raise $100 million and mobilize over 5 million voters for Trump’s re-election campaign.
More Politicians Express Support for Bitcoin
Aside from Trump, a number of other politicians have also voiced their support for Bitcoin. For one, third-party candidate Robert F. Kennedy Jr. proposed creating a reserve of four million Bitcoins, starting with the government’s stockpiled Bitcoins from criminal seizures.
Kennedy suggested that the government purchase 550 bitcoins daily until the reserve reached four million. “Bitcoin is about our souls. It’s about our values,” he said.
Furthermore, following Trump’s speech at the Bitcoin conference, Senator Cynthia Lummis, R-Wy., presented her legislative proposal to amass an official U.S. federal reserve of 1 million Bitcoins over five years. “It will be held for a minimum of 20 years and can be used for one purpose: Reduce our debt,” Lummis stated.
Senator Tim Scott also shared the stage with Lummis during her speech. Scott, poised to lead the Senate Banking Committee, explored the concept of using Bitcoin to establish “opportunity zones,” offering tax-free investment opportunities to developers engaged in building infrastructure within underserved communities.
Kamala Harris Advisors Reach Out to Key Figures in Crypto
On the other side of the political spectrum, advisors to Vice President Kamala Harris’s presidential campaign have begun reaching out to key figures in the cryptocurrency industry. According to the Financial Times, the outreach aims to build relationships that could shape future regulatory frameworks.
Recent efforts have included contacts with notable industry players such as crypto exchange Coinbase, stablecoin company Circle, and blockchain payments firm Ripple Labs. The move indicates a potential shift in the Democratic Party’s approach to the tech and crypto sectors, which have faced significant scrutiny under the Biden administration’s regulatory stance.
The report revealed that Harris’s campaign aims to communicate that the Democratic Party supports “pro-business, responsible business” practices. Harris reportedly aims to mend relations with the tech industry, which has experienced increased scrutiny under the current administration.
Meanwhile, billionaire investor Mark Cuban has noted that Kamala Harris might be a more favorable figure for technological innovation and cryptocurrencies compared to President Joe Biden.
Speaking to Politico, Cuban mentioned that the tech industry could find an unexpected ally in the vice president, who has a background as a senator and attorney general of California.
“The feedback I’m getting, although not confirmed by the VP, is that she will be far more open to business, artificial intelligence, crypto, and government as a service,” Cuban said.
The Bottom Line
On Monday, Bitcoin surged close to $70,000 following supportive remarks from Trump at the Bitcoin 2024 conference. During the event, the former president vowed to establish a “strategic Bitcoin reserve” and promised to prevent the U.S. from selling its existing Bitcoin holdings.
In addition to Trump, other politicians, including Robert F. Kennedy Jr. and Senator Cynthia Lummis, expressed their support for Bitcoin by proposing government reserves.