Bitcoin (BTC) surpassed $106,000 on Thursday morning in the United States following reports that US President Donald Trump will speak with Nayib Bukele, president of the pro-Bitcoin nation-state, later today , El Salvador.
Bitcoin advanced more than 3% to session highs in the minutes after the report was released, erasing early morning losses. It increased by 2.2% in the last 24 hours.
Earlier this morning, prices began to climb when U.S. Senator Cynthia Lummis posted on social media that she was “staying tuned for 10:00 a.m. Eastern Time”, 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.
The gains were fueled by speculation that bitcoin and crypto regulation could be among the topics of discussion between the two leaders. El Salvador became a burgeoning crypto hub under Bukele’s leadership. It was the first nation-state to adopt BTC as legal tender in 2021 and has accumulated over 6,000 BTC worth $622 million as a strategic reserve.
Trump said on the campaign trail last year that, if elected, he aimed to position the United States as a global leader in digital assets. He also made several crypto-specific promises, including the creation of a national stockpile, or strategic reserve, of Bitcoin.
He will speak to Bukele at 3:30 p.m. ET.
