Bitcoin surged to its highest level in six weeks, trading close to the $70,000 mark on Monday, following former US president Donald Trump’s renewed endorsement of cryptocurrency over the weekend.
The world’s largest cryptocurrency was valued at $69,495 (£54,254) at the time of writing, a 2.9% increase in the session.
Trump was the keynote speaker at the Bitcoin 2024 conference on Saturday, a gathering of industry heavyweights in Nashville, Tennessee. The Republican presidential candidate used the event to court voters and encourage campaign donations from the tech community.
Trump declared his intention to make the US the “cryptocurrency capital of the world” if re-elected. He assured the crowd that he would retain 100% of the bitcoin that the US government currently holds or acquires, proposing the creation of a “national bitcoin stockpile.”
Additionally, Trump announced plans to “immediately appoint a bitcoin and crypto presidential advisory council,” further solidifying his support for the industry. He also vowed to fire SEC chair Gary Gensler if elected.
“I think you’re just in your infancy,” Trump told the meeting of crypto industry leaders. “I can see it happening. In just 15 years, bitcoin has gone from merely an idea posted anonymously on an internet message board to being the ninth most valuable asset anywhere in the world.”
Trump’s recent statements mark a significant shift from his 2021 comments, when he labelled bitcoin a “scam” detrimental to the value of the US dollar.
