Bitcoin eyes $70,000 as Trump prepares for Nashville speech

Key Takeaways

• Bitcoin price surged to $69,300 today, registering a 3% increase in 24 hours.
• Trump's speech might declare Bitcoin as a US reserve asset.

Bitcoin is poised to surpass the $70,000 mark as anticipation builds for Donald Trump’s upcoming speech at the Bitcoin 2024 Conference in Nashville. According to data from CoinGecko, earlier today, Bitcoin’s price peaked at $69,300, reflecting a 3% increase over the past 24 hours.

Trump has already arrived in Nashville, ready to deliver his keynote speech in less than 30 minutes. Speculations are rife that his speech might include a remarkable announcement regarding Bitcoin’s role in US financial strategy.

US presidential candidate Robert F. Kennedy Jr. suggested that Trump might reveal plans to designate Bitcoin as a reserve asset.

“I understand that President Trump may announce tomorrow his plan to authorize the US government to purchase one million Bitcoins as a strategic reserve asset, and I applaud that announcement,” said Kennedy, speaking at the Bitcoin 2024 conference on Friday.

David Bailey, CEO of BTC Inc., noted the Bitcoin community’s robust support for Trump, who has shifted from his previously critical view of cryptos to now accepting donations in them and promoting domestic Bitcoin mining.

Bitcoin’s price surged past $67,000 earlier this week in anticipation of Trump’s keynote speech, CoinGecko’s data shows.