The price of Bitcoin (BTC-USD) has experienced a notable increase as anticipation builds for US President Donald Trump’s forthcoming address at the Digital Asset Summit (DAS) in New York on Thursday.
On Thursday, Bitcoin climbed over 3%, trading above $86,000 (£66,382), reflecting a 7% rise in the past week, as reported by CoinGecko.
Trump’s speech is set to follow a pivotal policy action in March, when he enacted an executive order to create the US Strategic Bitcoin Reserve (SBR). This order specifies that bitcoin placed in the reserve will be retained as a long-term strategic asset, aiming to enhance the financial stability of the US.
Among the speakers at DAS are Michael Saylor of Strategy (formerly MicroStrategy), who will deliver a keynote address, along with Robbie Mitchnick from BlackRock (BLK), and Nasdaq’s (^IXIC) head of US equities and exchange-traded products, Giang Bui.
Confirmation of Trump’s participation came from Bo Hines, executive director for digital assets in Trump’s administration, who spoke at DAS earlier this week, reiterating the commitment to bitcoin acquisition for the Strategic Bitcoin Reserve. Hines emphasized, “It’s high time that our president started accumulating assets for the American people instead of taking them away.”
Read more: Live crypto prices
In a post on X.com, Blockworks co-founder Jason Yanowitz remarked, “When we started Blockworks, attracting attendees from banks was challenging. Now, we have a sitting US president addressing 2,500 institutional participants. It’s remarkable how far this industry has progressed.”
During his 2024 presidential run, Trump expressed his desire to make the US the “world’s crypto capital.” Last summer, he addressed the Bitcoin 2024 conference in Nashville, Tennessee, hinting at initiatives for a national bitcoin reserve.
Since taking office in January, Trump has signed executive orders directing regulatory bodies to support digital assets, created a White House crypto advisory team, and established both the US Strategic Bitcoin Reserve and Digital Asset Stockpile. He has also appointed pro-crypto advocates to significant regulatory roles, including at the SEC and Treasury Department.
Bitcoin’s price surge coincides with the US Federal Reserve’s decision to keep its benchmark federal funds rate steady at 4.25%-4.50% on Wednesday, marking a consecutive pause following three rate cuts late in 2024.
