Bitcoin (BTC) surged above $106,000 on Thursday morning in the U.S. after reports emerged that U.S. President Donald Trump is scheduled to speak later today with Nayib Bukele, the president of El Salvador, a nation known for its pro-bitcoin stance.
The cryptocurrency rose more than 3% shortly after the news, recovering from early losses and gaining 2.2% over the past 24 hours. Prior to the surge, prices had started to climb when U.S. Senator Cynthia Lummis teased an important announcement on social media, though gains were briefly reversed following news that the Senate Banking Committee would vote on confirming Lummis as chair of a new digital assets subcommittee.
The renewed interest in bitcoin was fueled by speculation that the upcoming conversation between Trump and Bukele would focus on cryptocurrency regulation. El Salvador has become a prominent crypto hub under Bukele, having adopted bitcoin as legal tender in 2021 and accumulated over 6,000 BTC (worth $622 million) as part of its strategic reserve.
During his campaign, Trump promised to make the U.S. a global leader in digital assets and proposed establishing a national stockpile of bitcoin. The highly anticipated discussion between Trump and Bukele is set for 3:30 p.m. ET.
