Bitcoin Climbs to $106K as Trump Set to Discuss with El Salvador's Leader

Key Points

Bitcoin surged over 3% amid reports that former U.S. President Donald Trump is set to engage in discussions with El Salvador’s President Nayib Bukele.
Under Bukele’s leadership, El Salvador adopted Bitcoin as legal tender and has begun accumulating it as a reserve asset.
This upcoming call has sparked speculation that cryptocurrency will be a major topic of discussion, especially considering Trump’s previous commitment to form a national Bitcoin stockpile.

Market Update

Bitcoin (BTC) experienced a significant uptick on Thursday morning, surpassing $106,000 following the news of Trump’s scheduled call, as Bitcoin gained 2.2% over the last 24 hours.

Why This Matters

As U.S. Senator Cynthia Lummis hinted at market movements on social media, Bitcoin and potential regulation discussions are highly anticipated topics between Trump and Bukele, especially given El Salvador’s growing prominence as a cryptocurrency hub. El Salvador was the first nation to adopt Bitcoin as legal currency in 2021 and has amassed over 6,000 BTC, valued around $622 million as its strategic reserve.

Trump aims to establish the U.S. as a frontrunner in the digital asset arena, making various crypto-related promises throughout his campaign. The call to Bukele is scheduled for 3:30 p.m. ET.