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Bitcoin hit its highest level since early June after presumptive Republican nominee Donald Trump made sweeping promises about the cryptocurrency at a conference over the weekend.
The price of the popular cryptocurrency rose 2% on Monday morning to reach $69,819. Speaking at the Bitcoin conference in Nashville on Saturday, the former president doubled down on claims that the U.S. must emerge as the global crypto capital. He also vowed to establish a strategic national Bitcoin reserve and oust Securities and Exchange Commission Chairman Gary Gensler if elected in November.
In recent months, Bitcoin has been on a rollercoaster, trading above $71,000 and nearing all-time highs in early June, before seeing steady declines to below $66,000. But the cryptocurrency began to climb again in mid-July as the election cycle heats up — and national chatter about crypto grows with it.
Trump has positioned himself as a “crypto candidate,” highlighting the importance of the industry in several appearances and even accepting campaign donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies. At Saturday’s conference, Trump likened Bitcoin to “the steel industry of 100 years ago.” This was a sharp reversal from his harsh words back in 2021, when he called crypto a “scam against the dollar.”
Read more: Want to go to Trump’s private event at the Bitcoin conference? It will cost you $800,000
Now, presumptive Democratic nominee Kamala Harris, who has largely stayed away from crypto throughout her political career, is starting to foray into that world as part of her campaign against Trump. She did not, however, speak at the Bitcoin conference.
It’s not just Bitcoin that’s benefiting. Ethereum, the second-most popular cryptocurrency by market capitalization, rose 3% in the past day to $3,372.90. Solana, Dogecoin, and Cardano are also seeing an upswing.
That has pushed the global market cap of the crypto industry to $2.48 trillion, according to CoinMarketCap.
— Vinamrata Chaturvedi contributed to this article.