Bitcoin Surges to $106K as Trump Set to Meet with El Salvador’s Pro-Crypto President Bukele
Bitcoin (BTC) surged past $106,000 on Thursday morning following reports that President Donald Trump is scheduled to have a discussion with Nayib Bukele, the president of El Salvador, later in the day. This news triggered a rally, with Bitcoin jumping over 3% to reach session highs, recovering from earlier losses. It is currently up 2.2% over the last 24 hours.
The price movement began after U.S. Senator Cynthia Lummis teased an important update on social media at 10:00 a.m. ET, although much of the gains were given back after reports emerged about the Senate Banking Committee set to vote on confirming Lummis as the chair of the newly established Digital Assets Subcommittee.
The market’s reaction reflects growing speculation that crypto regulation could be on the agenda for the two leaders’ conversation. Under Bukele’s leadership, El Salvador has become a pioneering force for cryptocurrency adoption, being the first country to adopt Bitcoin as legal tender in 2021. The nation has also accumulated 6,000 BTC, valued at approximately $622 million, to form a strategic reserve.
During his campaign, Trump made several promises related to digital assets, including creating a U.S. Bitcoin reserve. His administration’s approach to crypto could be influenced by discussions with El Salvador, which has set a precedent in the industry.
Trump and Bukele are set to meet at 3:30 p.m. ET today, with the outcome of their conversation potentially impacting future U.S. crypto policy and the direction of Bitcoin’s market in the coming months.
