Bitcoin jumps 7% on bullish Trump remarks, reports of a Democratic ‘reset’

Bitcoin rose 7% after the Bitcoin 2024 conference in Nashville kicked off on Thursday and culminated in a pro-crypto keynote speech from Donald Trump. In his speech, the former president laid out plans to make the U.S. “the crypto capital of the planet and the world’s Bitcoin superpower.” As of Monday morning ET, Bitcoin was trading just below $70,000, its highest price since June 6, according to CoinGecko data.

In a 30-minute speech to nearly 20,000 crypto enthusiasts at the industry’s largest U.S. conference, Trump vowed to end the hostile regulatory environment under President Joe Biden and Securities and Exchange Commission Chairman Gary Gensler. Instead, he told the crowd that crypto policies will be “written by people who love your industry.” He went on to liken crypto to the steel industry a century ago.

Trump’s increasing embrace of crypto and his improving election outlook, according to prediction markets (they currently project a 60% chance of victory), have sent crypto prices soaring. Over the past week, Ethereum and Solana tokens have also soared, with the former up 8% and the latter up 7%, according to CoinGecko data. While Trump has historically been deeply skeptical of Bitcoin, his success in rebranding himself as a crypto candidate was reflected in Nashville: Many conference attendees wore red “Make Bitcoin Great Again” hats and orange “Make Money Great Again” hats.

Trump promised in his speech to create a “strategic reserve” for Bitcoin if he is re-elected. This would mean that the U.S. government would hold onto all the tokens it currently owns, as well as purchase 1 million Bitcoins worth about $70 billion at current market prices within five years.

“The US establishment of the #BitcoinReserve is considered one of the most significant events in US economic history. In fact, it is more than an economic event; it is the declaration of a new era of prosperity and freedom,” Jack Mallers, CEO of Bitcoin payment platform Strike, wrote on X following the announcement.

But Trump’s bullish rhetoric isn’t the only reason Bitcoin has surged in the past week. Following Biden’s withdrawal from the presidential race on July 21, there has been growing optimism that Vice President Kamala Harris, the presumed Democratic nominee, could take a friendlier stance on cryptocurrencies than her predecessor.

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While Harris has yet to make any public comments on crypto, some in the industry are optimistically interpreting this blank slate and her Silicon Valley roots (she grew up in California and served as San Francisco district attorney). It’s a sign that Harris is trying to win back crypto voters: On Saturday, the Financial Times reported that members of her team have reached out to major crypto companies in an effort to “restart” relationships. These include exchange Coinbase, stablecoin issuer Circle and blockchain payments group Ripple Labs.

This story was first published on Fortune.com