Bitcoin Soars to $70,000 After Donald Trump Speech at Bitcoin 2024 Conference

Investors are increasingly confident that Trump, who is viewed as a champion of crypto, will win the US Presidential Election in November.

Former US President Donald Trump has urged Americans to "embrace crypto" in a bid to counter China's growing influence in the digital coin market.

Speaking at the Bitcoin 2024 conference in Nashville, Tennessee on Saturday, Trump said: "If we don't embrace crypto and bitcoin technology, China will, other countries will, they'll dominate, and we cannot let China dominate."

The 78-year-old also took aim at Vice President Kamala Harris, who is on course to replace President Joe Biden as the Democrat nominee for November's election, after the 81-year-old withdrew his presidential bid eight days ago.

Trump said: "I pledge to the bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris' anti-crypto crusade will be over.

"The moment I'm sworn in, the persecution stops and the weaponisation ends against your industry."

It comes as bitcoin soared to almost $70,000 today following Trump's appearance at the conference.

The world's biggest cryptocurrency reached $69,956 at lunchtime UK time today, before retreating to $66,923 at 6pm.

It comes after bitcoin began July trading below $54,000 and at lows last seen in February.

David Morrison, senior market analyst at Trade Nation, told This Is Money: "Bitcoin has had an incredible month.

"As it began July, it was trading below $54,000 and at lows last seen in February. It was very close to breaking down through significant support.

"Now it is closing in on $70,000 again and approaching all-time highs."

The price of bitcoin has soared over the past year and came within a whisker of its record high today (pictured)

After Trump's appearance at Bitcoin 2024, the price of bitcoin rose by 4.5 per cent today.

It comes after bitcoin soared over the past year, with the world's biggest cryptocurrency regaining significant ground since bitcoin fell to a low of $16,000 in the wake of the FTX collapse in 2022.

In 2023, it languished between $20,000 and $30,000 for much of the year before reaching $43,000 by December in anticipation of the US regulator's approval of bitcoin spot ETFs.

It neared the $48,000 mark for the first time in a year ahead of the decision before dropping to $38,000 following the decision and then soaring.

In 2024, the price of bitcoin has risen by 53 per cent.

Simon Peters, market analyst at eToro, told This Is Money: "The bitcoin price has responded well, moving higher over the weekend since the conference and is currently trading at $69,500, only 6 per cent away from the all-time high.

"It seems Trump has got the crypto community's vote, and as we move closer to the presidential election, if his odds of becoming president increase, I suspect we'll see more positive movements in the bitcoin price."

Morrison added: "In comments that his detractors will want to ignore or bury, he emphasised that bitcoin 'stands for freedom, sovereignty and independence from government coercion and control'.

"That's not the kind of statement one would expect from a future dictator determined to destroy democracy. In a similar way, Trump declared that he would push back against Central Bank Digital Currencies, which is exactly what proponents of cryptos want to hear.

"This is all something reminiscent of Ronald Reagan, and an important and timely intervention."

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