Bitcoin prices rose Wednesday. Crypto bulls were getting excited about what they believe could be a game-changing speech by Donald Trump, the Republican presidential candidate.
The largest cryptocurrency has risen 1.4% over the past 24 hours to $66,440. It’s racked up gains of 58% this year but remains about 10% below the record high of around $73,000 it hit back in March.
The move Wednesday came ahead of the start of the Bitcoin 2024 Conference, which is set to kick off in Nashville on Today.
Trump—who has sought in recent months to position himself as an ally of the crypto industry—is headlining the event with a speech scheduled for Saturday night. He’ll also host a campaign fundraiser on the sidelines of the conference.
Bitcoin has emerged as one of the “Trump trades” boosted by the market’s belief that the billionaire businessman will win November’s U.S. presidential election. The cryptocurrency has gained 13% since Trump survived an assassination attempt at a rally in Butler, Pa., earlier this month.
“The market is in ‘wait and see’ mode ahead of Trump’s speech at the Nashville Conference,” said Alice Liu, research lead for the crypto pricing website CoinMarketCap. She added that there’s a chance the Republican nominee could outline flagship policies at the event that might “trigger a parabolic rise in Bitcoin’s price.”
Meanwhile, Ether didn’t feel the benefits of the digital asset love-in on Wednesday. It tumbled 2% to $3,458, with the Securities and Exchange Commission’s recent approval of a set of ETFs that track the token’s price failing to kickstart a rally.
Other cryptos also struggled. Solana fell 0.6%, Cardano dropped 1.9%, and Ripple’s XRP slipped 0.2%.
Bitcoin Conference Key Speakers and Political Figures
Apart from Trump, other political personalities and supporters of crypto will be speaking at the BTC Conference. Robert F. Kennedy Jr., an independent presidential candidate, will speak about how he envisions using blockchain in government services.
Kennedy had ealier suggested that the entire US budget should be put on the blockchain to increase transparency and accountability. He has also favorably spoken of supporting the US Dollar with Bitcoin and has been against the issuance of digital currencies by central banks.
Vivek Ramaswamy, the former GOP presidential candidate, will also be attending the Bitcoin Conference. Ramaswamy, who is a supporter of cryptocurrency, has earlier detailed how he would enhance Bitcoin and stop measures which are viewed as adverse to the cryptocurrency market. His appearance sees this as a indication of the growing political interest in the issue of cryptocurrency as one of the key topics in the upcoming elections.
Some of the notable names from the crypto industry expected to grace the event include Cathie Wood of ARK Investment, Michael Saylor of MicroStrategy, and Edward Snowden, Benjamin Cowen among others.
