Bitcoin’s (BTC-USD) price has surged ahead of US president Donald Trump’s anticipated address at the Digital Asset Summit (DAS) in New York on Thursday.
Bitcoin rose more than 3% on Thursday to trade above $86,000 (£66,382), a 7% gain in the past week, according to CoinGecko data.
Trump’s upcoming speech follows a significant policy move earlier in March, when he signed an executive order establishing the US Strategic Bitcoin Reserve (SBR). The order states that bitcoin deposited into the reserve will not be sold, but instead maintained as a long-term strategic asset to bolster the US’s financial stability.
Joining the speaker lineup at DAS is Strategy’s (MSTR) — formerly MicroStrategy — Michael Saylor, who will deliver a keynote speech, BlackRock’s (BLK) head of digital assets Robbie Mitchnick and Nasdaq’s (^IXIC) head of US equities & exchange-traded products Giang Bui.
Trump’s participation was confirmed following comments from Bo Hines, executive director on digital assets for president Trump, who spoke at DAS earlier this week. Hines reiterated the administration’s commitment to bitcoin accumulation for the Strategic Bitcoin Reserve, saying: “It’s high time that our president started accumulating assets for the American people, which is what president Trump is doing rather than taking it away.”
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In a post on X.com Blockworks co-founder Jason Yanowitz said: “When we started Blockworks, we could barely get someone from a bank to attend an event. Now we have a sitting US president addressing 2,500 institutional participants. It is incredible how far this industry has come.”
During his 2024 presidential campaign, Trump said he wanted to position the US as the “world’s crypto capital.” In the summer of 2023, he spoke at the Bitcoin 2024 conference in Nashville, Tennessee, where he hinted at plans to form a national bitcoin reserve.
Since taking office in January, he has signed executive orders instructing regulatory bodies to accommodate digital assets, established a White House crypto advisory team, and created both the US Strategic Bitcoin Reserve and Digital Asset Stockpile. He has also appointed pro-crypto figures to key regulatory positions, including the SEC and Treasury Department.
Bitcoin’s price increase comes as the US Federal Reserve left its benchmark federal funds rate unchanged at 4.25%-4.50% on Wednesday, marking the second consecutive pause following three straight rate cuts in late 2024.
