Bitcoin Surges Above $106K as Trump Discusses Plans with Bukele

Bitcoin's price surged past $106,000 on Thursday, driven by speculation surrounding President Donald Trump's potential establishment of a national Bitcoin reserve and his scheduled call with El Salvador's President Nayib Bukele, a prominent advocate for cryptocurrency. The cryptocurrency initially traded between $101,000 and $102,000 before a tweet from Senator Cynthia Lummis hinted at significant news to come, which fueled anticipation and led to a price spike. Following Lummis' confirmation as Chair of the Senate Banking Committee's new Subcommittee on Digital Assets, Bitcoin continued to climb, reaching $106,732, marking a nearly 3% increase for the day and 7% for the week. The discussions between Trump and Bukele are expected to address cryptocurrency regulations, as El Salvador has positioned itself as a crypto-friendly nation by adopting Bitcoin as legal tender in 2021. Trump's previous campaign promises included creating a strategic reserve of Bitcoin, aiming to strengthen the U.S. dollar and enhance its global leadership in digital assets. Market optimism is high, with Binance CEO Changpeng Zhao affirming the momentum towards a U.S. strategic Bitcoin reserve.