Bitcoin price today: rises to over $69k after Trump touts friendlier regulation

Investing.com-- Bitcoin price rose on Monday, extending gains from over the weekend after Republican presidential nominee Donald Trump raised the prospect of friendlier regulation during an address at the Bitcoin Convention.

While the token had initially reacted somewhat negatively to Trump’s speech, especially as he stopped short of explicitly promising a national reserve, buyers stepped in shortly after his address. 

Bitcoin rose 3.3% in the past 24 hours to $69,645.2 by 01:39 ET (05:39 GMT). 

Trump promises friendlier regulations, race with China

Trump on Saturday told the Bitcoin Conference that the U.S. should become the world’s crypto leader before China, and that he would also roll out friendlier regulations than Democratic presidential frontrunner Kamala Harris. 

Trump said he would set up a crypto advisory council for the White House, and would also create a national stockpile of Bitcoin using the current holdings of the U.S. government- most of which was seized by law enforcement activities. 

“Never sell your bitcoin… If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future," Trump said. 

Trump- who had in 2021 called cryptocurrency a scam, has courted the sector with his recent campaigning efforts. His campaign accepts donations in crypto, and the former president has also released his own collection of non-fungible tokens. 

Trump also vowed to fire Securities and Exchange Commission Chair Gary Gensler, who has maintained a regulatory crusade against the crypto industry.