Cryptocurrency Price Movements Today: Bitcoin Briefly Tops $71K
Bitcoin (BTC) briefly topped $71,000 early Monday, riding high on the optimism from the Bitcoin 2024 conference in Nashville over the weekend, before reversing course and falling 2% to around $67,000 as of 2 p.m. ET.
Speaking at the Bitcoin 2024 conference, former U.S. President Donald Trump said if he comes back to the White House, his administration would not sell any bitcoin the U.S. government currently holds, or acquires in the future, in effect creating a «strategic national bitcoin stockpile.»
The U.S. government holds bitcoin and crypto assets that are often seized as a part of enforcement actions.
Additionally, Republican U.S. Senator Cynthia Lummis of Wyoming announced a bill that would go one step further and add to this strategic stockpile with purchases amounting to 5% of the total bitcoin supply over a set number of years.
Independent candidate for president Robert F. Kennedy Jr. also spoke at Bitcoin 2024, where he announced a plan similar to Lummis'. He said if elected, he would via executive orders have the more than 200,000 bitcoin held by the U.S. government transferred to the Treasury as a «strategic asset,» and direct the Treasury to purchase 550 bitcoins every day till the the reserve grows to 4 million bitcoins.
Trump also said that he would replace U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. Gensler has been heavily criticized for the SEC's enforcement actions against the crypto industry.
Crypto is becoming a hotter topic of conversation around the U.S. Presidential election.
Twenty-eight Democratic lawmakers and candidates sent a letter to the party's national committee chair seeking a reversal of the party's stance on bitcoin and crypto, Politico reported.
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