Bitcoin price rally predicted ahead of Donald Trump’s ‘historic’ crypto speech

The price of bitcoin is nearing its all-time high amid rumours that Donald Trump will announce plans for a strategic reserve of the cryptocurrency.

Trump will deliver a keynote address at the Bitcoin 2024 conference in Nashville this week, marking the first time that a US presidential candidate has appeared at the industry-leading event. The exact content of the speech is not yet known, though claims from the organisers that it will be “historic” have led to positive price predictions from some market analysts.

The Republican nominee has positioned himself as the “crypto president” in recent months, having previously dismissed bitcoin as a “scam”. His recent pick for running mate, Ohio Senator JD Vance, is also a bitcoin investor, marking the first time that a frontrunner in the presidential race has been overtly pro bitcoin.

“Whether [Trump] is a bitcoiner or not is yet to be seen,” Danny Scott, the chief executive of crypto exchange CoinCorner, told The Independent ahead of Bitcoin 2024. “His recent pro-bitcoin stance is a smart move as it helps him rake in the votes from a fairly large community and industry.”

The price of bitcoin is up more than $10,000 (£7,800) since the start of July and is now less than $10,000 away from its all-time high of $74,000.

Other industry figures noted that Donald Trump’s stance on crypto may ultimately not matter if his other economic policies are favourable to the cryptocurrency space.

Billionaire crypto investor Mark Cuban said last week that, if elected, Trump could oversee a “crazy” period of massive gains for bitcoin and other cryptocurrencies.

“It’s a bitcoin play. Not because the former president is a far stronger proponent of crypto. That’s nice. But doesn’t really impact the