Bitcoin surged to its highest level in over six weeks, reaching approximately $69,745, following remarks by Donald Trump. Over the weekend, Trump stated that he would end the “persecution” of the cryptocurrency sector if elected US President.

On Monday, the cryptocurrency’s value increased by over 3%, hitting its peak since June 12, when it briefly surpassed $69,800. Trump’s supportive comments were made at the Bitcoin 2024 convention in Nashville, Tennessee, where he also pledged to position the US as the global leader in cryptocurrency and adopt a more pro-bitcoin stance compared to his competitor, Kamala Harris.

The former president pledged to end the “anti-crypto crusade” of Joe Biden and Kamala Harris if he were to take office. He warned that without embracing cryptocurrency technology, the US risks falling behind as China and other countries advance in this field. Trump emphasized the need to prevent China from dominating the crypto space.

Trump also promised to remove Gary Gensler, the chair of the Securities and Exchange Commission (SEC), on his first day in office, drawing cheers from the audience. Gensler, a known critic of cryptocurrencies, had previously approved Bitcoin exchange-traded funds (ETFs) but described Bitcoin as a “speculative, volatile” asset linked to illegal activities such as ransomware and terrorist financing. Since 2023, the SEC has taken over 40 enforcement actions related to cryptocurrency.

At the convention, Trump proposed the creation of a presidential advisory council on cryptocurrency and a national “stockpile” of Bitcoin, using the cryptocurrency seized in law enforcement actions.

“Never sell your bitcoin,” Trump said. “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 US government currently holds or acquires into the future.”

The Financial Times also reported on Saturday that Harris’s advisers had approached top crypto companies to try to “reset” the relationship between the Democratic party and the sector. Approaches had been made to the Coinbase crypto exchange, the stablecoin company Circle and the blockchain payments group Ripple Labs, the FT said.