Trump Davos Speech: Bitcoin Rises Above $90k as U.S. President Aims To Sign CLARITY Act Soon

Bitcoin has climbed today amid the Trump Davos speech, reclaiming the $90,000 level after dipping to as low as $88,000 yesterday. The surge followed the U.S. president’s statement, in which he spoke on the CLARITY Act and also assured that they would not use force to acquire Greenland.

Bitcoin Rises Above $90,000 Amid the Trump Davos Speech

TradingView data shows that the flagship crypto rose above $90,000 and is trading at around $90,300 as of press time. BTC is also up over 2% on the day after dropping below $90,000 yesterday, hitting a low of $88,200.

The Bitcoin rise followed the Trump Davos Speech, in which he commented on the crypto market structure bill, stating that he hopes to sign the CLARITY Act soon. He also highlighted that he had already signed the GENIUS Act last year, even as he looks to ensure that the U.S. is the crypto capital of the world.

The U.S. president noted that the U.S. Congress was already working on the market structure regulation. He also alluded to the competition with China, stating that they hope to dominate the industry ahead of their Asian counterpart.

The Trump Davos speech sparked bullish sentiment, as the U.S. president also name-dropped ‘Bitcoin,’ with the flagship crypto rising to as high as $89,800 on the back of his comments on the crypto bill. This marked a major positive for the crypto market, as Bitcoin fell below $90,000 on the back of the president’s threats of tariffs on eight European nations over the U.S. plans to acquire Greenland.

Pledge Not To Use Force To Acquire Greenland

Trump also promised not to use force to acquire Greenland during his Davos speech. This statement also contributed to the Bitcoin surge, as there were fears that the U.S. was considering invading Greenland, as it had done with Venezuela. “I don’t have to use force, I won’t use force,” he said.

The U.S. president also called for immediate negotiations on the U.S. plans to acquire Greenland, urging Denmark to give up the island in the name of “world peace.” His comment on Greenland followed an earlier CoinGape report that the U.S. president had confirmed plans to discuss Greenland with the EU at Davos. 

The Trump Davos speech also included talks about the Fed and plans to nominate a new Fed chair soon. The U.S. president confirmed that he will be announcing the new chair in the “not too distant future.” He added that the U.S. currently has a terrible Fed chair in Jerome Powell, who is “always too late.”

CoinGape reported that the decision on the next Fed chair could come as soon as next week. Former Fed Governor Kevin Warsh is currently the favorite to succeed Powell. BlackRock’s Rick Rieder is also among the potential candidates for the Fed chair role.