Bitcoin climbed back toward $81,000 on Thursday as traders looked ahead to Federal Reserve Chair Kevin Warsh’s scheduled speech on digital payments and financial innovation.
The cryptocurrency reached $80,793 during New York trading before easing to around $80,236. Bitcoin was up more than 2% over 24 hours and had gained approximately 10% over the previous week.
Fed speech puts crypto policy in focus
Warsh is expected to speak on Friday at the Federal Reserve Bank of Kansas City’s annual Jackson Hole economic symposium in Wyoming. This year’s event, titled “Financial Innovation: Implications for Payments and Policy,” will examine changes in financial intermediation and payments, including the role of cryptocurrencies and stablecoins.
The appearance would be Warsh’s first major address as Federal Reserve chair. He has previously made supportive comments about Bitcoin but has been reluctant to reduce interest rates. President Donald Trump, who nominated Warsh, has repeatedly called for lower borrowing costs.
Bitcoin and other non-yielding assets have historically benefited from lower interest-rate environments, which can reduce the opportunity cost of holding them.
Regulatory and bond-market developments support risk appetite
Bitcoin’s recent advance also followed developments in U.S. crypto policy and Treasury markets. A vote on the long-awaited crypto Clarity Act has been delayed until September, but Trump recently described the legislation as a “very, very powerful” bill and urged lawmakers to pass it.
The proposed legislation would establish rules for determining whether digital assets are securities, commodities or payment stablecoins—distinctions the crypto industry has sought for years.
U.S. Treasury Secretary Scott Bessent also said last week that the department would double the size of its purchases of longer-dated bonds. The announcement pushed long-term yields lower, potentially making non-yielding assets such as Bitcoin and gold more attractive while supporting broader risk appetite.
