Bitcoin soared to $106, 494 today (Thursday), fueled by reports of an upcoming phone call between U.S. President Donald Trump and El Salvador's pro-Bitcoin leader, Nayib Bukele.

The prospect of two influential leaders discussing crypto sent ripples through the market, causing speculation about the future of Bitcoin as a reserve asset.

Under Bukele's leadership, El Salvador has transformed into a renowned destination in the cryptocurrency world after becoming the first country to adopt Bitcoin as legal tender in 2021.

Trump and Bukele's Crypto Connection

The nation has since accumulated over 6,000 BTC, currently valued at approximately $622 million. Bukele's crypto-centric policies have positioned El Salvador as a hub for digital innovation, capturing global attention.

Adding fuel to Bitcoin's rise was Trump's previous pledge to create a national Bitcoin reserve. On the campaign trail last year, Trump emphasized his vision of the U.S. becoming a dominant force in the digital asset sector.

JUST IN: 🇺🇸🇸🇻 President Trump to hold call today with El Salvador's pro-Bitcoin President Nayib Bukele. pic.twitter.com/8igFaQhStt

— Watcher.Guru (@WatcherGuru) January 23, 2025

The call with Bukele has stirred speculation that Bitcoin could feature prominently in their conversation, Coindesk reported. Bitcoin's price initially surged over 3% in early trading, reaching session highs following the report of the Trump-Bukele call.

Gains erased earlier losses, with Bitcoin posting a 2.2% increase over the past 24 hours. Elsewhere, Senator Cynthia Lummis also hinted at significant crypto news earlier in the day, further stoking market anticipation.

However, the Senate Banking Committee's subsequent confirmation of her role as chair of the digital assets subcommittee dampened some of the excitement. The market speculates that Trump's interest in crypto aligns with his broader ambitions to position the U.S. as a leader in blockchain technology.

Honored to chair the Senate Banking Subcommittee on Digital Assets. pic.twitter.com/mWj2hKA0NQ

— Senator Cynthia Lummis (@SenLummis) January 23, 2025

Market Reactions to Speculation

The idea of using Bitcoin as a strategic reserve asset has gained traction globally, with El Salvador leading the charge. Trump's call with Bukele could signal a shift in how major economies view and integrate digital assets.

Amid the heightened speculations, Bitcoin's trading volume soared to an astonishing $130 billion on Wednesday, marking one of the highest daily volumes in the cryptocurrency's history.

According to data from Checkonchain, Wednesday's trading volume of $130 billion stands among the highest ever recorded. Since Donald Trump's U.S. election victory in early November, Bitcoin's daily trade volume reportedly doubled from an average of $65 billion.

The futures market led the surge with an impressive $110 billion in volume, making it the fifth-largest futures trading day ever recorded. Bitcoin's increasing liquidity and high trading volume could make it attractive for institutional investors.

According to Glassnode data, Bitcoin options trading exceeded $3 billion in the last 24 hours, further highlighting the cryptocurrency's expanding ecosystem.