Key Takeaways:
Former US President and Republican frontrunner for the White House, Donald Trump, is set to speak at the Bitcoin 2024 convention in Nashville later this month, according to the event’s organizers.
Trump Declares Support For Bitcoin And Pledges To Protect Users
Over the last few months, the billionaire has positioned himself as the champion of the crypto industry. His embrace of crypto has contrasted with President Biden’s angst towards it.
During a fundraiser event in San Fransisco in June, Trump slammed the Biden administration and Democrats for attempting to put regulatory burden on the industry. Technologists, venture capitalists, and crypto executives who were at the venue raised more than $12 million for his campaign.
Earlier last month, some of America’s biggest private and public Bitcoin miners participated in a meeting at Mar-a-lago where they tried to explain to the 45th President the merits of the world’s largest cryptocurrency by market capitalization.
Representatives from Riot Platforms, Marathon Digital Holdings, Terawulf, CleanSpark, Core Scientific, Arkon Energy, Cholla Energy, and Exacore were at the gathering. These technologists are responsible for securing the $1.3 trillion Bitcoin network.
Following the meeting, Trump declared his unwavering support for Bitcoin mining and the crypto industry. In a post made on Truth Social, he wrote that Bitcoin mining may be “our last line of defense against a CBDC”.
Trump Wants All Remaining Bitcoin To Be Mined In The US, Making It “Energy Dominant”
Trump criticized Biden for his action against Bitcoin mining, which he argued only helps China and Russia. The real estate mogul believes the industry will help the US become “energy dominant” and, hence wants all the remaining Bitcoin to be mined in the country.
With the Biden administration supporting anti-crypto bills like the SAB-21, the industry is looking for a strong alternative in Trump.
Bitcoin 2024 organizers said that Trump announced his support for the American Bitcoin industry and advocated for financial freedom and growth of the US Bitcoin industry on the global stage.
During a recent rally in Wisconsin, Trump said he would “end Joe Biden’s war on crypto” and ensure that the future of crypto and Bitcoin will be “made in America”.
Trump’s outreach has been well received by industry veterans. Cameron and Tyler Winklevoss, the billionaire twins who co-founded cryptocurrency exchange Gemini, donated $1 million each in BTC to his 2024 presidential campaign. Reasoning their support of the leading candidate for the Oval Office, the twins said Trump would be a “pro-Bitcoin, pro-crypto, and pro-business” president.
Is Trump’s Pro-Crypto Stance A Strategy To Gain Votes?
During his presidency, Trump was heavily critical of Bitcoin and cryptocurrencies, even calling it a scam. However, since the turn of the year, he has been increasingly bullish on its prospects.
In April, Trump launched an NFT collection on the Solana blockchain, which was swooped by his supporters. He is also accepting donations in cryptocurrencies and has pledged to defend the rights of those who choose to self-custody their assets.
At the Libertarian National Convention, held in Washington in May, Trump vowed to keep Senator Elizabeth Warren, a strong critic of Bitcoin, away from investors.
Come November, a Trump presidency looks to be the most likely bullish scenario for Bitcoin and the crypto market. Standard Chartered bank’s digital assets research head Geoff Kendrick recently wrote that he expects BTC to hit a price of $100,000 per token in the lead-up to the election and $150,000 by the end of the year If Trump wins.
While some of the top industry players are optimistic about the future of crypto with Trump, others think his statements are just a gimmick to get elected.
Toby Cunningham, host of the Crypto Tips podcast, wrote in an X post that “Bitcoiners have lost the plot” by inviting politicians to speak at a Bitcoin conference. He said that he missed the days when people in space understood the fact that Bitcoin “makes politicians and the central banks that control them obsolete”.
CryptoQuant CEO Ki Young Ju asked whether Trump is willing to turn the US into a Bitcoin nation or if is it a strategy to gain votes. Prominent crypto analyst Willy Woo stated that the billionaire’s upcoming address at the Bitcoin 2024 conference could be majorly for votes.
The Bitcoin 2024 Conference will take place from July 25-27. The event organized by the Bitcoin Magazine is the largest crypto-related event of the year.
Trump wouldn’t be the only presidential candidate to speak at the convention.
Independent contender Robert F. Kennedy Jr. is also slated to speak there, as are former Republican candidate Vivek Ramaswamy and Senators Bill Hagerty and Masha Blackburn.
At the time of writing, Bitcoin (BTC) is trading at $57,934 – up 0.34% in the last 24 hours.
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