Trump and Republicans Seek Crypto Support at Bitcoin 2024 Conference

Former President Donald Trump, who once criticized cryptocurrency as a "scam," is now the main speaker at one of the industry's biggest events. Trump, who made this comment in 2021, will speak on the final day of the Bitcoin 2024 conference in Nashville. Other Republican speakers include former candidate Vivek Ramaswamy, Tennessee Senator Bill Hagerty, and Wyoming Senator Cynthia Lummis. Democratic Representative Ro Khanna of California is also on the list.

Crypto Industry Rebounds

The cryptocurrency industry is recovering after the collapse of companies like FTX in 2022, which caused a big drop in token prices and many bankruptcies. Crypto supporters believe that users of digital currencies are becoming a more important political group in this election.

Republicans Promise Less Regulation

The Republican Party is trying to win over crypto supporters by promising less regulation. This could link a currency designed to bypass government control with a major U.S. political party. David Yermack, a professor at New York University, noted that Republicans have recently started showing more interest in crypto.

Crypto's Growing Political Influence

Stand With Crypto, a nonprofit supported by Coinbase, has organized over 1.3 million supporters. Three major pro-crypto political groups—Fairshake, Defend American Jobs, and Protect Progress—have raised over $230 million to support candidates who favor crypto. Fairshake spent over $10 million this year against California Democrat Katie Porter, who lost her Senate primary after questioning bitcoin mining's environmental impact.

Trump's New Support for Crypto

Some big names in crypto, like the Winklevoss twins, have shown support for Trump. They each donated $1 million in bitcoin to his campaign but had to take it back due to federal limits. In 2023, 7% of U.S. adults held or used crypto, down from previous years, according to a Federal Reserve report. Despite this, the annual Bitcoin convention is attracting more politicians than ever.

Trump's Shift Towards Crypto

Trump's participation in Bitcoin 2024 shows his growing support for the industry. At a June fundraiser, he criticized Democratic efforts to regulate crypto. He also met with bitcoin mining companies at his Mar-a-Lago resort, where Jayson Browder of Marathon Digital Holdings praised Trump's openness to the industry. Trump wants to see more bitcoin mining in the U.S.

Crypto Industry vs. SEC

Crypto executives are unhappy with the SEC's actions under President Joe Biden. The Biden administration is working with Congress to create rules to manage crypto's risks and benefits. If elected, Vice President Kamala Harris is expected to continue Biden's crypto policies.

Investors Bet on Trump

Investors who believe Trump will win are investing in crypto, seeing it as a good way to benefit from his potential presidency. Cameron Dawson of NewEdge Wealth said crypto is a "clear and direct" investment for those betting on Trump's return.

Crypto Enthusiasts and Political Shifts

Hillary Adler, co-founder of BitcoinOS and a conference attendee, noted her shift from Democratic to left-libertarian views. She is undecided about her vote but sees Republicans as more supportive of crypto now. She believes Republicans have always been good at long-term strategies, and now they are focusing on crypto.

Also Read: Crypto Industry Looks to Benefit from Possible Trump Re-election