Former President Donald Trump, who once slammed cryptocurrency as a “scam,” is now set to headline the Bitcoin 2024 conference in Nashville. His dramatic shift from critic to supporter of digital assets demonstrates the growing political interest in crypto, making this event a key milestone for the industry.
Crypto Goes Mainstream
Trump’s appearance at the Bitcoin 2024 conference on the event’s final day highlights the growing political clout of the cryptocurrency sector. Alongside Trump, Republican figures like Vivek Ramaswamy, Senator Bill Hagerty of Tennessee, and Senator Cynthia Lummis of Wyoming will also be speaking. This lineup reflects how digital assets are increasingly capturing the attention of prominent politicians.
Crypto Industry’s Rising Influence
The cryptocurrency industry is rebounding strongly after a turbulent 2022, marked by high-profile failures such as FTX. Today, digital asset enthusiasts are making their presence felt in politics. David Yermack, a professor at NYU’s Stern School of Business, noted, “For most of its history, crypto was really a nonpartisan issue,” but added that “the Republicans in the last year or two have begun to move a little more quickly in the area.”
Stand With Crypto, a nonprofit group supported by Coinbase (COIN), now claims over 1.3 million advocates. Pro-crypto super PACs (Political Action Committee) like Fairshake, Defend American Jobs, and Protect Progress have raised over $230 million to support pro-crypto candidates. Fairshake, in particular, has spent over $10 million targeting California Democrat Katie Porter, who lost her primary after questioning Bitcoin mining’s environmental impact.
Trump’s Crypto Engagement
Trump’s newfound enthusiasm for cryptocurrency includes recent meetings with Bitcoin mining firms at Mar-a-Lago. Jayson Browder of Marathon Digital Holdings praised Trump’s receptiveness, stating, “Former President Trump has been more than receptive and is now being an active supporter of our industry.” As cryptocurrency continues to shape political discourse, Trump’s involvement could signal a shift in policy and priorities in the upcoming election cycle.
What Is the Price of Bitcoin?
At the time of writing, BTC is sitting at $64,078.
