Thousands of bitcoin enthusiasts gathered for hours on Saturday to hear former U.S. President Donald Trump speak at the Bitcoin Conference in Nashville.
Trump’s Bold Crypto Promises
In his speech, Trump vowed to establish a “strategic national bitcoin reserve” and promised the government would “never sell” its seized bitcoin. This commitment solidified his position among the crypto voting and fundraising community.
Crypto Community’s Expectations
Before the event, there was much anticipation among crypto fans about Trump potentially announcing such a reserve. Speaking before over 3,000 attendees, Trump expressed his desire for bitcoin to be “mined, minted, and made in the U.S.” He then presented a comprehensive crypto policy covering stablecoin regulation and the right to self-custody bitcoin.
Bitcoin’s Political Journey
Trump’s speech marked bitcoin’s transition from a niche internet phenomenon to a significant political topic. Once scorned as the currency of darknet markets, bitcoin has now gained mainstream attention. Trump emphasized the importance of embracing digital assets to prevent China from dominating the field. He likened crypto to the steel industry of a century ago, predicting it would one day surpass gold in value.
Criticism of Opponents
Trump warned that a Democratic win in the upcoming election would be disastrous for the crypto industry. He claimed Democrats would be ruthless, endangering the future of digital assets. If elected, Trump promised to fire SEC Chair Gary Gensler, a figure disliked in the crypto world, and establish a bitcoin and crypto advisory council.
Campaign Fundraising Success
Trump’s appearance at Nashville’s Music City Center followed a significant fundraising event, raising tens of millions from crypto executives. Thousands camped out to see Trump, who has recently embraced crypto after previously criticizing digital assets. He is the first president to attend a bitcoin event, signaling a major shift in his stance.
Acknowledging Crypto Leaders
In his speech, Trump thanked the event organizers and acknowledged notable figures like Tyler and Cameron Winklevoss of Gemini, and Michael Saylor of MicroStrategy.
Crypto’s Role in the 2024 Election
Crypto became a major issue in the 2024 election when Trump declared himself the industry’s candidate. His support has caused a shift among well-connected voters who previously backed Democratic candidates but now see Trump as an ally against perceived regulatory overreach from the Biden administration.
Financial Backing from Crypto Industry
At the conference, Trump’s new stance on crypto was met with financial support from industry leaders, including a fundraiser charging nearly $900,000 per ticket. Down-ballot candidates also held fundraisers, highlighting the importance of the 2024 election for the crypto community.
Biden Administration’s Stance
The Biden administration has not engaged with the crypto community, even mocking Trump NFT buyers. Vice President Kamala Harris’s potential candidacy might offer a chance for Democrats to reconsider their position, but no significant changes have been made yet.