Former President Donald Trump is set to deliver a speech at the Bitcoin 2024 Conference in Nashville, Tennessee, this weekend, amid growing speculation that Trump may announce Bitcoin as a strategic reserve asset for the United States. This change could have a significant impact on the entire cryptocurrency industry.
Bitcoin Contributions Support Trump and Vance’s Platform
According to a CNBC reportTrump has raised over $4 million in campaign contributions from a variety of digital assets, including Bitcoin, Ethereum (ETH), XRP, Circle’s stablecoin USDC and several memecoins, ahead of their highly anticipated appearance at the conference.
According to the report, the contributions were made through the joint fundraising committee “Trump 47,” which raised more than $118 million between April 1 and June 30.
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The report also indicates that at least 19 donors contributed more than $2.15 million in Bitcoin to the committee, with contributions from 12 states, including some considered “key battleground regions.”
CNBC found that the donors’ occupations ranged from homemakers to U.S. military officers, missionaries, painters, sales representatives and State Department security technicians.
Cryptography figures The Winklevoss twins, Tyler and Cameron, founders of the US-based cryptocurrency exchange Gemini, each contributed more than $1 million in Bitcoin. Meanwhile, Mike Belshe, CEO of digital asset security firm BitGo, donated $50,000 in cryptocurrency.
These contributions reflect growing support for Trump in the crypto industry, which represents a significant shift from his previous stance during his time in the White House.
Support behind Trump’s 2024 bid
Trump’s pivot toward a pro-crypto stance has been gradual. Still, it has gained momentum in recent months with moves like the launch of his non-fungible token (NFT) on the Solana blockchain in April, who has since made increasingly bullish comments about the cryptocurrency.
Furthermore, the former president’s appearance at the Bitcoin Conference in Nashville, where he will also host a fundraising event, is seen as a strategic move to solidify his position as the pro-crypto candidate for the 2024 presidential elections.
The report noted that tickets for the event range from $60,000 per person for a photo with Trump to $844,600 per person for a seat at a roundtable with the former president.
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The former president’s support for cryptocurrency self-custody, his promise to defend the rights of those who choose to do so, and his pledge to keep Senator Elizabeth Warren and “her henchmen” away from Bitcoin holders have endeared him even more to the crypto community.
of Trump decision naming Ohio Senator J.D. Vance as his running mate was also seen as a victory for the crypto sector. Vance has advocated for looser regulation of cryptocurrencies and disclosed his Bitcoin holdings.
At the time of writing, the market’s largest cryptocurrency was struggling to find support at the $65,130 level after a 2% price drop in the early hours of trading on Thursday.
Featured image of DALL-E, chart from TradingView.com