In a surprising twist, former U.S. President Donald Trump, who once called cryptocurrency a “scam,” is now headlining one of the industry’s most significant conferences, Bitcoin 2024, in Nashville. This shift reflects a broader change within the Republican Party, which is increasingly courting crypto votes and dollars by promising lighter regulation.
Trump is set to speak on the last day of the three-day convention, joining other notable figures like independent U.S. presidential candidate Robert F. Kennedy Jr., former Republican candidate Vivek Ramaswamy, and Senators Bill Hagerty and Cynthia Lummis. Among Democrats, U.S. Representative Ro Khanna will also be in attendance.
The cryptocurrency industry, which faced significant challenges in 2022 with the collapse of FTX and other companies, is rebounding. Advocates argue that crypto users are becoming a growing political force, although it’s unclear how many voters will prioritize crypto over other issues.
Historically, crypto was a nonpartisan issue, with both Republicans and Democrats showing limited interest. However, Republicans have recently started to embrace the industry more actively. This new alignment is evident in the efforts of groups like Stand With Crypto, a nonprofit backed by Coinbase, which has organized over 1.3 million advocates. Additionally, pro-crypto super PACs such as Fairshake, Defend American Jobs, and Protect Progress have raised over $230 million to support friendly candidates.
The influence of these efforts is already visible. For instance, Fairshake has spent over $10 million against California Democrat Katie Porter, who questioned bitcoin mining’s environmental impact, resulting in her losing the primary.
Despite only 7% of U.S. adults holding or using crypto in 2023, down from previous years, the industry’s lobbying efforts are growing. Critics, like Dennis Kelleher of Better Markets, argue that the industry aims to minimize regulation, prioritizing its interests over public welfare.
Trump’s newfound support for crypto is further illustrated by his recent actions, such as meeting with bitcoin mining companies and criticizing the Biden administration’s regulatory stance. Crypto executives are particularly frustrated with the SEC’s enforcement actions under President Biden, which they believe hinder innovation.
As the 2024 presidential election approaches, the crypto community sees potential in a second Trump presidency. Traders are betting on assets likely to benefit from his administration, with bitcoin being a prominent choice.
The Bitcoin 2024 conference is drawing more political attention than ever, with some joking that the speaker list resembles a Republican National Convention. This growing political involvement signals a significant shift in how the crypto industry is positioning itself within the U.S. political landscape.
