Trump Addresses Cryptocurrency Conference

Former President Donald J. Trump became the first major candidate to address a cryptocurrency conference on Saturday, reportedly raising $21 million during the Bitcoin 2024 event, according to Bitcoin Magazine CEO David Bailey.

The funds primarily originated from The Bitcoin Conference fundraiser for Trump, held at the Nashville Music City Center, which followed his much-anticipated speech. Organized in part by Sen. Bill Hagerty, R-Tenn., the event had approximately 100 attendees and represented Trump’s “second highest fundraiser ever.”

Trump has strategically courted the cryptocurrency vote, gaining support from leading figures in the industry after promising to reform the U.S. regulatory environment. Throughout his campaign, he has actively engaged with the crypto community and raised funds from prominent voices.

According to an RSVP invitation received by The Block, a “roundtable” with the former president cost $844,600 per person, while a photograph was priced at a minimum of $60,000. Notable attendees included Gemini co-founders Tyler and Cameron Winklevoss, along with celebrities Kid Rock, Jake Paul, and Billy Ray Cyrus, according to Fox journalist Eleanor Terrett on X.

David Bailey, CEO of Bitcoin Magazine, stated on X that the funds raised came from a combination of industry participants and affluent donors. In addition to the millions collected during the Nashville event, Trump’s campaign reported raising $4 million in cryptocurrency since it began accepting digital asset donations in May, before the conference; over $2.15 million was contributed by just 19 donors. Consequently, Trump claimed on stage that he had already raised $25 million in crypto.

Previously, Trump reported having personal holdings between $100,000 and $250,000 in cryptocurrency in 2022. His campaign has raised a total of $221 million and currently holds $128 million in cash, according to Federal Election Commission filings.

Crypto’s Support Grows

The news arrives as cryptocurrency-focused Fairshake has become the largest super political action committee, boasting over $202 million to support pro-crypto politicians. Recently, several industry leaders have endorsed and funded Trump’s campaign and other supportive politicians from various parties.

After experiencing years of hostility from regulators and government officials, industry members see the current U.S. election cycle as critical for their future. “If Dems win, it’s over for crypto in the U.S.,” said former Messari CEO Ryan Selkis in a message to The Block.

Trump has emerged as an unexpected advocate for the industry, especially given his previous stance against crypto. His recent positive shift has garnered support from some of crypto’s top personalities, particularly following his 48-minute address at the Bitcoin 2024 conference, where he announced the establishment of a strategic bitcoin reserve and vowed to dismiss crypto-skeptical SEC Chairman Gary Gensler.

Notably, exchange heads Jesse Powell of Kraken and the Winklevoss brothers of Gemini have each donated at least $1 million to Trump’s campaign in recent weeks, though some funds were returned for exceeding the donor threshold.