On Saturday, crypto advocates will tune into perhaps the most anticipated political speech in the industry’s short history: former president Donald Trump’s address at the Bitcoin 2024 conference, which is currently underway in Nashville.
At a crucial juncture in the 2024 presidential election, what with the recent attempt on Trump’s life and the shake-up at the top of the Democratic ticket, the eyes of the nation will be on Nashville tomorrow with crypto locked in as the topic of discussion.
Trump’s 30-minute speech, set for Saturday at 2pm local time (3pm ET), is perhaps equally as important to crypto stakeholders in its symbolism as in its substance.
Just months ago, it would have likely been unthinkable for such a prominent political figure—at one of the most crucial junctures of his political life, no less—to attend and endorse an industry gathering like Bitcoin Nashville.
During Trump’s first term in office, he expressed skepticism about Bitcoin and other digital assets, labeling himself “not a fan.” Once out of office, Trump gave his stamp to officially licensed NFT collections, racking up millions of dollars’ worth of sales in the process.
But only in recent months has Trump rebranded as a full-throated defender of the industry, pushing the Republican National Committee to include pro-crypto language in its party platform for the first time ever.
One potential impetus for that pivot has been the remarkable amount of money injected into the 2024 election from American crypto companies and executives. Fairshake, an industry super PAC, has already amassed some $203 million this election cycle, making it the biggest independent political spender in 2024.
Trump himself has already raked in millions of dollars in crypto contributions to his campaign, as well, though the vast majority of that haul came from crypto executives rather than citizens not employed within the industry.
While Trump’s appearance tomorrow is already significant in and of itself, industry advocates have hopes that his speech will articulate concrete pro-crypto policies that voters should expect to see implemented if the former president retakes the White House.
Topping many crypto users’ wish lists, to that end, is a commitment from Trump that he will incorporate Bitcoin into the strategic reserves of the U.S. government.
Building off the Republican Party’s newly adopted pro-crypto platform, others expect him to offer plans to protect Bitcoin mining rights, prevent the establishment of an American central bank digital currency (CBDC), and put to bed the U.S. Securities and Exchange Commission’s aggressive and years-long crackdown on crypto firms.
Trump has already earned substantial goodwill from the crypto industry by even opting to attend one of its largest gatherings. Whether attendees get granular policy specifics from Trump—a famously tangent-prone public speaker—or generalized platitudes, they’ll have to wait until Saturday afternoon to find out.
Edited by Andrew Hayward
