Republican presidential candidate Donald Trump is rallying the crypto community to help him unseat Democrats in the upcoming elections.
The former president showed up at Nashville’s Music City Center after a huge fundraising event that targeted wealthy crypto executives, raising tens of millions of dollars.
Credits: CoinDesk
Thousands of Bitcoin enthusiasts waited for hours to see him. Trump began by thanking the event’s organizers and mentioning several big names in crypto, like Tyler and Cameron Winklevoss, the founders of Gemini, and MicroStrategy’s Michael Saylor.
Trump warns against democrats
On stage at the Bitcoin Conference, Trump made it clear that he believes the U.S. simply must be a crypto leader. Speaking to over 3,000 attendees, he said:
“If we don’t do it, China will do it. And Bitcoin is going to the moon. There’s never been anything like it. One day it probably will overtake gold.”
Trump compared crypto to the steel industry of 100 years ago, saying it’s still in its early stages but has enormous potential. He warned that if Democrats keep the White House, it would be a disaster for crypto. In his words:
“If they win this election, every one of you will be gone. They will be vicious. They will be ruthless. They will do things you wouldn’t believe. But right now, because of me, they’re leaving you alone.”
The warning evidently resonated with many in the audience who see the current administration as hostile towards crypto, as they cheered him on.
Are Democrats trying to fix things with the crypto industry?
Crypto became a hot topic in the 2024 election race in late May when Trump declared himself the industry’s candidate. He declared, apparently, that:
“If you’re in favor of crypto, you’re gonna vote for Trump because they want to end it.”
The Democrats, meanwhile, are facing pressure from within to change their opinion on crypto.
In a letter to the Democratic National Committee Chair Jaime Harrison, 14 House members and 14 candidates running in various districts advised the party’s leadership to adopt a more favorable approach to crypto and blockchain technology.
They pointed out that there’s a public perception that the party is hostile toward the industry, mainly due to the current SEC’s approach.
“There is a public perception that the party holds a negative viewpoint on digital assets, largely due to the current SEC’s approach to these transformative technologies.”
The letter argued that this hostility doesn’t reflect the party’s progressive and inclusive values and suggested that a new leader could help change that perception.
The lawmakers and candidates who signed the letter believe that digital assets are non-partisan and that the Democratic Party should support these innovations to reaffirm the U.S.’s position as a leader in the global digital economy.
Kamala Harris. Credits: Getty
They called for the DNC to include pro-crypto language in their platform, likely in response to the Republican National Committee’s that defended the right to mine Bitcoin and opposed a central bank digital currency.
The letter also advised Kamala Harris to replace SEC Chair Gary Gensler with a more “pro-innovation” regulator if she wins.
