I don’t care about politics at all. I don’t fully support former President Donald Trump’s policies or his entire vision for America. However, as a strong supporter of cryptocurrency, I must acknowledge the benefits of Trump possibly winning the election in November. At this point, it’s very likely to happen — which isn’t surprising, since he almost became a martyr in Pennsylvania.

At the risk of over-emphasizing the point, the Biden administration isn’t actually crypto’s biggest ally. Rarely has a technology been so demonized under a Democratic administration. Banks are fearful, regulators are flailing, and crypto adoption is stagnant. But here’s the thing: Trump’s election could change all that relatively quickly.

I won’t argue that Trump has always been a supporter of cryptocurrency. A quick Google search shows that starting in January 2019, during his first term in the White House, he explicitly stated that he was not a fan of “Bitcoin and other cryptocurrencies, which are not currencies and whose value is highly volatile and created out of thin air.” Ouch.

Fast forward to July 2024, and he’s scheduled to speak at Bitcoin Nashville. In June, he held a closed-door meeting with Bitcoin miners in an effort to monopolize the industry in the U.S. The tide is turning, and crypto needs to tap into the political clout that’s now unexpectedly on the table.

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While these broader market trends are important, let’s not forget the catalyst that’s just around the corner: Bitcoin Nashville. I’ll be there, and I’m curious to see how Trump performs for 30 minutes on the famous Satoshi stage.

The Bitcoin Factor

While these broader market trends are important, let’s not forget the catalyst that’s just around the corner: Bitcoin Nashville. I’ll be there, and I’m curious to see how Trump performs for 30 minutes on the famous Satoshi stage.

Of course, this is undoubtedly an important part of his appeal to voters. But the timing couldn’t be better. BlackRock, the world’s largest asset manager with over $20 billion in Bitcoin assets under management, will also be attending the Nashville conference, thanks to the approval of a Bitcoin ETF in January. Momentum is building, and all the big players, from corporations to politicians, are pulling in the right direction.

Trump's support for crypto is good for crypto. We can disdain his policies all we want, but everyone in the industry should take notice. Crypto needs to be open to the political tides as it attracts its first billion users. Hopefully, we also recognize that we do need TradFi for the foreseeable future, and we need more mainstream adopters. We can no longer devote resources to fighting the anti-crypto movement. We should focus those resources on growing the industry.