Coinspeaker Trump Secures $25M from Crypto Industry at Bitcoin Conference 2024
Former United States President Donald J. Trump has solidified its strong backing from the crypto industry. David Bailey, CEO of Bitcoin Magazine, which hosted the Bitcoin Conference 2024, revealed that Trump raised $25 million during the event, marking it as his “second highest fundraiser ever” across his three presidential campaigns.
The fund mainly stemmed from contributions made during the Bitcoin Conference fundraiser held at the Nashville Music City Center on July 27, following Trump’s much-awaited speech. According to an RSVP invitation, attending a roundtable discussion with Trump required $844,600 per person, while a photo opportunity with him cost at least $60,000.
The fundraiser event drew an attendance of around 100 individuals. Among the notable attendees were Gemini co-founders Tyler and Cameron Winklevoss, American singer-songwriter Kid Rock, professional boxer Jake Paul, and singer and actor Billy Ray Cyrus.
Trump’s engagement with the crypto community appears to have paid off, garnering support from some of the industry’s leading personalities. His pledge to reform the US regulatory landscape resonated with many in attendance. During the conference, he also announced a strategic bitcoin reserve and expressed his intention to fire the crypto-critic SEC Chair Gary Gensler.
Critics Respond but Bailey Backs
Critics, however, were quick to respond. In a Monday article for the New York Times, economist Paul Krugman criticized Trump’s vice-presidential pick, JD Vance, labeling him a representative of “paranoid” Silicon Valley “tech bros” who share an affinity for cryptocurrencies. Krugman argued that Bitcoin, despite being introduced 15 years ago, remains economically useless, save for its applications in money laundering and extortion.
Responding to Krugman’s critique, Bailey pointed out that Krugman has consistently underestimated both the internet and Bitcoin over the past decade. He states:
“What the critics might not understand is that the former and likely next president of the USA being quoted in the NYT as wanting to “be the crypto capital of the world” and establish “a strategic Bitcoin stockpile” carries weight.”
The massive funding from the Nashville event adds to the Trump campaign’s major fundraising efforts. Notably, in May, the presidential candidate announced that he is open to accepting digital asset donations. This resulted in his campaign securing $4 million in crypto from industry leaders, including over $2.15 million from just 19 donors.
Another Bitcoin-Friendly Candidate
Meanwhile, Trump’s rival and independent presidential candidate Robert F. Kennedy Jr. has also gained popularity in the crypto sector. During the Bitcoin Conference event, he also announced big plans for Bitcoin, including its integration into the US economy.
He has promised to push the government to buy Bitcoin until it matches the nations’ gold reserves. Interestingly, Kennedy was the first candidate to welcome crypto donations in May 2023. However, there is no evidence that he secured any crypto funding during the Bitcoin Conference 2024 event.
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Trump Secures $25M from Crypto Industry at Bitcoin Conference 2024
