Key Points
- Former U.S. President Donald Trump raised $25 million from the crypto industry at the Bitcoin Conference 2024.
- The event was attended by notable figures, and Trump announced a strategic Bitcoin reserve and regulatory reform plans.
Former U.S. President Donald Trump received significant financial backing from the cryptocurrency sector at the Bitcoin Conference 2024.
David Bailey, CEO of Bitcoin Magazine, the event host, disclosed that Trump’s fundraising efforts at the conference amounted to $25 million, marking it as one of his most successful fundraisers across his three presidential campaigns.
Fundraising at the Bitcoin Conference
The funds were mainly raised during the Bitcoin Conference fundraiser at the Nashville Music City Center on July 27, where Trump delivered a highly anticipated speech.
The event required a hefty $844,600 per person for a roundtable discussion with Trump, and a minimum of $60,000 for a photo opportunity with the former president.
The fundraiser saw approximately 100 attendees, including prominent figures such as 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 interaction with the crypto community seems to have been fruitful, earning him the support of several industry leaders.
Trump’s Crypto Initiatives
He announced a strategic Bitcoin reserve and expressed intentions to dismiss crypto-critic SEC Chair Gary Gensler, which resonated with many attendees.
Critics were quick to react to these developments. Economist Paul Krugman criticized Trump’s vice-presidential choice, JD Vance, in a New York Times article, labeling him a representative of “paranoid” Silicon Valley “tech bros” with a fondness for cryptocurrencies.
In response to this critique, Bailey defended Trump’s crypto initiatives and highlighted the significance of a potential U.S. president wanting to establish the country as the “crypto capital of the world” and create a strategic Bitcoin stockpile.
The substantial funding from the Nashville event is a significant addition to Trump’s campaign fundraising efforts.
In May, Trump announced his openness to accepting digital asset donations, leading to his campaign securing $4 million in crypto from industry leaders, including over $2.15 million from just 19 donors.
Meanwhile, independent presidential candidate Robert F. Kennedy Jr., another crypto-friendly candidate, has also gained popularity within the crypto sector.
Kennedy announced plans for Bitcoin integration into the U.S. economy during the Bitcoin Conference, promising to encourage the government to purchase Bitcoin until it matches the nation’s gold reserves.
Kennedy was the first candidate to accept crypto donations in May 2023, but there is no evidence that he secured any crypto funding during the Bitcoin Conference 2024 event.
