Blockchain
Donald Trump to Speak at Bitcoin Conference in Nashville, Tennessee
Presumptive Republican presidential nominee Donald Trump is expected to speak at the next Bitcoin Conference in Nashville, Tennesseelater this month. While this would be the first time a presidential candidate has attended the conference, it has sparked debate over whether Trump will receive support from the cryptocurrency community in the upcoming election.
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Moe VelaSenior Advisor to Unicoin and former senior advisor to Joe Biden, told Quartz in an email that it’s a smart move. “I think it’s inevitable that Trump’s presence at the Bitcoin conference will increase his support from the crypto community. It’s a strategic move from a political perspective,” Vela said.
He said that at Bitcoin Conference, scheduled for July 25-27Trump will say nothing but political bluster and sycophancy. “He’ll just say what his audience wants to hear. Not long ago, he was criticizing cryptocurrency and denouncing it.”
This election year, Trump declared himself a “crypto candidate” at a gala at Mar-a-Lago. Later, he announced that he would accept Donations in Bitcoin, Ether, Dogecoin, Solana and other cryptocurrencies.
His stance on cryptocurrency represents a significant reversal. A few years ago, he denounced Bitcoin as “a scam against the US dollar” and said that central bank digital currencies are “very dangerous.” In recent years, he has said that cryptocurrency is “a disaster waiting to happen” and that “he’s not a fan of it.” But now he says he’s “good” with cryptocurrencies.
After hearing Trump make several pro-crypto statements during his campaigns, President Biden’s re-election campaign is following suit and considering accepting donations in Bitcoin and cryptocurrencies. Not only that, but the Democrats’ tone on Bitcoin and other cryptocurrencies has changed. Those who have traditionally opposed it are now singing a more pro-cryptocurrency tune, distancing itself from Democratic Senator Elizabeth Warren’s tough stance on BitcoinUnder Biden’s leadership, the U.S. House of Representatives passed a unique cryptocurrency market structure bill two months ago, which aims to regulate the sector as a whole.
The cryptocurrency community is eager to see what both leaders, and especially Trump, have to say and do about cryptocurrencies. Trump has not yet stated how he intends to support the growth of cryptocurrencies and blockchain through policies. However, met with cryptocurrency miners last month and said that all remaining Bitcoin should be created in the United States
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But that doesn’t mean the crypto community is more likely to support Trump than Biden, Vela said in the email. That’s because the crypto community is a diverse demographic, with a large number of millennials, Gen Z, and young professionals, he added.
Vela said it’s not too late for the Democratic Party to gain support from the crypto community, but it’s clear that time is running out. “If the Democratic Party and the Biden campaign were to come up with a balanced policy and regulatory approach, they would still be able to attract a lot of people to the crypto community,” he said.
In this election year, cryptocurrency companies are contributing millions of dollars to political campaigns. This is a new trend, reflecting the awareness that cryptocurrency has become a significant political topic and its future could be affected by the outcome of the US presidential election. For example, Coinbase, the largest cryptocurrency exchange in the US, recently donated $25 million in June to support Fairshake, a super political action committee that aims to help elect pro-crypto candidates by voting to expel anti-crypto politicians from Congress.
The Winklevoss twins, founders of the cryptocurrency company Gemini, donated 15.47 Bitcoin or $1 million in June to support Donald Trump campaign. Tyler Winklevoss posted on X that the Democratic administration of President Biden has “openly declared war on cryptocurrencies,” while Cameron Winklevoss he wrote that Trump is “pro-Bitcoin, pro-cryptocurrency, and pro-business.”
Jesse Powell, CEO of cryptocurrency exchange Kraken, has donated $1 million to Trump’s campaignHe wrote that the Biden administration has allowed an “unchecked regulatory campaign through enforcement.”
Vela agreed that at this point, it is clear that the Trump campaign is outsmarting the Biden campaign when it comes to cryptocurrency as a policy issue in this campaign. He said the Biden campaign should increase its efforts to reach out to the cryptocurrency community.
Amid the crypto and election chaos, the much more important question is how crypto will impact finance and our future. “Both candidates and parties need to come to the realization that crypto is here to stay and is an integral part of the future of our country and our economy,” he said.