Former President Donald J. Trump has made headlines once again, this time for his impressive fundraising efforts at the Bitcoin 2024 conference. On Saturday, Trump addressed the cryptocurrency community at the Nashville Music City Center, where he raised a staggering $21 million, according to Bitcoin Magazine CEO David Bailey.
The fundraiser, organized in part by Sen. Bill Hagerty, R-Tenn., was a significant event within the crypto world, attracting 100 high-profile attendees. This amount represents Trump’s “second highest fundraiser ever,” underscoring the growing synergy between politics and the cryptocurrency sector.
Trump’s appeal to the cryptocurrency community has been evident over the past few months. His campaign has actively courted support from key figures within the industry, promising substantial reforms to the U.S. regulatory environment. This commitment appears to have resonated with many in the crypto space, who have been vocal about the need for regulatory clarity and support.
According to an RSVP invitation obtained by The Block, attending a “roundtable” with Trump cost $844,600 per person, while a photo opportunity was priced at $60,000. Notable attendees included Gemini co-founders Tyler and Cameron Winklevoss, as well as celebrities like Kid Rock, Jake Paul, and Billy Ray Cyrus, as reported by Fox journalist Eleanor Terrett on X.
David Bailey, CEO of Bitcoin Magazine, highlighted that the funds raised came from a mix of industry insiders and influential figures. “Came from a combo of industry and whales/OGs,” Bailey noted on X.
In addition to the substantial sum raised at the Nashville event, Trump’s campaign had already garnered $4 million in cryptocurrency donations since May, before the conference. More than $2.15 million of this came from just 19 donors, contributing to Trump’s claim that he had raised $25 million in crypto.
Trump’s affinity for cryptocurrency seems to be a recent development. In 2022, he reported owning between $100,000 and $250,000 in crypto. His campaign’s total fundraising now stands at $221 million, with $128 million in cash on hand, according to Federal Election Commission filings.
The fundraising efforts come amid a broader trend of cryptocurrency-focused political action committees gaining prominence. Fairshake, a major super PAC backing pro-crypto politicians, boasts over $202 million in funds. The crypto industry’s support for Trump and other sympathetic politicians reflects a broader concern about the future of cryptocurrency regulation in the U.S.
Industry leaders, including Kraken’s Jesse Powell and the Winklevoss brothers, have donated substantial amounts to Trump’s campaign, although some contributions were returned for exceeding donor limits. This support highlights the crypto community’s strategic focus on the upcoming election, with significant implications for the industry’s future in the U.S.
Trump’s newfound embrace of cryptocurrency, once a domain he viewed with skepticism, has led to an unexpected alliance with some of the sector’s most influential figures. His 48-minute speech at the Bitcoin 2024 conference, where he announced plans for a strategic Bitcoin reserve and pledged to remove SEC Chairman Gary Gensler, has solidified his position as a significant figure in the ongoing crypto-political dialogue.
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