Trump to address friendly crowd at Bitcoin conference Saturday
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NASHVILLE, Tenn. — Donald Trump will deliver a keynote speech at a Bitcoin conference in Nashville Saturday.
Why it matters: His appearance at the United States' largest gathering of bitcoiners comes amid cryptocurrency's emergence as a wedge issue in the 2024 election. It's already caused some notable tech executives to pledge support — and donations — to the former president.
Catch up fast: Trump's head-spinning turnabout on cryptocurrency has brought more mainstream attention to the industry, and spurred hopes for favorable regulation.
- In May he made headlines by inviting holders of his NFT series to his home at Mar-a-Lago, where he committed to end the regulatory hostility to the industry if re-elected.
- Later than month he announced he'd be accepting crypto for campaign donations.
- And in June he met with Bitcoin miners, immediately afterward using his Truth Social account to implore crypto users to "vote for Trump," citing "Biden's hatred of Bitcoin."
The big picture: Industry participants are frustrated with the Biden administration for not making any progress on regulations that would legitimize the industry.
- Lack of clarity in regulation, the industry argues, has stifled innovation and growth in the sector.
- Crypto's had some recent successes in Washington, but has so far not been able to push legislation across the finish line.
The intrigue: Vice President Kamala Harris, a long-time friend of the tech industry, has reportedly been engaging some in the industry with questions since becoming the Democrat's likely nominee, but she's yet to publicly discuss a position on crypto.
Behind the scenes: There's lots of support for Trump on the ground in Music City through the first two days of the conference.
- There's swag that blends crypto names with Trump's campaign slogan, and boxes of t-shirts being given away that say "Free Ross Vote Trump," a nod to the bitcoin community's embrace of imprisoned founder of the online illegal drug marketplace Silk Road, who's sentence Trump has pledged to commute.
Follow the money: Bitcoin price is rising heading into the speech, up over 4% in the past 24 hours Friday, topping $67,800.
What we're watching: The question is whether Trump will focus his speech on the industry, or if it ultimately amounts to just another campaign stop.
