Donald Trump’s Cryto Gambit: Wooing Voters with Bitcoin

Former President Donald Trump will speak at Bitcoin 2024, an annual conference that serves as a gathering for fans of the original cryptocurrency, later this month in Nashville, organizers announced on Wednesday. Trump’s booking as the headline act at the industry’s largest conference underscores his bid to court crypto voters and harvest their dollars, a quest that has accelerated over recent months.

Bitcoin Conference

Trump, the presumed Republican presidential nominee, will headline the conference on July 27, speaking on the main stage in a 30-minute address. Details of what he will discuss have not been disclosed. David Bailey, CEO of BTC Inc., the organizer of the Bitcoin Conference, told Fortune in a statement that Trump will “share his vision for the future of the American Bitcoin industry and its impact on the U.S. economy.”

“As Biden piles regulations and red tape on all of us, President Trump stands ready to embrace new technologies that will Make America Great Again,” his campaign wrote in its call for crypto dollars.

Donald Trump

In May, his campaign began accepting donations via a host of cryptocurrencies, including memecoin Shiba Inu. Then, just weeks later, Bloomberg reported that Trump has turned to Elon Musk for guidance on his crypto policy. Shortly after, he hosted a handful of publicly traded Bitcoin miners at his Mar-a-Lago estate. Following the visit, Trump wrote in a Truth Social that Bitcoin mining may be “our last line of defense against a CBDC,” referring to a central bank digital currency. He added that all Bitcoin should be “MADE IN THE USA!!!”

Elon Musk

On one hand, research suggests that digital assets don’t even rank in the top 10 key issues for voters. So, why has Trump not only changed his tune on crypto but made it a key priority in his campaign? Well, while crypto may be trumped by issues like the economy, civil rights, and immigration, a Harris Poll survey published in May found that one-fifth of voters in swing states “consider cryptocurrency policies as a topic important enough to sway their support.”

Harris Poll

Moreover, Trump knows crypto has money—money the industry is willing to throw at pro-crypto candidates. That’s because, for crypto, a lot hinges on this election, not least because the current Securities and Exchange Commission administration’s remains hostile towards crypto. Under Chairman Gary Gensler, enforcement actions last year rose by 53% compared with the prior year, according to data compiled by the consultancy firm Cornerstone.

Gary Gensler

As a result, crypto is throwing money at the problem. As of May 31, the political action committee Fairshake raised around $178 million to lobby crypto-friendly candidates. Meanwhile, fellow PAC Stand with Crypto, launched by Coinbase, saw its membership surpass 1 million on June 4, surging immediately after President Joe Biden’s May 31 veto of SAB 121, a measure that would have overturned the SEC’s policy that prevents traditional financial companies from holding on to their customers’ crypto on their behalf. Stand with Crypto has raised around $179 million so far.

Coinbase

Trump’s gambit to woo crypto voters may pay off, but it’s a high-risk strategy that could also alienate traditional voters. As the campaign heats up, one thing is certain: Trump’s Bitcoin bet will be an interesting one to watch.