Photo by Donald Trump’s upcoming speech at a Bitcoin conference in Nashville marks a pivotal moment for cryptocurrency. Despite injuries sustained in a recent shooting, Trump is still scheduled to speak in person, cementing cryptocurrency as a mainstream political topic.
Trump began courting crypto voters at a Mar-a-Lago dinner earlier this year.
The industry has been begging for legitimacy since its inception, and Trump’s appearance represents a significant step forward. It’s no longer just a throwaway line to appease a particular demographic or fundraising PAC; crypto is officially on the campaign trail.
Trump’s decision to speak at the conference is a strategic one. He’s not simply trying to appeal to a specific group of voters; he’s targeting a key demographic that could make a significant difference in the election. With 52 million Americans owning cryptocurrency, according to Coinbase, it’s a demographic that cannot be ignored.
The bitcoin logo, a symbol of cryptocurrency.
The GOP has been positioning itself as the pro-crypto party, with Trump’s appearance being the latest example. The party has added crypto to its official platform marketing materials, and figures like Florida Gov. Ron DeSantis have made anti-CBDC official declarations in an effort to appear pro-capitalism and anti-China.
Florida Gov. Ron DeSantis, a pro-crypto advocate.
Trump’s about-face on cryptocurrency is a significant shift. In 2019, he tweeted that he was not a fan of Bitcoin and other cryptocurrencies, claiming they were not money and were highly volatile. However, earlier this year, he voiced his support for crypto, saying “if you’re in favor of crypto, you better vote for Trump.” It’s clear that he sees the potential for crypto to influence the election.
Crypto charts, a symbol of the industry’s growth.
But just how important is the crypto vote? According to Ryan Selkis, founder of crypto research firm Messari, it’s not about having 50 million single-issue voters. It’s about targeting the right areas and winning over a smaller, but still significant, number of votes. In an interview with CoinDesk’s Marc Hochstein, Selkis acknowledged that not everyone who holds crypto will vote for the pro-crypto candidate, but that doesn’t matter. What matters is winning over the voters who will make a difference.
Ryan Selkis, founder of Messari.
The 2024 presidential election is shaping up to be a unique one. With crypto now solidified as a mainstream political topic, it’s going to be interesting to see how candidates position themselves on the issue. Trump’s appearance at the Bitcoin conference is just the beginning.
The Bitcoin conference, where Trump will speak later this month.
