Donald Trump could fundraise $15 million during the Bitcoin Conference. David Bailey, the CEO of Bitcoin Magazine, is the driving force behind the former president’s pro-crypto initiatives.
The recent unsuccessful assassination attempt on Trump’s life renders his attendance at the Conference, scheduled to take place from July 25 to 27, to be a dangerous venture. Nonetheless, Bailey verified that the president is still determined to attend in person, and the organizers are bolstering security measures.
Trump’s decision to take crypto donations has resulted in substantial earnings for his campaign, as a result of his support for crypto. Cameron and Tyler Winklevoss, the inventors of the Gemini exchange, each contributed $1 million in Bitcoin to Trump’s campaign in the wake of the announcement. In the same vein, Kraken’s creator, Jesse Powell, made substantial Ethereum donations to the former President.
Trump will have access to the most significant pro-crypto audience in the lead-up to the elections at the Bitcoin Conference, with an anticipated attendance of 20,000 attendees. Additionally, the fundraiser may serve as an opportunity to evaluate Trump’s popularity among pro-crypto voters, as many anticipate that the presidential candidate will provide additional information regarding his crypto-related policies at the event.
The former president has emerged as one of the most outspoken advocates for the cryptocurrency sector in recent months. When he assumes the presidency, he has pledged to guarantee that the industry achieves the regulatory clarity it seeks. Nevertheless, detractors contend that his endorsement of cryptocurrency is a deliberate strategy to gain an advantage over his opponent.
In the interim, the forthcoming fundraiser is a component of a burgeoning trend of cryptocurrency donations to support candidates who advocate for the cryptocurrency industry, such as Donald Trump. In the past month, crypto companies have contributed to these candidates through PACs that are dedicated to the removal of anti-crypto legislators in the upcoming election. Fairshake, a prominent super-PAC, received $160 million in donations from supporters in May, including Ripple, Coinbase, and a16z.
The “Trump Pump” effect has been explicitly associated with the recent gains in Bitcoin by market analysts. Santiment, a blockchain analytical platform, has observed that the present favorable sentiment regarding Trump may persist throughout the remainder of the year.
Santiment further stated, “Regardless of your political viewpoint (or lack thereof), it is important to consider the extent to which these market reactions will persist in response to any significant US political news for the duration of 2024, particularly in a sector that is always speculative, such as cryptocurrency.”
QCP, a crypto market creator, substantiated this perspective by stating that the news regarding Trump acted as a catalyst for the rally. The firm also stated that the market is already preparing for a Trump victory in the upcoming November election.
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