Trump Raises $21 Million in Campaign Funds at Bitcoin 2024 Conference

Bittime - On July 27, Donald Trump managed to raise approximately $21 million in campaign funds during his attendance at the Bitcoin 2024 conference. This was the first time Trump spoke at the Bitcoin 2024 conference.

Trump Campaign Fundraiser

Some of Trump’s campaign funds came from a fundraising event held at Music City Center, Nashville. The event was attended by about 100 participants, making it the second largest fundraiser in Trump campaign history.

The cost of attending a "round table meeting" with Trump came to $844,600 per person, while taking a photo with him cost a minimum of $60,000. Some industry luminaries in attendance included Tyler and Cameron Winklevoss, co-founders of Gemini, as well as celebrities such as Kid Rock, Jake Paul, and Billy Ray Cyrus.

Cryptocurrency Industry Supports Trump

Trump's promise to reform regulation in the United States has received widespread support from the crypto industry. Since starting accepting digital asset donations in May, the Trump campaign had raised $4 million in cryptocurrency before the conference began, with more than $2.15 million coming from just 19 donors.

As of 2022, Trump reportedly owns between $100,000 and $250,000 in cryptocurrency. To date, the Trump campaign has raised a total of $221 million with cash reserves of $128 million.

Impact of the 2024 Bitcoin Conference

The Bitcoin 2024 conference is an important moment for Trump to convey his vision about the future of cryptocurrencies in the United States. 

In his 48-minute speech, Trump announced his plan to create a bitcoin strategic reserve and vowed to fire crypto-skeptic SEC Chairman Gary Gensler.

Reaction from Crypto Players

The reaction from crypto players to Trump's speech was very positive. Figures such as Kraken's Jesse Powell and Gemini's Winklevoss have each donated at least $1 million to Trump's campaign in recent weeks, although some of the funds were returned due to exceeding allowable donation limits.

As support from the crypto industry increases, the super pro-crypto political action committee Fairshake has grown to become the largest with a budget of over $202 million to support pro-crypto politicians. 

Over the past few weeks, many industry figures have expressed support and funded the campaign of Trump as well as other pro-crypto politicians from across parties.

The Future of Crypto Under Trump

The crypto industry sees the 2024 US election cycle as currently considered a very important moment. Former Messari CEO, Ryan Selkis, stated that if the Democrats win, then the crypto industry in the US may experience major difficulties. 

In contrast, Trump has emerged as a strong advocate for the industry, especially after showing greater interest in crypto in recent months.

Trump is now seen as a hero for the crypto industry, especially after his previously critical stance towards these digital assets. The support shown by some of the biggest names in the crypto industry shows that Trump has the potential to be a figure who can help steer regulation in a more favorable direction for crypto development in the United States.

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