Trump’s Speech at Bitcoin Conference Will Mark a Pivotal Moment for Crypto

Crypto has graduated from the sidelines to join political campaigns in a formal role. It’s no longer just a casual mention to win over specific voter groups or secure fundraising donations. Instead, it now carries legitimate weight and importance, symbolized by its association with a key political figure at a notable crypto event featuring a popular digital currency.

It’s unusual for presidential candidates to invest time in states where their victory is virtually assured. Tennessee, for instance, is a stronghold for Trump or any Republican candidate in the 2024 elections, given Biden’s weak performance compared to previous Democratic contenders like Bill Clinton. However, instead of focusing on traditional campaigning methods in swing states, Trump is attending a Bitcoin conference there during the hectic campaign season. This strategy can be viewed as an alternative approach to reach out to specific voter groups or demonstrate support for certain issues, similar to addressing military voters in airplane hangars and union voters at factories with Teamsters present.

Despite the statistics indicating that a large portion of the population doesn’t use or possess crypto, it remains incorporated into Trump’s reelection campaign strategy. The Republican Party has included crypto in its platform materials under the “Champion Innovation” umbrella, alongside “Artificial Intelligence” and “Expanding Freedom, Prosperity, and Safety in Space.”

Trump’s attendance at the event in Nashville signifies that the conference’s substance takes precedence over its venue. There exists a significant number of crypto enthusiasts who could impact Trump’s support with their votes, focusing on this issue alone.

The Republicans are competing among themselves, primarily against each other, to establish the reputation of being the most crypto-friendly party in the US. For instance, figures like Florida Governor Ron DeSantis have made public statements opposing Central Bank Digital Currencies (CBDCs), potentially positioning themselves as anti-China and pro-capitalist. Additionally, there has been a concerted effort within the House of Representatives to overturn President Biden’s veto on a pro-crypto resolution, with this action largely aligning along party lines, except for one Republican dissenter and support from 21 Democrats.

It seems that in this election period, crypto has emerged as a symbol of individual liberty for Republican voters, making it an appealing stance even for Trump, who previously criticized cryptocurrencies. In 2019, Trump tweeted his disapproval of Bitcoin and other cryptocurrencies, labeling them as not real money with unstable values based on nothing more than thin air. He also expressed concern about the potential for these unregulated assets to enable illegal activities, such as drug trading. However, in 2021 during a Fox Business interview, Trump referred to Bitcoin as a scam against the dollar.

Earlier this year, during a dinner at Mar-a-Lago, I heard him express his approval for cryptocurrencies by stating, “If you’re pro-crypto, then you should consider voting for me.”

Clearly, there are votes to be won and Trump wants them.

50 million voters, 100,000 votes: It’s going to get weird

It’s time for a dose of authenticity. With approximately 50 million crypto holders according to Coinbase’s estimate, can we truly assume that each one is solely focused on cryptocurrencies when casting their votes?

No. Of course not.

Last year in an interview with CoinDesk’s Marc Hochstein, Ryan Selkis, founder of crypto research firm Messari and a prominent figure in the crypto community known for his criticism of the SEC and Senator Elizabeth Warren’s stance against cryptocurrencies, acknowledged that not every crypto holder would support a pro-crypto political candidate.

But you don’t even need that to win.

In some states, the winning or losing margin is just a matter of tens of thousands of votes. Therefore, it’s not necessary for half a million people to adopt a single issue. Instead, focusing the efforts of a few hundred thousand individuals in strategic locations would make a significant impact.

The 2024 U.S. presidential election is expected to be decided by a narrow margin of approximately 100,000 votes in the contested states. Consequently, it’s crucial for candidates to secure as many votes as possible in these high-stakes regions. Notably, President Biden seems disinterested in engaging with or wooing the crypto community’s support (an oversight I believe, as being anti-crypto won’t necessarily sway voters away from a candidate provided the stance is well-articulated). As a result, every single-issue voter advocating for cryptocurrencies is more likely to cast their ballot for Trump and encourage others to do the same.

Additionally, the conference in Tennessee is an attractive event that draws people from various parts of the country. Trump isn’t addressing Tennessee residents specifically; instead, he’ll be speaking to a broad and geographically dispersed group of American voters (provided Bitcoin enthusiasts participate in elections).

The logic behind crypto’s mainstream acceptance is becoming increasingly compelling. Despite its peculiarities, cryptocurrency has made its way into the limelight and will continue to do so. This means strange occurrences like Secret Service agents at Bitcoin conferences, mainstream media coverage beyond finance or tech reporters, and even statements from political figures like President Trump advocating for domestic production of crypto.

I guess that when the going gets weird, the weird turn professional.

As someone with extensive experience in the cryptocurrency industry and having worked closely with various publications, including CoinDesk, I want to clarify that while I wholeheartedly support the editorial independence of this platform, my personal perspectives conveyed in my articles may not align perfectly with those of CoinDesk, its team, or its stakeholders.