Trump Secures $25 Million at Bitcoin Conference 2024

Former US President Donald J. Trump has significantly bolstered his financial backing from the crypto industry. David Bailey, CEO of Bitcoin Magazine, reported that Trump raised $25 million during the Bitcoin Conference 2024, marking it as his second-largest fundraising event across his three presidential campaigns.

Details of the Fundraiser

The funds were raised at a high-profile fundraiser held at the Nashville Music City Center on July 27, following Trump’s keynote speech. Attendance at a roundtable discussion with Trump required a contribution of $844,600 per person, while a photo opportunity with him cost at least $60,000. The event was attended by around 100 individuals, including notable figures such as Gemini co-founders Tyler and Cameron Winklevoss, singer Kid Rock, boxer Jake Paul, and actor Billy Ray Cyrus.

Trump’s Crypto Engagement

Trump’s engagement with the crypto community appears to have resonated well. He announced plans for a strategic Bitcoin reserve and expressed his intention to replace SEC Chair Gary Gensler, a known critic of cryptocurrencies. This stance aligns with his pledge to reform the US regulatory landscape for digital assets.

Criticism and Defence

Critics, including economist Paul Krugman, have questioned Trump’s crypto connections. Krugman labelled Trump’s vice-presidential pick, JD Vance, as representative of “paranoid” tech enthusiasts, arguing that Bitcoin remains economically redundant except for illicit uses. In response, Bailey defended Trump, highlighting that Krugman has historically underestimated both the internet and Bitcoin. He emphasised that Trump’s vision to establish a strategic Bitcoin reserve carries significant weight.

Previous Fundraising and Competition

The $25 million raised adds to Trump’s impressive fundraising record. In May, Trump’s campaign announced it was accepting digital asset donations, leading to $4 million in crypto contributions from industry leaders. In contrast, Robert F. Kennedy Jr., Trump’s independent presidential rival, also made strides in the crypto sector but did not secure crypto funding at the conference. Kennedy had previously welcomed crypto donations and proposed integrating Bitcoin into the US economy.