Although Trump raised $21 million at the Bitcoin conference, his current election situation is not optimistic

Former President Donald J. Trump became the first major candidate to address a cryptocurrency conference, raising $21 million during the Bitcoin 2024 event.

This figure was confirmed by David Bailey, CEO of Bitcoin Magazine.

The event took place at the Nashville Music City Center and was part-organised by Senator Bill Hagerty, R-Tenn. It attracted around 100 attendees, marking Trump's second-largest fundraiser.

Trump has garnered support from the cryptocurrency community, pledging to overhaul U.S. regulatory frameworks. This support has been visible through his campaign trail, with several key industry figures backing him.

The event's RSVP invitation revealed that participation in a "roundtable" with Trump cost $844,600 per person, while a photo opportunity was priced at $60,000. Notable attendees included Gemini co-founders Tyler and Cameron Winklevoss, as well as celebrities Kid Rock, Jake Paul, and Billy Ray Cyrus.

Crypto Community's Backing

David Bailey described the donations as a mix of contributions from "industry and whales/OGs." Before the conference, Trump's campaign had already raised $4 million in cryptocurrency, including $2.15 million from just 19 donors.

Trump, on stage, claimed to have raised a total of $25 million in crypto.

Trump's previous financial disclosures in 2022 showed personal crypto holdings between $100,000 and $250,000. His campaign has amassed $221 million, with $128 million in cash on hand, according to Federal Election Commission filings.

Fairshake's Influence

The rise of Fairshake, a super political action committee with over $202 million, has been notable. It focuses on supporting pro-crypto politicians. The U.S. election cycle is viewed by many in the crypto industry as crucial, especially in the face of past regulatory challenges.

Former Messari CEO Ryan Selkis expressed concerns, stating that a Democratic victory could be detrimental to crypto's future in the U.S.

Trump's changing stance on encryption

Trump has notably shifted his stance on cryptocurrencies, becoming a significant advocate. His address at the Bitcoin 2024 conference, where he proposed creating a strategic bitcoin reserve and pledged to dismiss SEC Chairman Gary Gensler, resonated with many.

Contributions to his campaign from prominent figures like Jesse Powell of Kraken and the Winklevoss brothers highlight this newfound alliance, although some funds were returned due to exceeding donation limits.

Trump has no absolute advantage in defeating Harris

Compared to Biden, Harris, as Biden's candidate, poses a greater threat to Trump.

At the time of writing, according to the presidential election prediction given by the decentralized gambling platform polymarket, Trump’s probability of 59% is higher than Harris’s 38%. Compared with the probability of Biden and Trump’s election, there is a difference between the two. There is a huge gap. Trump’s previous victory rate against Biden was overwhelming.