The crypto industry eagerly anticipates the 2024 US Presidential elections, largely due to Donald Trump’s pro-crypto pivot. After being critical of Bitcoin in the past, the former President made a U-turn, praising Bitcoin and saying that the US should be a crypto leader. 

Most recently, reports surfaced that Trump is in talks to speak at the Bitcoin 2024 convention in Nashville. His participation will further boost market confidence in crypto, potentially leading to a more favorable regulatory environment in the country. 

Trump to Speak at Bitcoin 2024 Convention

According to Axios, Former President Donald Trump is in talks to deliver a keynote speech at the Bitcoin 2024 convention, which will take place in Nashville from July 25 to 27, 2024. This event, hosted by Bitcoin Magazine, is the largest annual gathering for Bitcoin enthusiasts and industry leaders.

During his presidency, Trump often expressed skepticism about cryptocurrencies, famously calling Bitcoin a “scam.” However, he recently completely reversed his stance. Trump went so far as to say he would become the “crypto president” during a fundraising event in San Francisco in June 2024, where he raised $12 million. 

Trump’s reversal on crypto has major significance for crypto trading and investment, which lacks a clear regulatory environment. Notably, the country’s most powerful securities regulator, the US Securities and Exchange Commission (SEC), is perceived as outright hostile to crypto. 

Trump Supports Bitcoin Mining

In addition to favorable views on Bitcoin, Trump also endorsed crypto mining, a controversial industry due to its large energy needs and perceived environmental impact. Notably, Trump exclaimed, “We want all the remaining Bitcoin to be made in the USA!” 

Trump’s view on crypto mining goes hand-in-hand with his support for the energy sector, as well as his skeptical views toward climate change. In his earlier statements, Trump criticized the Biden administration for its stance on coal, natural gas, and fracking. 

The shifting energy priorities of the two potential administrations will significantly impact crypto, especially for mining. Therefore, the election outcome will set the future of crypto mining on two completely divergent paths, and could even decide between its viability in the US. 

On the Flipside

Several crypto projects have started cashing in on Trump’s popularity. One of these is the DJT token, launched by convicted securities fraudster Martin Shkreli, who falsely claimed the token has Trump’s backing. 

Media personality and Trump supporter Caitlyn Jenner claimed that some of the profits from her JENNER coin would go to the Trump campaign. 

Why This Matters

Thanks to Trump’s U-turn on crypto, the election will have a major impact on the future of the crypto industry in the US in the coming years. More lax regulations could help grow the industry, but could also expose traders to more risks. 

Source : DailyCoin - Jun 25, 2024