What You Need to Know About the Bitcoin Conference Chaired by Donald Trump

Top line

Former president and onetime bitcoin detractor Donald Trump will speak at Bitcoin 2024 in Nashville, Tennessee this weekend, alongside other political figures seeking to bolster his rebranding as a crypto president ahead of Election Day.

Trump will speak at Saturday's press conference. (Photo by Brandon Bell/Getty Images)

Getty Images Highlights

Billed as the world's largest Bitcoin conference, the three-day event held at the Music City Center convention center features a wide range of speakers such as independent presidential candidate Robert F. Kennedy Jr., political commentator and comedian Russell Brand, and former Republican presidential candidate Vivek Ramaswamy.

The conference features educational panels, networking opportunities and entertainment experiences such as a screening of Karate Combat/Influencer Fight Club and a screening of a Bitcoin film, God Bless Bitcoin, which features interviews with the likes of billionaire Dallas Mavericks owner Mark Cuban and skateboarding legend Tony Hawk.

Trump will deliver a 30-minute keynote address on Saturday on the final day of the conference, in a speech that will likely attempt to woo voters and capitalize on the support he has already received from key cryptocurrency figures like the Winklevoss twins.

Tickets to the conference are expensive, starting at $699 and going up to $21,000 for a single ticket, although potential attendees can get tickets at a 21% discount if they buy them with bitcoin.

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Surprising fact

Edward Snowden, the whistleblower behind one of the largest leaks of classified documents in the history of the National Security Agency, is set to speak from Russia on Friday and called cryptocurrency the most significant monetary advancement since the creation of money.

Tangent

Bitcoin fell more than 2% to just under $65,000 Thursday afternoon, after stagnating for the past three months, posting gains of a fraction of a percent. It has surged more than 53% since the start of the year.

Large number

$1.8 million. That's the amount of bitcoin Trump supporters have donated to the Republican candidate through the end of June, according to the Wall Street Journal.

Key context

The Bitcoin conference has historically been used by public figures and companies as an event to announce partnerships and initiatives. In 2021, El Salvador’s President Nayib Bukele announced at the event that the country would make bitcoin legal tender. Attendance has been spotty in recent years, with 25,000 people showing up for the convention in 2022 (when the cryptocurrency market suffered one of its worst crashes) and 12,000 in 2023, according to Bloomberg. Bitcoin 2024 has yet to release attendance figures, though high-profile speakers like Trump could generate more tickets than in previous years.

What did Donald Trump say about Bitcoin?

Trump has warmed to cryptocurrencies as Election Day approaches, abandoning the skepticism he had toward them years ago. In 2019, while president, he said he was not a fan of bitcoin and other cryptocurrencies, calling their values ​​highly volatile and based on nothing in a tweet. He also told Fox News that in 2021, bitcoin simply seemed like a scam, “saying he didn’t like it because it’s another currency competing with the dollar.” Since then, Trump has embraced cryptocurrencies, allowing his supporters to donate to his campaign in bitcoin and choosing a running mate in J.D. Vance, R-Ohio, who supports and owns at least $100,000 worth of bitcoin. The cryptocurrency market could benefit from Trump’s November victory, with bitcoin remaining sensitive to the election as its price is positively correlated with the probability of a Trump victory, according to Bernstein analysts led by Gautam Chhugani. Vice President Kamala Harris, Trump’s Democratic opponent, is likely to adopt the regulation-focused crypto policies of her former running mate, President Joe Biden.

Further reading

Billionaire Winklevoss Twins Donate $2 Million in Bitcoin to Support Donald Trump (Forbes)

Are Trump and Vance Good For Bitcoin? Here's Why the Market Thinks So, Even Though Trump Called It a Scam. (Forbes)

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