The transformation of former US President Donald Trump from a Bitcoin skeptic to an advocate has stunned both political and financial communities. This seismic shift which culminated at the Bitcoin 2024 conference in Nashville was a concerted effort by a trio of influential Bitcoin proponents, led by David Bailey, CEO of media group BTC Inc. Their concerted efforts have not only reshaped a former presidentâs views but also spotlighted the power of targeted influence within the burgeoning Bitcoin sector, as a new report by CNBC shows.
How Trump Became Pro-Bitcoin
Bailey was the initiator of the effort and orchestrated a campaign aimed at educating and converting Trump to the potential benefits of Bitcoin. This initiative began in the quiet ambiance of a Puerto Rican steakhouse and culminated on the vibrant stage of Nashvilleâs Music City Center. Bailey aimed to align Bitcoin with Trump’s focus on American industrial supremacy and energy independence.
The crucial strategy session took place at Bottles, a steakhouse in Guaynabo, Puerto Rico. Here, Bailey, alongside Amanda Fabiano and Tracy Hoyos-LĂłpez, began their concerted effort to shift Trump’s perspective on Bitcoin. âWe were at dinner with a bunch of people, and David was like, âHey, Iâve been talking to the administration, and I want to do a roundtable on mining, Can we chat this weekend?ââ Fabiano revealed.
Her deep connections in the mining sector and Tracy Hoyos-LĂłpez’s legal expertise and political acumen were instrumental in lending credibility and orchestrating the logistics of these high-level discussions. Their backgrounds provided the necessary legitimacy to persuade Trump of the industryâs significance and viability.
âWithout Amanda, we wouldnât have had the legitimacy to sell that this is a legitimate business. She is the mining queen. Sheâs got all the miners. […] If you want to be taken seriously, you have to take serious people. And it doesnât get any more serious than miners,â Hoyos-LĂłpez said.
Following the initial meetings, Bailey facilitated a roundtable at Trump’s Mar-a-Lago estate, bringing together leading Bitcoin mining executives to discuss strategic issues directly with Trump. This session allowed Trump to engage with the technical and economic aspects of BTC mining, framed as a solution to the US energy deficit and a counterbalance to technological competition from abroad.
This roundtable was not just informational but also a strategic demonstration of the industry’s potential to mobilize significant financial resourcesâa key factor in Trumpâs eventual advocacy, as per the report. âThat roundtable really set off like, âOK, this industry is real, and theyâre showing up with dollars, and theyâre showing up with actual smart things to say and agenda items that are important to America,â Fabiano revealed.
However, when asked who is ultimately responsible for Donald Trump taking the âorange pillâ, Bailey is humble. âThere is no necessarily single person whoâs responsible for orange-pilling him. I think in terms of him having a 180 on this topic, that is really a very natural thing. In that sense, I think itâs kind of a match made in heaven,â he said.
At the Nashville Bitcoin 2024 conference, Trump publicly declared his support for BTC, marking a complete reversal from his previous stance. His speech emphasized the desire to have all remaining Bitcoin âmined, minted, and made in the USA.â
Moreover, Trump announced that he would create a strategic BTC reserve. âIt will be the policy of my administration to keep 100 percent of all Bitcoin the US government currently holds or acquires in the future as a core of the strategic national Bitcoin stockpile,â he said.
At press time, BTC traded at $63,042.
