Why crypto is backing Trump despite him calling it a ‘scam’

Former President Donald Trump is scheduled to speak at Bitcoin Conference on July 27th despite previously calling the cryptocurrency a “scam.” BTC Inc. CEO and organizer of the Bitcoin Conference David Bailey joins Asking for a Trend to discuss the conference and Trump’s pivot on bitcoin (BTC-USD).
“We’re thrilled to have the president speaking in what is going to be a historic speech on bitcoin policy and his agenda as of the new administration. We’ve been working with the Trump campaign for several months, advising them on different policy platform items that our industry cares about, our community cares about, and really helping lay the case for the amount of votes and the amount of dollars that our industry can deliver for the campaign… Donald Trump is a businessman first and foremost, and he sees a good opportunity. And Bitcoin is the greatest opportunity for this country,” Bailey explains.
He notes that many in the cryptocurrency industry are single-issue voters, and with Trump backing bitcoin, he has gained much of the industry’s support. He adds, “the way the Biden administration has treated the bitcoin and crypto community has been horrendous… they’ve suggested tax regimes for our industry that if implemented would devastate the American bitcoin industry, they’ve targeted bitcoin miners claiming that they are fundamentally dangerous to the environment when in fact, bitcoin miners are investing billions of dollars into America’s infrastructure and energy infrastructure. The list goes on.”
Bailey stresses that “bitcoin is bipartisan,” and that with Biden targeting the industry, the industry is “going to defend itself.” By aligning with Donald Trump, he claims that the industry is “going to send a message to the Democratic Party that that they’re on the wrong side of this issue. And that it would be much more productive for them to work with our industry rather than to banish our industry. There are over 50 million Americans that own bitcoin and other cryptocurrencies. That is a massive voter bloc. And there used to be an old political adage that people vote their pocketbook. Bitcoin is people’s pocketbooks today. So the Democratic Party is misaligned with the public.”
#CRYPTO #TRUMP #bitcoin

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