David Bailey, CEO of Bitcoin Magazine, is reportedly organizing a fundraiser aiming to raise $15 million for former President Donald Trump’s reelection campaign. Scheduled to occur “later this month,” the event may coincide with or follow the Bitcoin Conference in Nashville, according to sources cited by the Washington Post.
Fundraiser Details and Political Context
The fundraiser is strategically timed with the official nomination of Trump as the Republican Party’s presidential candidate at the Republican National Convention. This event underscores Trump’s continuing influence and support within the cryptocurrency community.
Trump’s Participation Despite Recent Events
Despite surviving an assassination attempt on July 13 during a Pennsylvania rally, Trump remains committed to speaking at the Bitcoin Conference in Nashville, Tennessee. David Bailey confirmed Trump’s participation, assuring attendees of the former president’s good spirits.
Legal Challenges and Potential Overturn
Trump has faced significant legal hurdles, having been convicted of 34 felony counts for falsifying business records in May. However, a recent opinion from the conservative-led Supreme Court may challenge this conviction. Trump’s sentencing is scheduled for September, weeks before the US election.
Evolving Stance on Cryptocurrencies
Trump’s popularity among the crypto community has grown, partly due to his recent change in stance on cryptocurrencies. Previously critical of Bitcoin, labeling it a “scam,” Trump has since vowed to end the Biden administration’s “war on crypto” if re-elected. He has also criticized Biden’s harsh stance on cryptocurrencies, advocating for the United States to lead in the crypto industry.
Crypto Community’s Influence on Elections
A Harris Poll survey indicates that one in three US voters consider a candidate’s position on cryptocurrencies when voting. Another survey by crypto venture capital firm Paradigm shows significant support for Trump within the crypto community for the 2024 Presidential Election.
Prediction Markets and Betting Trends
Prediction traders are favoring Trump with a 69% chance of victory, followed by President Joe Biden at 19%, Vice President Kamala Harris at 6%, and former First Lady Michelle Obama at 2%. Decentralized predictions platform Polymarket has seen record trade volumes driven by the upcoming election, recording $116.4 million in volume in the first half of July alone.
Polymarket also concluded a successful $70 million Series B funding round led by Peter Thiel’s Founder Fund, with participation from Ethereum co-founder Vitalik Buterin.
Conclusion
The upcoming fundraiser organized by Bitcoin Magazine’s CEO highlights the growing intersection between cryptocurrency and politics. As Trump navigates legal challenges and continues to engage with the crypto community, the event in Nashville will be a significant moment in his reelection campaign.
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