How Trump Came to Embrace Bitcoin: A Surprising Shift

Former US President Donald Trump’s unexpected embrace of Bitcoin has left many in the political and financial arenas scratching their heads. This dramatic reversal, highlighted at the Bitcoin 2024 conference in Nashville, didn’t happen overnight. It was the result of a calculated effort by a trio of influential Bitcoin advocates, led by David Bailey, CEO of BTC Inc. Their strategic maneuvering not only changed Trump’s stance but also showcased the powerful influence that key players can exert within the rapidly growing Bitcoin community, as revealed by a new CNBC report.

The Road to Bitcoin Support

David Bailey was the mastermind behind the plan to win over Trump. He launched a campaign aimed at educating the former president about Bitcoin’s benefits. What started as a quiet dinner in a Puerto Rican steakhouse eventually culminated in a public endorsement on the bustling stage of Nashville’s Music City Center. Bailey’s goal was clear: to align Bitcoin with Trump’s vision of American industrial strength and energy independence.

The turning point in this effort occurred during a strategy session at Bottles, a steakhouse in Guaynabo, Puerto Rico. Bailey, along with Amanda Fabiano and Tracy Hoyos-López, worked to shift Trump’s views on Bitcoin. “We were at dinner with a bunch of people, and David said, ‘Hey, I’ve been talking to the administration, and I want to do a roundtable on mining. Can we chat this weekend?’” Fabiano shared.

Fabiano’s deep ties to the mining sector and Hoyos-López’s legal and political expertise were crucial in lending credibility to their cause. Their backgrounds gave them the authority needed to convince Trump of Bitcoin’s significance and potential.

“Without Amanda, we wouldn’t have had the legitimacy to present this as a serious business. She’s the queen of mining. She knows all the miners. […] If you want to be taken seriously, you need serious people. And it doesn’t get more serious than miners,” Hoyos-López emphasized.

Following these initial discussions, Bailey organized a roundtable at Trump’s Mar-a-Lago estate, bringing together top Bitcoin mining executives to engage directly with Trump. This meeting allowed Trump to explore the technical and economic aspects of Bitcoin mining, presented as a solution to America’s energy challenges and a way to compete with global technological advancements.

This roundtable wasn’t just about sharing information; it was a strategic display of the industry’s potential to mobilize substantial financial resources—something that played a key role in Trump’s eventual support. “That roundtable really made it clear that this industry is real, that they’re coming in with money, and they’re presenting smart, important agenda items for America,” Fabiano noted.

Despite the successful outcome, Bailey remains modest about his role.

“There’s not really a single person responsible for Trump’s change of heart on Bitcoin. I think his 180 on this topic was a natural progression. […] In a way, it’s like a match made in heaven,” he reflected.

At the Nashville Bitcoin 2024 conference, Trump publicly declared his newfound support for Bitcoin, marking a complete turnaround from his previous stance. In his speech, he stressed the importance of mining, minting, and keeping all Bitcoin in the United States.

Trump also announced plans to establish a strategic Bitcoin reserve. “It 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 part of our strategic national Bitcoin stockpile,” he declared.

As of now, Bitcoin is trading at $63,042.