Three Minds that Made Donald Trump Pro-Crypto
Trump embraced bitcoin after three Puerto Ricans convinced him to take a pro-crypto stance. A roundtable discussion that changed Trump’s views on cryptocurrencies was organized by Amanda Fabiano, Tracy Hoyos-Lopez, and David Bailey. Support and donations from the crypto community increased as Trump’s stance on cryptocurrencies changed.
Three Puerto Rican residents helped turn Donald Trump, a one-time skeptic, into a bitcoholic. Amanda Fabiano, Tracy Hoyos-Lopez, and David Bailey used their unique positions to influence the former president, most notably by inviting him to attend a bitcoin conference in Nashville.
As a result, Trump’s speech grabbed headlines and reinforced his pro-crypto stance. During the bitcoin convention, Trump also promised to fire the head of the US Securities and Exchange Commission, Gary Gensler, if he won the election.
Who Are the Three Individuals?
Amanda Fabiano played a key role in this transformation. She is known as the shadow boss of the bitcoin miners. She lent credibility to the discussion by presenting bitcoin as a legitimate enterprise, based on her experience running mining operations.
A fresh legal perspective was provided by Tracy Hoyos-Lopez, a former California prosecutor. She is a recent convert to the bitcoin cause. She emphasized crypto’s potential for widespread acceptance and legal stability. David Bailey rounded out the influential trio. One of his contributions was organizing the Nashville Bitcoin Conference.
Since March, Bailey has maintained a dialogue with Donald Trump’s campaign, providing information and setting up high-level meetings. He reportedly pledged some $100 million in donations from the crypto sector to support Trump. This underscores the political and economic clout of the community.
It was at Bottles, a steakhouse in Guaynabo, over Memorial Day weekend, that the strategic shift took place. Bailey proposed a strategy meeting to discuss the potential of crypto mining:
“We were having dinner with a group of people, and David said, ‘Hey, I’ve been talking to the administration, and I want to do a roundtable on mining, can we talk this weekend?
Their discussions quickly yielded results. By mid-June, Trump agreed to host a 90-minute roundtable at his Mar-a-Lago club. The session, which focused on the complexities of cryptocurrency and its benefits, marked a significant shift in Trump’s stance.
“That roundtable really took off, like, OK, this industry is real, and they’re coming up with dollars, and they’re coming up with smart things to say and agenda items that are important to America,” Fabiano said.
This was not going to happen by accident. Bailey, Fabiano, and Hoyos-Lopez prepared meticulously, selecting industry leaders who would be able to clearly articulate the benefits of crypto. Their goal was to be clear not only about the financial benefits, but also about the social impact of the technology’s adoption.
Trump’s Commitment to Cryptocurrencies
His efforts seem to have paid off. Since then, Trump has actively embraced cryptocurrency. He became the first major presidential candidate to accept crypto donations. In addition, he has endorsed the concept of self-cryptocurrency. This reflects a shift from his previous skepticism.
The growing acceptance of bitcoin within his inner circle is underscored by his family’s involvement in crypto initiatives, such as the DeFi project run by his children. Trump has received significant financial support from the crypto industry for his pro-crypto stance.
Kamala Harris, the US vice-president, will be his toughest competitor. Nevertheless, the crypto industry has donated more than $119 million in support of crypto-friendly candidates.
By Leonardo Perez