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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[JohnsonAlima]

I’m favoured financially with Bitcoin ETFs, Thank you buddy.$63, 700 biweekly profit regardless of how bad it gets on the economy

[bezenhappync-sd]

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[JohnJohnCrusher]

Step 1: declare crypto a scam.
Step 2: realize you too can get rich off of said scam.
Step 3: declare crypto NOT a scam.
Step 4: get rich at the expense of others you convinced to buy.

So shameless.

[jyb]

Great stream, as always. I appreciate the level-headed approach you take to the news and the markets. A lot has changed and it's everywhere, but the truth is that owning Bitcoin is not enough, but investing and trading it to earn more and increase your portfolio is of paramount importance. . As for me, I trade with expert mark donald and my crypto portfolio is constantly growing.

[steved]

Someone can change their opinion over time as they become more educated on issues.

[I]

BTC community partnering
with the greatest Scam Artist
in History is not a good look -
to put it Mildly. Saaadly!!

[bigjackpot]

Trump should start posting ads that say Trump in in favor of Crypto growth and innovation. He would sway votes overnight.

[montemaguire]

This is the 1st step to the mark of the beast

[Amyls]

This is really not true. Most are supporting RFK Jr

[jamesnelson]

A criminal enterprise supporting a criminal. What's new?

[Buddeemediagroup]

Time allows wisdom to sink in for some…

[alvarez]

To have all of your money digital and not backed by anything physical is scetch AF. Could literally just wipe out everyone's money with a push of a button.

[Wedopromotions]

We went from .10 to $70, 000 plus. To me the banks are worried.

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[bmo]

A businessman that went bankrupt on 6 casinos. My 8 yo grand daughter is a better businessman.

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[Sparta]

Actually it’s just Americans, Americans back Trump. Communists and socialists don’t

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