Kamala Harris Snubs Bitcoin Nashville Conference: Crypto Industry Responds

Key Takeaways

• Kamala Harris announced she had secured the Democratic nomination.
• Harris was reportedly negotiating to appear at the Bitcoin Conference in Nashville and share the stage with Trump.
• Biden’s V.P. gained endorsements from Democratic mega-donors and super PACs.

Harris to Share Stage with Trump?

Bitcoin Magazine CEO David Bailey confirmed  he was in talks with the Harris campaign to have her attend the conference. He noted that it would be a strategic move for her to reposition the Democratic stance toward the country’s rapidly expanding voter demographic. Bailey expects a decision to be made soon.

If Vice President Harris attends the upcoming Bitcoin Conference, which is expected to attract over 20,000 participants, it will be the first time she and former President Donald Trump share a venue since President Biden endorsed her for the Democratic nomination.

Trump has consistently expressed support for the cryptocurrency industry, hinting at a crypto-friendly presidency if reelected in November. He started accepting campaign donations in cryptocurrency earlier this year and has vowed to be the nation’s first “crypto president.” Some enthusiasts in the Bitcoin community even speculate that Trump could establish a U.S. strategic Bitcoin reserve if he returns to the White House.

On the other hand, President Biden has often opposed pro-crypto legislation and emphasized enforcement. Following Biden’s decision not to seek re-election, the focus has shifted to Vice President Kamala Harris, who has secured commitments from most of the nearly 4,000 delegates attending the Democratic National Convention in Chicago starting August 19. Despite her pro-tech background, Harris has not publicly expressed her stance on blockchain regulation. Before securing the Democratic nomination, the Digital Chamber, a blockchain trade group, reached out to Harris, encouraging her to embrace a pro-crypto stance. 

If Harris becomes receptive to crypto, the Democrats could also slowly but surely follow. 

Trump To Announce U.S. Bitcoin Reserve at Nashville Conference?

Rumors  are circulating that during his highly anticipated speech at the Bitcoin 2024 conference in Nashville next week, Trump might reveal plans to establish a U.S. Bitcoin strategic reserve—a move that could potentially cause an “instant moon” in Bitcoin prices.

Asset manager Bryan Courchesne recently discussed  this possibility, highlighting that the U.S. Department of Justice already holds approximately 200,000 BTC, positioning the U.S. government as the second-largest holder of Bitcoin, just behind the cryptocurrency’s pseudonymous creator, Satoshi Nakamoto.

Courchesne suggested that the elected administration could transfer these holdings from the Department of Justice to the Department of the Treasury, which would enable the Treasury to start accumulating and maintaining Bitcoin as a long-term asset.

Crypto Gains Political Clout as Industry Plans $80M Spend

Though only a small portion of American voters are directly involved with cryptocurrency, the industry is increasingly influencing U.S. politics and policy. Its growing impact is evident through recent victories in Washington and a planned expenditure  of over $80 million on the 2024 elections, signaling a significant expansion of its influence.

The cryptocurrency market has seen remarkable growth and political acceptance this year. Bitcoin recently hit an all-time high of nearly $74,000, buoyed by the SEC’s approval of Bitcoin exchange-traded funds (ETFs). This bullish trend extends to a wide range of crypto assets, including Ethereum and various memecoins like “Dogwifhat.

Adding to the positive momentum, this week also marked the launch of Ethereum exchange-traded funds, further boosting the industry’s profile.