In Brief
Three residents from Puerto Rico have played a crucial role in changing Donald Trump’s view on Bitcoin. Amanda Fabiano, Tracy Hoyos-López, and David Bailey influenced the former president, encouraging him to attend the Bitcoin Conference in Nashville. As a result, Trump’s speech there made headlines and strengthened his pro-crypto stance. He even promised to fire Gary Gensler, the head of the SEC, if he wins the election.
Who Are These Three?
Amanda Fabiano, often called the shadow chief of Bitcoin miners, has been key in this shift. Her background in managing mining operations gives her insights that frame Bitcoin as a legitimate business. Tracy Hoyos-López, a former prosecutor from California, brings a fresh legal perspective. She recently joined the Bitcoin movement and emphasizes its potential for mainstream acceptance. David Bailey rounds out this influential trio. He organized the Nashville Bitcoin conference and has been in touch with Trump’s campaign since around March. He even promised about $100 million in donations from the crypto sector to support Trump, showing the community's political power.
The strategic shift took place over Memorial Day weekend at a steakhouse called Bottles in Guaynabo. Bailey suggested a meeting to discuss crypto mining. “We were at dinner, 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 recalled.
Their discussions quickly led to results. By mid-June, Trump agreed to host a 90-minute roundtable with top crypto executives at his Mar-a-Lago club. This meeting focused on the ins and outs of cryptocurrency and its benefits. It marked a significant change in Trump’s attitude. “That roundtable really showed that this industry is real. They’re coming with money and smart ideas that matter to America,” Fabiano said.
This wasn’t a casual shift. Bailey, Fabiano, and Hoyos-López prepared thoroughly, choosing industry leaders who could clearly explain the benefits of crypto. They aimed to show not just the financial gains but also the social impacts of adopting such technology.
Trump’s Engagement with Crypto
Their efforts seem to have paid off. Trump has become more engaged with cryptocurrency. He’s the first major presidential nominee to accept crypto donations. He also supports the idea of self-custody, which is a big change from his earlier skepticism. However, these three aren’t the only ones who’ve influenced Trump’s views. His inner circle and family members also seem to be fans of Bitcoin. “There are a lot of people around Trump who like Bitcoin. Some family members do too. Donald Trump has sold real estate for Bitcoin. I just bought a pair of sneakers from him using Bitcoin,” Bailey shared.
The involvement of his family in crypto projects, like the DeFi initiative led by his sons, highlights how Bitcoin's appeal is growing within his circle.
Through his pro-crypto stance, Trump has gained significant financial backing from the crypto industry. Reports suggest his campaign raised around $25 million during the Bitcoin conference. However, according to the prediction market platform Polymarket, the odds of Trump winning the election are still at 50%. Kamala Harris, the Vice President, is giving him tough competition and is also trying to connect with the crypto community. Despite this, the crypto industry has donated over $119 million to support candidates who are friendly to cryptocurrency.