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Bitcoin had an amazing week in July after the former president headlined the industry’s annual Bitcoin conference in Nashville, delivering the keynote at the event. Now, with Elon Musk and Trump’s latest discussion/debate on X, the cryptocurrency community hoped to find a mention about Bitcoin. Despite avoiding Twitter/X for a while, Trump’s return to the platform is seen as an effort to regain his footing in the race, especially given his large follower base.
Musk, the owner of X (formerly Twitter), has pledged to donate $45 million per month to a super PAC supporting Donald Trump leading up to the election. This is a major endorsement, showing Musk’s strong support for Trump’s return to the presidency.
However, the duo decided to concentrate more on issues like immigration and inflation. At the Nashville conference, Trump’s recent shift in stance toward cryptocurrency, particularly Bitcoin, was very evident with the former president making promises like firing Gary Gensler
While in office, Trump was a vocal critic of cryptocurrency, describing it as a “scam” with no value. However, he reversed this stance, declaring his ambition to make the U.S. the “crypto capital of the planet” and the “Bitcoin superpower of the world.”
Trump’s new embrace of cryptocurrency is part of his broader appeal to innovation and technology, which has attracted support from entrepreneurs and crypto CEOs. Trump has already raised millions of dollars by accepting Bitcoin directly into his campaign, showcasing the financial potential of courting the crypto industry.
The industry reacted positively to Trump’s speech, with Bitcoin hitting a six-week high following his remarks. However, some skepticism remains among crypto enthusiasts, with mixed reactions on social media platforms like X.