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These 3 Individuals Turned Donald Trump Into a Bitcoin Supporter

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Three Puerto Rican residents have become pivotal in converting Donald Trump, a once skeptical figure, into a Bitcoin enthusiast. Amanda Fabiano, Tracy Hoyos-López, and David Bailey reportedly used their unique positions to influence the former president, particularly to get him to attend the Bitcoin Conference in Nashville.

Consequently, Trump’s speech made headlines, enhancing his pro-crypto stance. Moreover, during the Bitcoin Conference, Trump also committed to fire the US Securities and Exchange Commission (SEC) boss, Gary Gensler, upon winning the election.

Who Are The 3 Individuals?

Amanda Fabiano, known as the shadow chief of Bitcoin miners, played a key role in this transformation. Her experience in managing mining operations lent credibility to the discussion, framing Bitcoin as a legitimate enterprise.

Tracy Hoyos-López, a former California prosecutor, brought a fresh perspective and legal acumen. Recently converted to the Bitcoin cause, she emphasized the crypto’s potential for mainstream acceptance and legal stability.

Read more: Free Cloud Mining Providers to Mine Bitcoin in 2024

David Bailey completed this influential trio. Organizing the Nashville Bitcoin conference was just one of his contributions.

Bailey has maintained ongoing dialogue with Trump’s campaign since around March, providing information and laying the groundwork for high-level meetings. He reportedly promised around $100 million in donations from the crypto sector to support Trump, highlighting the community’s political and economic influence.

The strategic shift occurred over Memorial Day weekend at Bottles, a steak house in Guaynabo. Bailey suggested a strategic meeting to discuss the potential of crypto mining.

“We were at dinner with a bunch of people, and David was like, ‘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 session, focusing on the intricacies of cryptocurrency and its benefits, marked a substantial shift in Trump’s stance.

“That roundtable really set off like, OK, this industry is real, and they’re showing up with dollars, and they’re showing up with like, actual smart things to say and agenda items that are important to America,” Fabiano said.

This was not a casual pivot. Bailey, Fabiano, and Hoyos-López had prepared meticulously, choosing industry leaders who could articulate the benefits of crypto clearly. They aimed to show not just the financial advantages but also the societal impacts of adopting such technology.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Trump’s Engagement With Crypto

Their efforts seem to have paid off. Trump has since engaged more actively with cryptocurrency. He has become the first major presidential nominee to accept crypto donations.

Additionally, he has supported the concept of self-custody, reflecting a transformation from his earlier skepticism.

However, these three individuals are not the only ones who orange-pilled Trump. His inner circle, and even his family, appears to be crypto enthusiasts.

“There are a lot of people in Trump’s orbit that are fans of Bitcoin. There are members of his family that are fans of Bitcoin. Donald Trump has sold real estate for Bitcoin. I just bought a pair of sneakers from him in Bitcoin,” Bailey said.

The involvement of his family in crypto initiatives, like the DeFi project led by his sons, highlights Bitcoin’s broadening appeal within his inner circle.

Through his crypto-friendly stance, Trump has received significant financial support from the crypto industry. For instance, reports claim that 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%.

Presidential Election Winner Odds
Presidential Election Winner Odds. Source: Polymarket

Kamala Harris, the Vice President of the US, is giving him tough competition, also trying to appease the crypto community. That being said, the crypto industry has donated over $119 million, backing crypto-friendly candidates.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Bitcoin Bull Saylor Hints at Expanding MicroStrategy’s Holdings

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Michael Saylor, co-founder of MicroStrategy, has hinted at the possibility of additional Bitcoin purchases.

In a November 24 post on X (formerly Twitter), Saylor teased the company’s plans following its successful $3 billion fundraising round on November 22.

MicroStrategy’s $3 Billion Raise Could Fuel New Bitcoin Purchases

The Bitcoin bull mentioned that MicroStrategy’s portfolio tracker, SaylorTracker, “needs more green dots.” These markers symbolize the company’s each Bitcoin acquisition, fueling speculation about another significant purchase.

Saylor’s recent hints echo his previous two Sunday posts, which preceded announcements of large-scale Bitcoin acquisitions. During this period, MicroStrategy added approximately 80,000 BTC to its holdings, worth over $6 billion at the time.

MicroStrategy Bitcoin Holdings
MicroStrategy Bitcoin Holdings. Source: SaylorTracker

Meanwhile, the recent $3 billion funding — raised through the issuance of convertible debt — could be instrumental in financing these new acquisitions. The convertible notes, sold privately to institutional investors under US securities laws, will mature on December 1, 2029. These notes carry a 55% premium and an implied strike price of $672 per share of MicroStrategy’s Class A common stock.

Market observers noted that this fundraiser aligns with MicroStrategy’s ambitious “21/21” initiative, which aims to raise $42 billion over three years through a mix of equity and fixed-income instruments.

The company remains the largest Bitcoin-holding public entity, with 331,200 BTC valued at over $32.7 billion. According to Saylor, MicroStrategy’s treasury operations have delivered a year-to-date Bitcoin yield of 41.8%, generating a net benefit of around 79,130 BTC, or roughly 246 BTC daily, without the operational costs associated with mining.

Additionally, this strategy has also bolstered MicroStrategy’s stock performance. MSTR shares have surged over 515% since the start of the year, making it one of the most actively traded stocks in the US.

Saylor emphasized that MicroStrategy’s operations are driven by its Bitcoin holdings, which are optimized through strategic financial tools like ATM offerings, enabling the company to reduce risk and volatility while enhancing shareholder value.

“MicroStrategy is powered by its Bitcoin treasury operations. We sell volatility through our ATM offerings, strip BTC risk, volatility, and performance from our fixed-income securities, and transfer that performance to our MSTR equity holders,” he stated.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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$100K Bitcoin Is Only The Beginning, VanEck Targets $180K

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Recent gains in Bitcoin are owed in part to changes in the political environment, particularly in the US. Incoming US President Donald Trump is backing cryptocurrencies, sparking renewed market optimism among investors.

From reforms in regulatory structures to a proposal for a national Bitcoin reserve, the policies he enforces provide Bitcoin an exceptional outlet for growth in an increasingly open and friendly new landscape. These changes places the US in a strategic position as the world’s leader in crypto innovation while giving a fertile ground for Bitcoin to continue growing.

BTCUSD is currently trading at $97,377. Chart: TradingView

Crypto On The Rise

These possible changes have been well taken by market participants, who have seen the highest market dominance of BTC at 59%. A bill being worked out may permit state-chartered banks to mint stablecoins without seeking prior approval from the Federal Reserve, putting the US in a very commanding position in the race to dominate financial innovation. Furthermore, proposals to deregulate the energy industry may favor crypto mining, which will place the US in a better position in the global race for blockchain.

Historic Rally: BTC Approaching $100K

Bitcoin is trading at nearly $99,850 and is on the verge of the long-awaited $100,000 milestone. Similar to other bull runs, including the one witnessed after the elections in 2020, when the price of Bitcoin nearly doubled in a matter of a few months, some believe institutional interest coupled with friendly economic conditions and increased on-chain activity are the drivers of this phenomenal appreciation of the price of Bitcoin.

Source: VanEck

According to VanEck’s latest report, Bitcoin still is in its early stages of the rally, and there is minimal technical resistance in its way. With investor enthusiasm building, growing calls for the alpha coin to be adopted as a strategic reserve, and with a supportive US government, this rally appears well-positioned to continue. Experts are optimistic that Bitcoin is going to push forward and hit new highs.

The Future Of Bitcoin: Cautious Optimism

Analysts, while acknowledging that momentum is strong, point out that the market may run too hot, and early signs in the development are a rise in funding rates and increased unrealized profits. However, even from this stage, long-term prospects appear bright given strong institutional demand, solid on-chain metrics, and supportive regulatory changes, according to the forecast of $180,000 by VanEck for Bitcoin in the current cycle.

While historical data may indicate the crypto asset’s growth is decelerating as the markets mature, the cryptocurrency still shows hopeful prospects in the near term. So far, this rally displays the confidence of investors and has incrementally acquired recognition regarding Bitcoin’s role in a changed financial sector.

Featured image from CNBC, chart from TradingView





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Bitcoin Whales Remain Determined, $3.96 Billion Worth Of BTC Gobbled Up In 96 Hours

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All eyes are on Bitcoin, especially as many traders continue to anticipate a break above the $100,000 mark. This anticipation has cascaded into a spike in activity, especially among Bitcoin whales. Interestingly, Bitcoin whales are making bold statements amidst the anticipation, with on-chain data pointing to an accumulation of over 40,000 BTC in just 96 hours among this holder cohort.

This interesting accumulation coincides with the Bitcoin price reaching a peak of $99,645 in the last 24 hours, adding further momentum to the narrative of a possible historic price milestone.

Examining The Holding Patterns Of Bitcoin Whales

Bitcoin’s recent price dynamics have put the spotlight on Bitcoin whales. Ali Martinez, a well-known cryptocurrency analyst, drew attention to the remarkable activity of Bitcoin whales on social media platform X.

While highlighting Santiment data, Martinez revealed that Bitcoin whales have bought over 40,000 BTC worth approximately $3.96 billion in the past 96 hours. Notably, the Bitcoin whales referred to in this metric by Santiment consist of addresses holding between 100 and 1,000 BTC. 

Image From X: Ali Martinez

 

This aggressive accumulation comes at a critical juncture for Bitcoin, with prices flirting near the much-anticipated $100,000 mark. Such whale activity typically reduces the available supply of Bitcoin on the open market, which is expected to keep pushing up the Bitcoin price.

Despite the increase in whale accumulation, on-chain data from Glassnode suggests that long-term holders have upped their profit-taking in tandem. Particularly, over 128,000 BTC has been sold by long-term holders since early October.

However, this long-term holder profit taking has so far been offset by the demand from US Spot Bitcoin ETFs. These ETFs have acted as a counterbalance, absorbing nearly 90% of the Bitcoin sold by long-term holders.

Image From X: Glassnode

 

A possible explanation is that long-term holders are exiting their self-custody of Bitcoin and are instead diverting their holdings into Spot Bitcoin ETFs in order to benefit from their regulatory clarity. According to data from SoSoValue, Spot Bitcoin ETFs in the US witnessed consecutive days of inflows throughout last week to bring the total inflow to $3.38 billion, which is the largest weekly inflow since their launch in January 2024. 

Bitcoin is currently trading at $97,493. Chart: TradingView

What’s Next For Bitcoin Price?

Looking ahead, the Bitcoin price is definitely on its way to break above $100,000 in the next few days. However, it remains to be seen what happens after that. Crypto analyst Tony Severino has speculated that the Bitcoin price peak could double within a timeframe of two weeks to two months following the break above $100,000.This prediction is based off of the Bitcoin price performance after it first broke above the $10,000 price level in 2017. 

On the other hand, veteran analyst Peter Brandt suggests there could be some sort of selling pressure among bulls once the Bitcoin price breaks above $100,000. 

“What I had in mind here is the possibility that bulls will sell their BTC sub $100,00 thinking they will buy a correction that does not come, then turn bearish if Bitcoin goes to $120,000 believing price must come down,” he said.

Nevertheless, the current crypto market landscape is set in place for a continued Bitcoin price increase in the next few weeks and months.

Featured image from DALL-E, chart from TradingView



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