deVere Group CEO Nigel Green said this week that Donald Trump’s keynote address at the 2024 Nashville Bitcoin Conference could force Kamala Harris to finally embrace the crypto industry or risk her campaign’s failure. Green made the comments following Trump’s speech at a Nashville cryptocurrency conference.
“Trump’s announcement to establish a strategic Bitcoin reserve and implement crypto-friendly regulations is a masterstroke designed to secure economic growth and enhance U.S. leadership in digital finance,” Green said. “By pledging to retain all bitcoin currently held or acquired by the U.S. government, Trump aims to create a robust national bitcoin reserve valued at approximately $14 billion.
“This move is not only economically sound but also showcases a forward-thinking approach to the contemporary global financial system.”
Green suggests the move forces Harris to react to the approximately 40% of Americans holding crypto in their portfolios. She must also appease wealth crypto and tech donors, many of whom are backing Trump.
“The Trump campaign is gaining deep-pocketed support from the crypto industry’s wealth execs,” Green said. “With over $120 million already pledged, the campaign gains enormous resources to mount an aggressive and far-reaching campaign. This influx of funds enables further targeted advertising, extensive grassroots mobilization, and sophisticated digital outreach, all of which are crucial in a competitive election.”
Green said Harris must clearly state her crypto stance or risk losing out to Trump’s forward position.
Trump announced the formation of a Bitcoin and crypto advisory council to develop transparent regulatory guidelines within the first 100 days of his next presidency. He also vowed to fire SEC Chair Gary Gensler, signaling an end to what he described as the “persecution” of the crypto industry.
Green added, “This move resonates deeply with the crypto community, further solidifying support for the former president.”
Green suggested that Trump’s endorsement of a national Bitcoin reserve could profoundly affect Bitcoin prices.
“Government endorsement and the creation of a reserve are likely to drive demand for bitcoin, pushing prices higher, as it can be expected to reduce volatility and encourage long-term investment.
“Trump will say anything to get elected – but he’s said all the right things here. His keynote at the Nashville Bitcoin Conference is more than just a policy proposal; it’s a strategic move that reshapes the political and economic landscape in the race for the White House.
“With Trump’s proactive stance, any hesitation or lack of clarity from Harris would now put her on the wrong side of history and would be perceived as a significant weakness, potentially undermining her campaign.”