While the crypto and Bitcoin community supported Donald Trump in the US elections, his opponent Kamala Harris’ camp still remains silent on the subject. While Trump openly played the crypto and Bitcoin card, especially to gain the support of young voters, it turned out that those who brought him to this point were three Bitcoin maximalists.

CNBC from the US media reached the details of how Trump became a supporter of Bitcoin and cryptocurrencies in a short time.

Those who convinced someone like Trump, who was against Bitcoin in the past; Bitcoin Magazine CEO David Bailey, Amanda Fabiano, known as a pioneer in Bitcoin mining, and Tracy Hoyos-Lopez, a former California prosecutor, were stated to be the three people living in Puerto Rico and were neighbors to each other.

Trump Made His Bitcoin Decision Made at Dinner in Puerto Rico

The trio, who live in Puerto Rico, a small island in the Caribbean, decided to take action at David Bailey’s suggestion while having a family dinner in early July. Bailey said, “I’ve been in contact with the Trump administration for a while. I’m thinking of organizing a meeting to tell them about Bitcoin mining. Let’s talk about it?”

Bailey knew that a serious donation commitment was needed to convince Trump. That’s why he thought support should be received from mining companies.

“We Couldn’t Have Done It Without Amanda Fabiano”

Tracy Hoyos-Lopez, Bailey’s neighbor in Puerto Rico and passionate about Bitcoin, reached out to a critical name from the Trump administration for the meeting. Hoyos-Lopez said the following on the subject:

“If you want to be considered for Bitcoin, you have to reach out to important people. And when it comes to miners, there is probably no more serious and important group. Without Amanda, we could not have done this. Thanks to her, Trump and his team believed that Bitcoin mining was a legitimate business and activity. She is truly the queen of miners… She brought all the miners and convinced the other side.”

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The trio took action after the dinner they had in Puerto Rico. David Bailey, who had been in contact with the Trump team for months, flew to New York and met with Trump. Following this meeting, Trump agreed to hold a “roundtable” meeting with many Bitcoin mining company executives at his home in Mar-a-Lago.

The Speech in Nashville Came Out of This Meeting

Trump later attended the Bitcoin Conference held in Nashville. The speech he gave here was like the words of a Bitcoin advocate. Trump’s statements, “Bitcoin will never be sold, I will fire Gary Gensler, I will keep people like Elizabeth Warren out of the industry,” were met with great applause.

Fabiano, who played an important role in organizing the meeting, said the following:

“That roundtable meeting felt more real to Trump and his team than they expected. They said, ‘Yes, this industry is real, the dollars that are brought to us for donations are real, and they offer important ideas in terms of the goals of the United States.’ In other words, they were convinced.”

As is known, Bailey started a dialogue with the Trump team in March. Following this dialogue, Trump launched an NFT on the Solana blockchain in April and became the first US presidential candidate to accept cryptocurrency donations in May. Trump, who accepted the “roundtable” meeting, was also convinced to attend the Bitcoin Conference after this meeting.

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1. Converting U.S. Debt to Sats

Mow proposes converting the U.S. national debt into satoshis, the smallest unit of Bitcoin where $1 equals one satoshi. This approach aims to integrate Bitcoin into the traditional financial system, potentially ease debt management, and align with the trend toward incorporating digital assets into finance.

2. Lunar Bitcoin Mining Facility

Mow proposes building a Bitcoin mining facility on the Moon. The ambitious idea symbolizes the potential for Bitcoin mining to expand beyond Earth by using space resources for sustainable energy solutions. It represents future technological advances in crypto mining.

You may also be interested in: Crypto Donations to Trump Revealed: Which Coins Were Sent?

3. Eliminating the Federal Reserve

Mow advocates eliminating the Federal Reserve, arguing that a decentralized system like Bitcoin could serve as a better store of value and medium of exchange. This radical change would significantly change U.S. monetary policy, but is likely to be highly controversial and complex.

4. Inflation Compensation

Mow suggests potentially providing inflation compensations in Bitcoin to compensate those affected by inflation. The idea aims to address economic inequalities by using Bitcoin’s stability as a potential solution.

5. Making BTC Tax-Free

Mow proposes making Bitcoin transactions tax-free to encourage greater adoption and use of Bitcoin without tax barriers. He emphasized the importance of discussing this idea to differentiate Trump’s speech from Robert F. Kennedy Jr.’s speech.

6. Omega Candle

Mow refers to the “Omega Candle” by calling on Trump to discuss it. The Omega Candle refers to a significant and rapid price movement that could occur in the Bitcoin market due to major economic or policy changes. The idea highlights the potential for major price increases in Bitcoin if some of the proposed policies are adopted.

Samson Mow’s proposals aim to integrate Bitcoin more deeply into the U.S. economy, encourage its adoption and use, and address various economic challenges with innovative solutions. However, there have been many disagreements in the economic world.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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The wallet holds $7.12 million worth of MAGA tokens, known by its ticker according to blockchain data tracker Arkham Intelligence. The MAGA tokens were originally puchased with wrapped ether on Uniswap, Arkham noted.

The wallet also holds 463.441 ETH ($1.84 million) and 1 million tokens of MAGA VP (MVP) valued at around $509,000.

Earlier today, the wallet’s holdings surpassed $10 million and are currently valued at $9.95 million.

Related: Trump Election Win Could Impact SEC Crypto Lawsuits, Experts Weigh In

Arkham noted on X that much of the wallet’s value comes from appreciating assets, especially MAGA. The token is trading at $12.43 after experiencing an 8.3% increase in the past day, according to The Block’s Price Page. MVP is worth around $0.48 a token, having dropped 12.7% within the last day, CoinMarketCap price data shows.

With the wallet’s performance, Trump remains the top celebrities in terms of cryptocurrency holdings, surpassing others such as Justin Bieber, Kevin Hart and Jimmy Fallon.

Arkham connected the wallet address to the former president using information from his financial statements filed in August 2023.

At the time the connection was made, Trump held nearly $5 million in ETH and had earned $4.9 million in royalties from the Trump Digital Trading Card NFT collection, bringing him to a “crypto whale” status. The wallet sold off $2.4 million worth of ETH in December 2023, The Block previously reported.

At the 2024 Libertarian National Convention on May 25, Trump brought up supporting self-custody rights, banning central bank digital currencies and even freeing the incarcerated Silk Road founder Ross Ulbricht — for which Ulbricht expressed gratitude. Despite previously denouncing bitcoin and other cryptocurrencies, Trump noted feeling “positive and open-minded” to the cryptocurrency industry, showing that it is indeed becoming an increasingly political issue.

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