Former President Donald Trump's embrace of Bitcoin (CRYPTO: BTC) this election cycle was reportedly the result of a coordinated plan by three Puerto Ricans to get the Republican challenger on the side of the apex cryptocurrency.
What Happened: The influential trio of Amanda Fabiano, a Bitcoin mining expert and founder of Fabiono Consulting, Tracy Hoyos-López, a former California prosecutor, and David Bailey, the CEO of BTC Inc., successfully persuaded Trump about Bitcoin's potential, reported CNBC Monday.
The three worked diligently behind the scenes to transform Trump from a Bitcoin skeptic to a Bitcoin evangelist.
Bailey, in particular, organized a meeting between Trump and the who's who of Bitcoin mining at the former president's Mar-a-Lago resort earlier in June. Bailey pledged to deliver $100 million and 5 million votes for Trump's reelection effort.
As for Fabiono, her experience in Bitcoin mining added credence to the advocacy efforts.
Trump's campaign team didn't immediately respond to Benzinga's request for comment on the matter.
Why It Matters: These efforts paid off, as Trump championed the cause of Bitcoin miners, promising to advocate for them in the White House if he returned to power.
A month later, the presidential hopeful also attended the much-publicized Bitcoin 2024 conference, which was organized by Bailey. During the event, Trump pushed for a strategic national Bitcoin stockpile and vowed to make the U.S. the "crypto capital" of the planet.
The conference also turned out to be his second-highest fundraiser across his three presidential campaigns, securing $25 million.
These revelations came amid a surge in the cryptocurrency industry's political donations. The sector has committed an unprecedented $119 million to the 2024 presidential election, making up 48% of all corporate money. Major companies like Coinbase and Ripple have channeled most of these funds into super political action committees (PAC) that promote pro-cryptocurrency candidates.