Three bitcoiners in Puerto Rico convinced Trump to become a "bitcoin believer" and promised him $100 million.

• Donald Trump has been secretly taught about bitcoin by three friends from Puerto Rico for several months.
• This year, there has been a rise in Trump's pro-crypto stance, accompanied by an increase in donations and endorsements.
• The keynote address of the former president at the largest bitcoin event in Nashville, Tennessee, marked the culmination of his support for bitcoin and crypto.

Near Lower Broadway's neon-lit excitement, Music City Center hosts various events, including a Dolly Parton performance and craft beer conferences.

In late July, the complex was packed for a different event. It was the largest bitcoin conference of the year, and the main attraction was none other than former president Donald Trump.

On a Saturday afternoon in the country music capital, the Republican presidential nominee spoke about the benefits of bitcoin and outlined the potential impact of a second Trump administration on the crypto industry to a large audience of conference attendees who had undergone rigorous security checks by Secret Service.

"Trump declared, in a message to bitcoin miners, "If crypto is to shape the future, I want it to be mined, minted, and made in the USA." He emphasized the importance of the industry's miners, who secure the network by running large banks of high-powered machines. Trump added, "We will be generating so much electricity that you'll be begging, 'Please, please, President, we don't want any more electricity. We can't handle it!'""

The ex-president's speech, which sounded like it was straight from a bitcoiner's bible, was quite the about-face for someone who three years earlier had dismissed cryptocurrency as a "scam." Trump was likely drawn to the potential of large donations from an industry that sees itself under attack from the Biden-Harris administration and the heavy regulatory hand of SEC Chair Gary Gensler.

In Nashville, Trump announced he had raised $25 million in crypto funds, but CNBC couldn't verify this amount.

A group of bitcoiners and crypto advocates successfully convinced Trump to become a bitcoin evangelist by working behind closed doors and maneuvering their way into his inner circle. Specifically, three friends in Puerto Rico were able to convince the Republican presidential hopeful of bitcoin's value and eventually made that position known to a key audience in Nashville.

Trump was "orange-pilled" in the sense of being given a choice between accepting the unsettling truth about the world or a comforting but false version of reality, as depicted in the 1999 film The Matrix.

The color orange symbolizes a person's commitment to bitcoin as their preferred currency over fiat.

The trio of Puerto Rico residents, Amanda Fabiano, Tracy Hoyos-López, and David Bailey, who are united in their mission to orange-pill Trump, are part of the group of confidantes, friends, family members, and colleagues.

Bailey pledged to raise $100 million and secure 5 million votes for Trump earlier this year. CNBC reports that an update on fundraising numbers is imminent.

At Bottles, a steak house in Guaynabo, San Juan, the three of them devised a plan over Memorial Day weekend while enjoying family-style dishes.

Here's how Fabiano recounted the initial exchange to CNBC.

Fabiano said, '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?'

Bailey had been in touch with the Trump campaign for several months, exchanging information about bitcoin. He was eager to meet the former president for the first time at Trump Tower in Manhattan and discuss a profitable fundraiser and a miners working group with top industry CEOs. This meeting would set the stage for what was to come in Nashville.

Bailey's neighbor, Hoyos-López, had recently become orange-pilled and was eager to assist in bringing Trump to Nashville. She had a contact in the Trump circle who was willing to make an introduction. Additionally, Fabiano's background in bitcoin mining lent the group credibility.

""Amanda is the mining queen and has all the miners, which gave us legitimacy to sell our business as legitimate," Hoyos-López stated."

Hoyos-López added that many miners are former Wall Street executives.

"To be taken seriously, one must associate with serious individuals, she stated. No more serious individuals exist than miners."

The Trump campaign did not respond to several inquiries regarding Trump's recent crypto fundraising statistics, his evolving views on bitcoin, and the events leading up to his Nashville appearance.

'Who would we put in the room?'

Miners worldwide use high-powered computers to validate transactions and create new tokens, which are physical data centers that offer a tangible image of the technology for newbies.

Trump's understanding of Bitcoin can be explained in a way that makes sense to him, according to Fabiano.

Bitcoin is frequently criticized for its high energy consumption, which is almost equivalent to Egypt's annual power usage. However, as mining demands a significant amount of energy, the industry is working on developing new ways to generate and distribute it.

Miners can collaborate with utilities to return excess energy to the grid, while also utilizing untapped renewable energy sources in remote areas, thereby stimulating economic growth in those regions. This could contribute to the U.S. becoming a more significant energy producer, which is crucial to meet the demands of the growing artificial intelligence industry.

Bailey confirmed that he flew to New York to meet with Trump, but he wouldn't disclose the details of their conversation. It's evident that, shortly after, Trump invited approximately a dozen crypto executives and experts for a 90-minute roundtable in a small tea room at his Mar-a-Lago Club in Palm Beach, Florida.

The meeting occurred in mid-June, two weeks after the dinner at Bottles.

In order to convince Trump to attend the big event in Nashville, Bailey, Fabiano, and Hoyos-López recognized the need to assemble a group of individuals who could effectively communicate the benefits of mining and demonstrate the potential for substantial donations.

Fabiano stated, "We were wondering who would be the best individuals to explain this and who would be willing to put their money on the line. That's how it all began."

According to multiple attendees, those who committed to the fundraising committee contributed $500,000 each.

Fabiano, who had no prior experience in politics or campaigning, stated that the main concern among potential attendees was the fear of appearing partisan. Prior to the meeting, there was a call to discuss the agenda items.

Fabiano created a presentation for the Trump team, highlighting the miners who would be present at the Mar-a-Lago roundtable to emphasize their legitimacy as individuals and businesses that deserve consideration.

The attendees at Mar-a-Lago, including representatives from Riot Platforms, Marathon Digital Holdings, Terawulf, and Core Scientific, surrendered their smartphones to a Radio Frequency Identification pouch that suppressed incoming and outgoing signals. Under a grand chandelier, they listened to the former president discuss the intricacies of America's energy crisis, bitcoin mining, AI, and competition with China.

According to Fabiano, the roundtable sparked the realization that the industry is legitimate and they are bringing real money and valuable insights to the table.

Trump's interest in the industry has given Fabiano hope that the political backlash against it will subside.

Fabiano and crew knew they weren't starting from scratch with Trump.

In March, Bailey began discussions with the Trump camp. In April, Trump unveiled his latest nonfungible token collection on the Solana blockchain. In May, he became the first major presidential nominee to accept cryptocurrency donations. On the campaign trail, he advocated for the protection of "self-custody" of coins and pledged at the Libertarian National Convention in May to keep Sen. Elizabeth Warren, D-Mass., and her supporters away from bitcoin holders.

In June 2020, San Francisco hosted a Trump fundraiser that attracted tech experts, crypto executives, and venture capitalists, who paid up to $300,000 per ticket. The event ultimately raised over $12 million, and the more money Trump collected, the more he embraced his newfound backing.

"Bailey stated that many individuals close to Trump are supporters of bitcoin, including members of his family. Trump has sold real estate for bitcoin, and Bailey recently purchased sneakers from him using the cryptocurrency."

Bailey stated that Trump's transformation from a cynic to a supporter is something that many people can relate to. He also mentioned that Michael Saylor, the founder of MicroStrategy, was once a skeptic and has been on a personal journey for 12 years.

"Bailey stated that there is no one person responsible for orange-pilling Trump, and that a 180-degree change in his stance on the topic is a natural occurrence."

Bailey stated that he believes Trump's interest in bitcoin stems from its potential to bring about a revolutionary change in the country.

He remarked, "In that regard, I believe it's a perfect match."

Getting to 'yes'

The time between the June Mar-a-Lago meeting and the Nashville conference in late August was "agonizing" for Hoyos-López, as the group anxiously awaited a response.

The first "yes" from the Trump camp was to a meeting in Manhattan, which was more than a month out. Hoyos-López received the news by phone while Bailey was in Japan. She drove to Bailey's house to prepare the one suit he had in his closet with his wife, Emily.

"Hoyos-López stated that we couldn't locate any dry cleaners in Puerto Rico that could complete the task on time. As a result, we had to resort to creative solutions, such as putting the suit in the dryer, exposing it to the sun, and steaming it."

A considerable amount of work had to be accomplished in a limited time frame.

Soon after the Mar-a-Lago roundtable, Trump said yes to Nashville.

"As a criminal attorney and former prosecutor, Hoyos-López is accustomed to handling high-stakes and emotionally charged situations. However, instead of getting swept up in the excitement and celebration, he approaches these moments with a sense of calm and a focus on finding a resolution."

Bailey's greatest aspiration three months ago was to persuade Trump to visit Nashville. He frequently discussed this with his closest companions in Puerto Rico, a U.S. territory that boasts crypto-friendly regulations, including substantial tax incentives for those who spend at least 183 days on the island annually.

""We never imagined we'd be here, but getting a presidential candidate to the Bitcoin Conference was an incredible accomplishment," Hoyos-López stated."

The group, comprising Hoyos-López, Fabiano, and Bailey, organized a second roundtable with Trump at the conference. They invited a broader range of industry participants, including the Winklevoss twins, Coinbase Chief Legal Officer Paul Grewal, Cantor Fitzgerald CEO Howard Lutnick, Kid Rock, Billy Ray Cyrus, and top mining executives, along with a few politicians.

In his keynote, Trump wore a blue-and-white-striped tie and an American flag on his navy blue suit. He stated that a Trump White House would keep all the bitcoin the U.S. government currently holds or acquires in the future and said he would dismiss SEC Chair Gensler.

The stakes are at their highest for Fabiano, Bailey, and Hoyos-López as Democratic nominee Kamala Harris gains momentum in the polls.

"If Trump doesn't win, our industry will cease to exist, according to Hoyos-López. There are rumors that Harris may change her stance on crypto and become more friendly, but Hoyos-López doesn't believe anything that is said."

Hoyos-López stated that her current focus is on obtaining votes and mobilizing Bitcoin enthusiasts, whom she categorizes as "single-issue voters."

""While the money you receive is crucial, ultimately, it's the votes that truly matter in the end," she stated."

A week after leaving Nashville, Fabiano, Hoyos-López, and Bailey reunited closer to home to reflect on their experiences. They gathered at Santaella, a restaurant in their hometown, and indulged in a variety of Puerto Rican tapas, including a goat cheese quesadilla with nuts and honey on top.

""We had a conversation about how we created the table and brought everyone to it, which is the essence of this community," Hoyos-Lopez said."

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