Trump's Bitcoin Strategy Revealed to CEOs Who Raised $25 Million.

• Before his keynote address in Nashville on Saturday, Donald Trump held an industry roundtable to fine-tune his talking points.
• Leaders from centralized crypto exchanges and bitcoin miners were among the CEOs who attended the event from the crypto sector.
• CNBC spoke to more than half a dozen people in the room.

Thousands of people queued at the expo hall of Music City Center during the world's largest conference on Saturday morning at around 11:00 A.M.

The former president's speech on the Nakamoto main stage was preceded by a lengthy wait for Secret Service clearance and a highly secured area on the main floor. Many in line wore "Make America Great Again" and "Make Bitcoin Great Again" baseball caps and discussed what they expected from the Republican presidential nominee's address.

In the conference complex, the GOP candidate was rehearsing his arguments at a roundtable with prominent figures in the crypto industry, who have donated substantial amounts to his campaign.

The attendees at the fundraiser included Gemini co-founders Tyler and Cameron Winklevoss, Paul Grewal, the Chief Legal Officer, Howard Lutnick, the CEO of Cantor Fitzgerald, and Cantor Fitzgerald, which serves as a custodian for assets belonging to the U.S. dollar-pegged stablecoin tether.

On Saturday, Senators Cynthia Lummis, Bill Hagerty, and Marsha Blackburn, former State Department official Vivek Ramaswamy, musicians Kid Rock and Billy Ray Cyrus, CEOs Jason Les, Fred Thiel, Zach Bradford, and Exacore CEO Chris Cook, and mining expert Amanda Fabiano sat together with the country's top bitcoin miners and industry experts.

Although bitcoin billionaire Michael Saylor was not present, he delivered an address in Nashville on Friday. Saylor founded MicroStrategy in 1989, which provides enterprise software and cloud-based services, but its primary source of value comes from its bitcoin holdings.

Paying for face time with Trump

The invitation for the event stated that the top-tier tickets cost $844,600 for a seat at the roundtable, which is the maximum donation amount allowed for individuals to give to Trump and the Republican Party's largest joint fundraising committee, the Trump 47 Committee. Additionally, the invitation included a photo of the former president, with tickets priced at $60,000 per person or $100,000 per couple.

Multiple attendees at the event paid a reduced fee of approximately $500,000 to participate in a variety of activities, including a reception hosted by Gemini, a photo with the president, a seat at the crypto roundtable, and a prime location for Trump's keynote address.

To join the exclusive working group with the former president, attendees had to surrender their smartphones to a pouch that suppressed all incoming and outgoing signals.

In early July, the former president held a closed-door meeting with many of the miners who participated in fundraising events in Nashville.

Since May, Trump's campaign has received $25 million in donations from the crypto industry, despite the sector being in a bear market and experiencing a significant decline following a series of bankruptcies and criminal convictions.

The roster of attendees at the event was made up of leaders from various sectors who run companies, rather than the wealthy individuals who own large amounts of bitcoin, indicating the sector's determination to work together to simplify doing business in the U.S.

Les, the Riot CEO, was impressed by the unity of this industry.

Les stated that Trump expressed satisfaction with the cut-throat behavior of bitcoiners in their advocacy efforts, as he is accustomed to such tactics in other trades.

Tracy Hoyos-López, a litigator, former San Bernardino County Deputy District Attorney, and industry liaison for the Bitcoin Advocacy Project, echoed the sentiment.

She remarked that despite being rivals, the individuals at the roundtable shared many similarities.

The gathering on Saturday revealed some of the lesser-known supporters of bitcoin, including musician Billy Ray Cyrus.

Before Trump entered the room, Cyrus strummed his guitar in the corner and expressed his desire to write a song about bitcoin. One attendee suggested a verse of "proof-of-work is where it's at," while Hoyos-López proposed a simpler lyric: "Bitcoin is beautiful."

Cyrus told Hoyos-López that he simply looked at him and said, "Bitcoin is beautiful, I like that."

Trump tests out his speech

The former president's closed-door, industry-wide roundtable was the highlight of Saturday's ancillary programming, according to multiple attendees.

"According to Hoyos-López, Trump enters the room with the knowledge that he is a rock star, and it's as if the real rock stars in the room are overshadowed by his presence."

The co-organizer of the sit-down stated that the thirty-five gold chairs surrounding the table were a deliberate tribute to bitcoin's status as digital gold and Trump's love of gold. However, since the group exceeded 35 individuals, additional chairs were added that did not match the color scheme.

Marathon's Thiel described the event as low key, informal, and focused on meet and greet.

Thiel continued, "He was in a very comfortable place, hosting people he knew and liked, and then some crypto people were mixed in."

The three prominent figures in the bitcoin community stood beside the former president: BTC Inc. CEO David Bailey, who had been in touch with Trump and his team, and the Winklevoss brothers.

"Bailey expressed gratitude to the President for taking a risk to support their industry, which aligns with Trump's entrepreneurial and unconventional nature."

During the meeting, some attendees recounted that Trump began by mentioning the names of individuals he recognized in the room and reminiscing about shared experiences together.

The former president previewed his keynote address at Bitcoin 2024, allowing roundtable participants to provide feedback or ask questions.

The former president discussed a range of topics related to cryptocurrency, including the potential impact of bitcoin miners on the country's energy production, his concerns about Sen. Elizabeth Warren and SEC Chair Gary Gensler, and his lack of mention of Vice President Kamala Harris.

Chris Cook, Exacore President, showed the most interest in the energy-related discussion.

"As a miner at the table, Cook expressed his interest in the energy demands of AI and bitcoin, stating that he understands their significance."

Cook stated that he believes the U.S. will double its current energy production capacity to meet the need, which will create numerous job opportunities and stimulate economic growth.

Unlike the mining roundtable in Mar-a-Lago, Saturday's sitdown in Nashville was focused on Trump expressing his opinions, rather than receiving input.

Bradford stated that he learned in Mar-a-Lago that Trump listened to the industry to identify growth opportunities for the U.S.

The CleanSpark CEO continued, "In contrast to the event in Nashville, my takeaway was that he has considered the policy and formed his ideas on how to proceed."

Les from Riot noted that the former president's approach to engaging participants in Nashville was different from Mar-a-Lago. In Nashville, Trump had already done the work and had a greater passion about his position around the bitcoin industry and what he was advocating for.

Les stated that he observed a change from one meeting to the next.

Having politicians in the room also helped the cause, Les said.

"We have members of Congress and former presidential candidates who deeply understand the industry and are advocating for us, which adds credibility to the discussion," he said.

It was refreshing for Hoyos-López to hear some of their talking points repeated by the former president.

She said, "He's reassuring us, saying, 'I haven't forgotten what you guys have told me. I promised you I was going to get Elizabeth Warren off your backs, and I intend to see through on that promise.'"

The biggest news for the industry, according to Thiel, was the government's decision to establish a formal policy for holding onto its bitcoin, as this would validate it as an asset. Thiel pointed out that Trump did not discuss the specifics of the stockpile during the roundtable.

"According to Thiel, if the U.S. government established a strategic reserve, other countries would likely follow suit, which would remove a significant amount of bitcoin from the market, ultimately driving down the price."

The president's bitcoin council

Each attendee of the "Titans of Industry Presidential Roundtable" received a one-page printed agenda titled "Titans of Industry Presidential Roundtable." The agenda includes three sub-sections: a list of discussion topics, a fundraising announcement, and a single "ask" - "We would like to continue supporting you and are requesting an official industry working group to formalize policy feedback."

The president announced the formation of a council to advise on bitcoin and crypto matters later that day on stage.

Trump stated in the auditorium that afternoon, "The rules will be written by people who appreciate your industry, not those who dislike it."

Several attendees of the Bitcoin 2024 fundraisers believed that Trump campaign aides conveyed the impression that the GOP nominee would establish the council from those present at the Mar-a-Lago miners roundtable and the Nashville crypto industry roundtable.

According to Riot's Les, the main message conveyed to President Trump was that the group was his industry leadership and could be relied upon for policy and industry-related questions. If elected, they would assist in crafting White House policy.

According to Bradford, the individuals with a seat at the table possess genuine knowledge of the industry's inner workings.

In the numerous conversations CNBC had with industry leaders, it was evident that after years of feeling marginalized and persecuted, they have finally gained recognition. Moreover, these leaders, who form a new group of crypto advocates, have a greater mission to fulfill in future discussions.

Hoyos-López said, hopeful, "We are finally all here after how many years it has been in the making. Everyone understood, 'Hey, we are here. Like, we — are — here. It's been how many year's in the making, and we're finally all here.'"