Early Twitter, Uber Investor Naval Ravikant Says 'Bitcoin Is A Tool For Underdogs' As Trump Gears Up To Speak At Major BTC Conference (UPDATED)

Editor’s note: This story has been updated with additional comments from Naval Ravikant.

Former President Donald Trump is confirmed to address the Bitcoin BTC/USD 2024 conference, the world’s largest such event, scheduled to take place in Nashville.

What Happened: Speculations around the presidential hopeful making an appearance at the key event have been doing the rounds since last month. The official confirmation was made by the event organizer, Bitcoin Magazine, on Wednesday.

Reacting to the news, Naval Ravikant, a renowned investor and venture capitalist said, “Bitcoin is a tool for underdogs.” Ravikant's views on Bitcoin are significant, given his influence in the investment community. Best known as the founder of AngelList, he has invested early-stage in over 200 companies, including Uber and Twitter.

Bitcoin is a tool for underdogs. https://t.co/nIzUyrQFuB

— Naval (@naval) July 11, 2024

Apart from Trump, other influential political figures, including independent candidate Robert F. Kennedy Jr., former GOP candidate Vivek Ramaswamy, and Senators Bill Hagerty (R-Tenn.) and Marsha Blackburn (R-Tenn.), are also expected to speak at the convention.

ARK Invest CEO Cathie Wood and MicroStrategy co-founder Michael Saylor have also been confirmed as speakers for the event.

See Also: Top Trader Believes This Dogecoin, Shiba Inu Rival WIll Go To ‘Zero Eventually’

The conference is known for making historic announcements. Previous speakers include El Salvador’s President Nayib Bukele, who announced Bitcoin as legal tender at Bitcoin 2021.

Why It Matters: Trump’s participation underscores his campaign’s focus on cryptocurrency. The U.S. Republican Party, building on Trump’s “Make America Great Again” vision, officially pledged support for the cryptocurrency industry in its 2024 election manifesto, as detailed in a document released by Trump’s campaign team.

Professional Capital Management CEO Anthony Pompliano has suggested that a second term for Trump could be a significant catalyst for Bitcoin.

Price Action: At the time of writing, Bitcoin was trading at $57,462.50, trading mostly flat in the last 24 hours, according to data from Benzinga Pro. Coin themed around Trump’s politics, Maga Coin TRUMP/USD was marginally up 0.67% to $5.85.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.