Former President Donald Trump’s photograph is seen on a digital display outside of the venue ahead of his afternoon keynote speech on the final day of the Bitcoin 2024 conference at Music City Center July 27, 2024 in Nashville, Tennessee.
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NASHVILLE, Tenn. — A block away from the neon-lit buzz of Lower Broadway, where honky-tonk pours onto the city’s main drag at all hours, stands the Music City Center, a venue that’s hosted everything from craft beer conferences to a performance by the legendary Dolly Parton.
In late July, the complex filled up for something entirely different. It was the biggest bitcoin conference of the year, and the headline act was none other than former President Donald Trump.
For nearly 50 minutes on a Saturday afternoon in the country music capital, the Republican nominee for president extolled the virtues of bitcoin and spelled out what a second Trump administration would mean for the crypto industry to a packed crowd of conferencegoers who’d spent hours getting through the Secret Service’s tight security protocol.
“If crypto is going to define the future, I want it to be mined, minted and made in the USA,” Trump declared, in a message targeted to the industry’s bitcoin miners, who secure the network by running large banks of high-powered machines. “We will be creating so much electricity that you’ll be saying, ‘Please, please, President, we don’t want any more electricity. We can’t stand it!'”
The speech, which read like it was straight out of a bitcoiner’s bible, was quite the about-face for an ex-president who three years earlier had dismissed the cryptocurrency as a “scam.” Trump was, no doubt, lured by the potential of huge amounts of donor money from an industry that sees itself as under constant attack from the Biden-Harris administration and the heavy regulatory hand of SEC Chair Gary Gensler.
Trump told the audience in Nashville that he’d raised $25 million in crypto-related funds, a number that CNBC hasn’t been able to independently verify.
Turning Trump from a skeptic into a sudden bitcoin evangelist took the work, behind closed doors, of a small army of bitcoiners and other crypto advocates who were able to maneuver their way into the candidate’s inner circle. In particular, three friends in Puerto Rico came together to try and convince the Republican presidential hopeful of bitcoin’s value, and to eventually make that position loud and clear to a key audience in Nashville.
Donald Trump during his speech at the 2024 Bitcoin Conference in Nashville, TN.
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In bitcoin parlance, Trump was “orange-pilled.” It’s a play on the phrase “red pill” from the 1999 film, “The Matrix.” In the movie, the main character, Neo (played by Keanu Reeves), is given a choice of taking a red pill, which offers access to the unsettling truth about the world, or a blue pill, which signifies a false but far more comforting version of reality.
Orange pill refers to bitcoin’s official color and represents a person’s dedication to bitcoin over fiat currencies.
Within the matrix of confidantes, friends, family members, and colleagues united in their mission to orange-pill Trump were the trio of Puerto Rico residents: Amanda Fabiano, the shadow chief of bitcoin miners; Tracy Hoyos-López, a former California prosecutor; and David Bailey, CEO of media group BTC Inc. and organizer of the conference in Nashville.
Earlier this year, Bailey promised to turn out $100 million and 5 million votes for Trump. CNBC is told an update on fundraising numbers is coming soon.
Over Memorial Day weekend at a steak house called Bottles in the Guaynabo suburb of San Juan, the three began mapping out a plan as they shared family-style dishes.
Here’s how Fabiano recounted the initial exchange to CNBC.
“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?'” Fabiano said.
Bailey had spent months in dialogue with the Trump campaign, swapping bitcoin briefs and messages. He was about to make the 1,600-mile trek to meet the former president for the first time at Trump Tower in Manhattan, and was keen to deliver details of a potentially lucrative fundraiser and a miners working group featuring some of the top CEOs in the industry. It would serve as a prelude for what was to come in Nashville.
Hoyos-López, Bailey’s neighbor, had been recently orange-pilled, and was anxious to help out any way she could in getting Trump to Nashville. She happened to have a contact in the Trump orbit who was willing to make an introduction. Meanwhile, Fabiano’s history in bitcoin mining was important in giving the group street cred.
“Without Amanda, we wouldn’t have had the legitimacy to sell that this is a legitimate business,” Hoyos-López said. “She is the mining queen. She’s got all the miners.”
Hoyos-López added that many miners are former Wall Street executives.
“If you want to be taken seriously, you have to take serious people,” she said. “And it doesn’t get any more serious than miners.”
The Trump campaign didn’t respond to multiple inquiries about Trump’s latest crypto fundraising stats, his changed views on bitcoin and the events leading up to his appearance in Nashville.
Tracy Hoyos-López and Amanda Fabiano snapped a quick photo before smartphones were confiscated ahead of the crypto industry roundtable with Donald Trump in Music City Center in Nashville.
Tracy Hoyos-López
‘Who would we put in the room?’
Bitcoin and some other cryptocurrencies are created by miners around the world running high-powered computers that collectively validate transactions and simultaneously create new tokens. Their massive physical presence shows up in the form of sprawling data centers across the globe and offers a tangible image for newbies to understand an otherwise abstract technology.
Fabiano described it as a natural fit “when thinking about how to explain bitcoin to Trump in a way that makes sense.”
Bitcoin often gets a bad rap for the amount of energy it consumes, which is just shy of how much power Egypt uses annually. But as mining requires tremendous amounts of energy, the industry is developing innovative methods of producing and sharing it.
Miners can partner with utilities in a way that allows them to return energy to the grid when there’s excessive demand. They’re also utilizing untapped sources of renewable energy, often concentrated in remote parts of the country, helping to create an economy in areas that would otherwise be dormant. That could all lead to the U.S. becoming a greater producer of energy, which is of particular importance to satisfy the needs of the artificial intelligence boom.
Bailey confirmed that he flew to New York to meet with Trump, but he wouldn’t share specifics about what was said in the meeting. What’s clear is that, soon thereafter, Trump agreed to host about 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.
That meeting took place in mid-June, two weeks after the dinner at Bottles.
To get Trump on board with the big shindig in Nashville, Bailey, Fabiano and Hoyos-López knew they needed the right mix of people to clearly explain the virtues of mining and to convince the nominee that donations would be large enough to make the event worth his time.
“It was like, Who would we put in the room? Who would be the best people to explain this, right? Who would be willing to put dollars up, kind of put their skin in the game? And that was how it all got started,” Fabiano said.
Those who committed to going pitched in $500,000 apiece to a fundraising committee, according to multiple attendees.
Fabiano, who had never previously been involved in politics or campaigning, said the biggest concern among prospective attendees was the fear of appearing partisan. She said ahead of the meeting there was “a prep call for agenda items.”
Fabiano put together a presentation for the Trump team with background material on the miners who would be at the Mar-a-Lago roundtable to show that, “We are real people, and we are real businesses, and you should take us seriously.”
With thunderstorms bearing down on the Atlantic coast, the Mar-a-Lago attendees, including representatives from Riot Platforms, Marathon Digital Holdings, Terawulf and Core Scientific, forfeited their smartphones to a Radio Frequency Identification pouch that blocked incoming and outgoing signals. From under a large chandelier, they listened to the former president engage on the nuances of America’s energy deficit, bitcoin mining, AI and competition with China.
“That roundtable really set off like, OK, this industry is real, and they’re showing up with dollars, and they’re showing up with like, actual smart things to say and agenda items that are important to America,” said Fabiano.
After years of facing political backlash, Fabiano said she was glad Trump took an active interest in “digging in and learning about why this industry is real” and “why we’re not a bunch of criminals.”
Fabiano and crew knew they weren’t starting from scratch with Trump.
Bailey started talks with the Trump camp in March.In April, Trump launched his latest nonfungible token collection on the Solana blockchain. In May, he became the first major presidential nominee to accept cryptocurrency donations. He’d started talking on the campaign trail about defending so-called self-custody of coins and vowed at the Libertarian National Convention in May to keep Sen. Elizabeth Warren, D-Mass., and “her goons” away from bitcoin holders.
In early June in San Francisco, technologists, crypto executives and venture capitalists paid up to $300,000 per ticket to join a Trump fundraiser that ultimately raised more than $12 million. The more Trump raised, the more he leaned into his newfound support.
BTC Inc. CEO David Bailey and industry liaison for the Bitcoin Advocacy Project, Tracy Hoyos-López, in the Bitcoin 2024 “war room” ahead of the industry roundtable with Donald Trump.
Tracy Hoyos-López
“There are a lot of people in Trump’s orbit that are fans of bitcoin,” said Bailey. “There are members of his family that are fans of bitcoin. Donald Trump has sold real estate for bitcoin. I just bought a pair of sneakers from him in bitcoin.”
Bailey said Trump’s journey from cynic to fan is relatable. He said Michael Saylor, the billionaire founder of MicroStrategy, was once a skeptic and that he’s been on a personal journey himself for 12 years.
“There is no necessarily single person who’s responsible for orange-pilling him,” Bailey said, of Trump. “I think in terms of him having a 180 on this topic, that is really a very natural thing.”
After months of dialogue with Trump and his aides, Bailey said he thinks the former president’s attraction to bitcoin is that it “represents a transformational opportunity for the country.”
“In that sense, I think it’s kind of a match made in heaven,” he said.
Getting to ‘yes’
Hoyos-López said the period between the Mar-a-Lago meeting in June and the Nashville conference late last month was “agonizing,” as the group waited for an answer.
The first “yes” from the Trump camp was to the meeting in Manhattan, and the news was delivered by phone to Hoyos-López while Bailey was in Japan. The conference was more than a month out. Hoyos-López said she jumped in her car and drove to Bailey’s house so she and his wife, Emily, could prepare the one suit he had in his closet.
“We couldn’t find any dry cleaners that would have this in time in Puerto Rico,” Hoyos-López said. “We ended up having to get super creative, like putting his suit in the dryer, putting his suit in the sun, steaming it.”
There was a lot of work to be done in a little amount of time.
Soon after the Mar-a-Lago roundtable, Trump said yes to Nashville.
“I’m a criminal attorney, I was a prosecutor, so I’m used to dealing with very big and very emotional moments, but not treating them as such,” Hoyos-López said. “While everyone is excited and celebrating, I’m like, ‘Alright, well, we need to sit down and figure out.'”
Three months earlier, Bailey’s wildest dream was to get Trump to Nashville. He talked about it often with his core group of friends in Puerto Rico, a U.S. territory with crypto-friendly policies, including huge tax breaks to those who spend at least 183 days on the island each year.
“Never in a million years, did we think we were going to be here,” Hoyos-López said. “Getting a presidential candidate to the Bitcoin Conference was definitely one of the coolest things that I probably will ever do in my life.”
At the conference, Hoyos-López, Fabiano, and Bailey worked to stage a second roundtable with Trump. They brought in a wider set of industry participants, including the Winklevoss twins, Coinbase Chief Legal Officer Paul Grewal and Cantor Fitzgerald CEO Howard Lutnick. Kid Rock, Billy Ray Cyrus and some top mining executives were also there, along with a smattering of politicians.
Attorney and bitcoiner Tracy Hoyos-López sat down with Donald Trump as part of an industry working group.
Tracy Hoyos-López
Trump, in his keynote, donned a blue-and-white-striped tie and an American flag pinned to the lapel of his navy blue suit. He declared that a Trump White House would “keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” and said he would fire SEC Chair Gensler.
To Fabiano, Bailey, and Hoyos-López, the stakes couldn’t possibly be higher, as Democratic nominee Kamala Harris gains momentum in the polls.
“Our industry as a whole will cease to exist if Trump doesn’t win,” Hoyos-López said. “There are some rumors out there that Harris is trying to change her stance on crypto as a whole, and to appear more friendly, but I just don’t believe anything that they say.”
Hoyos-López said she’s now focused on getting out votes and rallying bitcoiners who she says are “single-issue voters.”
“Yes, the money that you get in is very important,” she said. “But what really matters at the end of the day is votes.”
Less than a week after leaving Nashville, Fabiano, Hoyos-López, and Bailey were back together closer to home to process all that had happened. They met at a restaurant called Santaella and shared a mix of Puerto Rican tapas, including a personal favorite — goat cheese quesadilla with nuts and honey on top.
“We just sat down and had a conversation about like, ‘Holy crap. We did this,'” Hoyos-Lopez said. “We created the table, and we brought everyone to the table, which is literally what this community is all about.”
The Tesla Cybertruck is in crisis. The automaker is still sitting on a ton of old inventory, which it is now heavily discounting, and it is throttling down production to try to avoid building up the inventory again.
When launching the production version of the Cybertruck in late 2023, Tesla CEO Elon Musk claimed that the vehicle program would reach 250,000 units a year in 2025:
“I think we’ll end up with roughly a quarter million Cybertrucks a year, but I don’t think we’re going to reach that output rate next year. I think we’ll probably reach it sometime in 2025.”
We are now in 2025, and Tesla is expected to currently be selling the Cybertruck at a rate of about 25,000 units a year – a tenth of what Musk predicted.
Earlier this month, we reported that Tesla began the second quarter with 2,400 Cybertrucks in inventory, valued at over $200 million.
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This is a real problem for Tesla as many of those Cybertrucks are older 2024 model year units not eligible for the federal tax credit, and even some ‘Foundation Series’, which Tesla stopped building in October 2024 – meaning that Tesla is sitting on some 6-month-old trucks in some cases.
Tesla is now offering deeper discounts on the new inventory of Cybertrucks. The discounts can go as high as $10,000, but the average one is closer to $8,000, which is more than the tax credit:
Despite Tesla’s efforts, the automaker has only reduced its Cybertruck inventory by about 100 units since the beginning of the month.
Tesla is now further throttling down production of the Cybertruck at Gigafactory Texas, according to a new report from Business Insider.
According to two Tesla workers speaking with BI, the automaker has reduced its Cybertruck production teams and now operates at a fraction of its original capacity. It also moved some Cybertruck production workers to Model Y production at the plant.
One of the workers said:
“It feels a lot like they’re filtering people out. The parking lot keeps getting emptier.”
When it comes to the Cybertruck program, it sounds like Tesla is lowering production even further.
Last week, Tesla launched a new version of the Cybertruck in an attempt to boost demand, but it has been poorly received due to the automaker’s removal of many essential features.
Electrek’s Take
There are a lot of other automakers that would have already given up on the Cybertruck ith these results, but not Tesla. Musk is not one to admit defeat easily.
However, Tesla is running out of options.
The new Cybertruck RWD was a desperate attempt, and I doubt it will work. Now, it sounds like Tesla is further throttling down production – virtually confirming that the new trim didn’t help.
The next step would be a complete production pause.
Again, I don’t think Musk wants to admit defeat, but at some point, it’s inevitable.
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LiveWire, the electric motorcycle brand spun out of Harley-Davidson, has officially launched a new line of electric motorcycles tailored for law enforcement and security use. The move marks another example of electric two-wheelers expanding beyond consumer markets and into professional and government fleets.
The company’s new LiveWire fleet program debuted with its electric motorcycle models adapted to include law enforcement-specific features like sirens, emergency lighting, and reinforced mounting points for gear. They are designed for urban patrol duties, security, and events where agility and low operational noise are critical.
As LiveWire explains, the electric drivetrain offers several advantages over traditional gas-powered police motorcycles, including lower maintenance needs, reduced operational costs, and near-silent operation. Those can be strategic advantages for many law enforcement departments. Instant torque and quick acceleration also give officers a performance edge in dense urban environments.
Additionally, the lack of a clutch and the ability to operate the motorcycle entirely with just the right hand and right foot, as opposed to a traditional motorcycle requiring the use of both hands and both feet, make the bikes ideal for reducing rider fatigue during long shifts and for low-speed operation like motorcade duty.
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Departments will be able to configure bikes with a range of custom options through LiveWire’s fleet division. The fleet program highlights benefits such as regenerative braking for improved efficiency, customizable ride modes, and short recharging times allowing officers to quickly recharge during shifts if needed.
The initiative comes at a time when interest in electric police vehicles is rising. Several major cities have already begun integrating electric vehicles including e-bikes into their fleets to reduce emissions and lower fuel costs. LiveWire’s dedicated police motorcycles could help fill a niche where traditional gas-powered motorcycles are too noisy, high-maintenance, or costly for modern policing needs. That’s exaclty what we’ve seen in the past when the original Harley-Davidson LiveWire electric motorcycle was already drafted into police department use years ago.
For now, LiveWire’s police models are targeting agencies across North America, but given the growing global demand for greener fleets, it’s likely we’ll see broader adoption if the program proves successful.
Electric motorcycles have also proven popular among police departments and security forces both in the US and around the world.
As electric vehicle technology continues to improve and charging infrastructure expands, it’s all but inevitable that more police and security fleets will gradually transition to electric models.
The combination of lower operating costs, easier maintenance, and environmental benefits makes electrification an increasingly practical and attractive option for public safety agencies.
Current battery technology, which generally provides around 100 miles (160 km) of range, positions these electric motorcycles ideally for urban law enforcement roles. This urban setting is precisely where their strengths become most apparent. Quiet operation, zero emissions, and significantly reduced maintenance costs make electric police motorcycles particularly beneficial for high-mileage city fleets.
Imagine landing at JFK or LaGuardia after a fun but taxing vacation, and instead of hailing a two-hour cab ride or asking your brother-in-law to come and get you, you take to the skies in an eVTOL. You’re back on the ground in 15 minutes for a short trip back home to bed. What a time to be alive. eVTOL developer Archer Aviation is making this dream a reality alongside its business partner, United Airlines, offering travelers to NYC a new map of air taxi routes to travel to and from NYC airports.
As you may or may not already know, Archer Aviation ($ACHR) is a Santa Clara, California-based aviation developer specializing in designing and developing electric vertical takeoff and landing aircraft, particularly for use in urban air mobility (UAM) networks such as air taxi services.
Archer remains one of the more exciting eVTOL developers we follow and stays relevant on our news beat with steady announcements of new partnerships with companies worldwide to develop and implement networks of sustainable air travel using its flagship Midnight eVTOL aircraft.
One of Archer’s long-standing partners has been Stellantis, which signed an agreement to become the exclusive manufacturer of Archer’s eVTOL technology at a new facility in the US, specifically Covington, Georgia. Last summer, Archer announced that a new US facility had completed construction, and Midnight eVTOL production was scheduled to begin in early 2025.
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In addition to Stellantis, plenty of other big names have invested in Archer and/or signed agreements with the eVTOL specialist, including Boeing and ARK Invest. Aviation companies like Southwest and Soracle in Japan have signed ventures to establish eVTOL air taxi networks in major metropolitan areas like Tokyo, Los Angeles, and Chicago – the latter of which comes via a landmark agreement with Signature Airlines signed in June 2024.
Another partner is United Airlines, which is working alongside Archer to establish a new eVTOL air taxi network around the NYC metropolitan area, connecting Manhattan to several nearby airports. You can see the NYC air taxi route map below:
Source: Archer
Archer unveils eVTOL air taxi routes coming to NYC
Archer Aviation unveiled the initial route map for air taxi operations in NYC this morning alongside details of its ongoing partnership with United Airlines. The pending air taxi network includes vertiports at JFK, LaGuardia, and Newark Airports around NYC and a presence at regional airports and three helipads in the city itself.
Per Archer, the goal is to provide travelers with a new, safe, and sustainable method of transportation in which they can visit a nearby heliport and fly 5 to 15 minutes in a Midnight eVTOL to their destination as opposed to potentially sitting in hours of NYC traffic. Archer founder and CEO Adam Goldstein elaborated:
The New York region is home to three of the world’s preeminent airports, serving upwards of 150 million passengers annually. But the drive from Manhattan to any of these airports can be painful, taking one, sometimes two hours. We want to change that by giving residents and visitors the option to complete trips in mere minutes. With its existing helicopter infrastructure, regulatory support and strong demand, I believe New York could be one of the first markets for air taxis in the United States.
Thanks to its partnership with United, Archer said its future passengers can book air taxi flights in NYC as an “add-on” to their existing itinerary. As an example, the eVTOL developer said a customer would be able to take a Midnight eVTOL, which is designed to transport four passengers plus a pilot, from a vertiport downtown to the Newark Airport in less than ten minutes, then go through security and board their commercial flight as normal, saving tons of time along the way.
Source: Archer
As a long-term investor and customer in Archer’s eVTOL technology, United Airlines intends to work alongside its partner to help make these air taxi routes around NYC a reality. Andrew Chang, Head of United Airlines Ventures, also spoke:
At United, our focus is on driving innovation, reimagining the future of air travel and enhancing the customer experience every step of the journey. Our strategic collaboration with Archer will be key to our efforts to build and optimize the infrastructure – such as real estate development, air space management, and safety and security protocols – necessary to bring advanced air mobility to our customers.
Here is the full list of planned vertiports for air taxi travel around the NYC metropolitan area:
Major Airports: John F. Kennedy International Airport, LaGuardia Airport, Newark Airport
NYC Helipads: East 34th Street Heliport, Downtown Skyport, West 30th Street Heliport
Regional Airports: Westchester County Airport, Teterboro Airport, Republic Airport
The NYC network is a part of Archer’s more extensive plans to establish eVTOL air taxi travel across populated and traffic-dense areas in the US, including additional networks in San Francisco and Los Angeles. Archer shared it is currently working through the final stages of FAA approval to get those routes up and running.
A representative for the company shared the following update when asked when we might see Archer air taxi operations in the New York City area:
We’re taking a step by step approach for any new market we’re launching in, starting with a few aircraft on a few routes. We’ll ramp commercial operations upon receiving Type Certification from the FAA. We’re in the final stages of FAA type certification for Midnight, and once complete, we’ll be ready to begin commercial operations. We will start slowly, with a “crawl, walk, run” approach with Midnight’s roll-out. In the U.S., we’ve identified New York, Los Angeles, and San Francisco as our initial markets.
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