Trump’s $22B crypto bet takes center stage at Bitcoin MENA event

The Bitcoin MENA Conference is about to kick off in Abu Dhabi, and this year’s gathering has some major players. US President-elect Donald Trump’s new crypto venture will reportedly take center stage at the conference which also features Eric Trump, Steve Witkoff, Justin Sun, and more.

The major event comes in when Bitcoin (BTC) is riding high on the bullish momentum and smashed $100K for the first time over Trump’s vows to make the US the crypto capital of the planet. BTC price is up by more than 62% in the last 60 days, depicting the sentiment of the investors.

Trump’s WLF set to take over?

As per reports, Eric Trump, executive Vice President of The Trump Organization and Donald Trump’s son will deliver the keynote address. Following that, he’ll be holding a private “whale-only” session for big investors who hold the power to move markets. However, the “Whale Pass” which gives an attendee VIP access is worth $9,999.

World Liberty Financial (WLF), a new crypto platform co-founded by the Trump family, is at the heart of the conference. With Donald Trump holding over 22.5 billion WLF tokens, this crypto venture is gaining some serious traction in the space

Justin Sun, the founder of Tron, had bought a massive $30 million worth of WLF tokens. He’s now the largest investor in the platform and moves like these, signal major confidence in the venture and the crypto market at large.

The conference comes at a crucial moment when Trump, once a crypto skeptic, has declared himself the “crypto president”. If his promises hold, the market could see major policy shifts in favor of crypto. The recent appointment of pro-crypto Paul Atkins as the new Securities and Exchange Commission (SEC) chair is one of those moves.

The event will also see Changpeng Zhao (CZ), the founder of Binance, speaking over much anticipated topics. India, the UAE, and other emerging markets are watching closely as global crypto leaders gather in Abu Dhabi.

Money still pouring into BTC ETFs

One of the biggest highlights of the year 2024, the launch of US Crypto ETFs, is turning out to be a game changer for the industry. Data suggests that almost $10 billion has poured into these investment funds since Donald Trump became president-elect.

Issuers like BlackRock, Fidelity Investments, and others have managed to draw $9.9 billion of net inflows in the period following Election Day on November 5. Bitcoin ETFs hold total net assets worth $112.74 billion (5.62% of Bitcoin Market Cap). 

BTC ETFs reported a weekly net inflow of $2.73 billion (December 2 to December 6). This is the second-highest weekly net inflow in history. BlackRock’s IBIT had a weekly net inflow of $2.63 billion. The Bitcoin price saw a minor correction after hitting a legendary $104K. BTC is trading at an average price of $98,935, at press time. It is holding a market cap of over $2 trillion.