In a bold political move, the Winklevoss twins, who are famous for their early investments in Bitcoin and co-founded the cryptocurrency exchange Gemini, each donated $1 million in Bitcoin to former President Donald Trump’s re-election campaign, Reuters reported. This major endorsement highlights a significant intersection between the world of cryptocurrency and politics, raising eyebrows and debates on both sides.
Crypto Kings Endorse Trump
Cameron and Tyler Winklevoss are no strangers to making headlines. This time, they did it by entering the political arena, supporting a candidate who once called Bitcoin a scam but has now called himself the ‘Crypto President.’ Each twin sent 15.47 BTC, which translates to about $1 million, to bolster Trump’s campaign efforts.
I also donate $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will vote for him in November.
Here’s the TL;DR – President Trump is:
Pro-Bitcoin
Pro-Crypto
Pro-BusinessAnd he will end the Biden Administration’s war on crypto. Go ahead!
— Cameron Winklevoss (@cameron) June 20, 2024
Tyler Winklevoss didn’t mince words, praising Trump as “pro-Bitcoin” and “pro-crypto,” while accusing President Joe Biden of waging a regulatory battle against the crypto industry. He cited a series of enforcement actions by the US Securities and Exchange Commission (SEC) during the Biden administration, calling it “Operation Choke Point 2.0.”
“The Biden administration tried to destroy all of this. I will not stand idly by and let them go. I will continue to fight for what I know is right,” The Guardian newspaper quoted him as saying.
BTCUSD trading at $63,929 on the daily chart: TradingView.com
Trump’s Crypto Revolution
Trump’s stance on cryptocurrency has seen a surprising shift. In 2021, he infamously called Bitcoin a scam, yet now he is reaching out to the crypto community with open arms. This conversion is not just talking; The Trump campaign is actively accepting cryptocurrency donations, and has been rubbing shoulders with major players in the crypto and mining industries.
Meanwhile, Trump’s new support for cryptocurrency has also received international attention. Nayib Bukele, the President of El Salvador and Bitcoin spokesperson, has endorsed Trump’s request. This international aspect underscores the growing global influence of cryptocurrency and its potential to shape political dynamics beyond the US.
Crypto’s Rising Politics Colut
The Winklevoss twins’ endorsement of Trump reflects a broader trend: cryptocurrency is becoming an important part of US politics. As candidates from both major parties engage with the industry to varying degrees, the debate over crypto legislation is growing. The Biden administration has been criticized for its strict regulatory measures, which some see as hindering innovation and growth within the crypto sector.
Despite his 34-count sentencing hearing scheduled for July, Trump’s political influence has not waned. His high poll ratings suggest his pivot to cryptocurrency adoption may resonate with a significant voter base, especially those disillusioned with Biden’s governing style.
Featured image from page six, chart from TradingView
