Topline Billionaires Endorse and Donate to Trump and Harris Campaigns Ahead of Election Day
Topline: Billionaires in the Cryptocurrency Industry Endorse and Donate to Trump and Harris Campaigns
A handful of billionaires with ties to the cryptocurrency industry have thrown their support behind former President Donald Trump and Vice President Kamala Harris as digital currency becomes a prominent factor ahead of Election Day.
Key Facts
Twins Tyler Winklevoss and Cameron Winklevoss, co-founders of the cryptocurrency exchange Gemini, each worth $2.7 billion, donated about $1 million in bitcoin to support Trump’s campaign. They cited the Biden administration’s stance against crypto as their reason for supporting Trump. Ripple co-founder Chris Larsen, worth about $3.1 billion, endorsed Harris and donated $1.9 million to support her campaign. Marc Andreessen, with a net worth of $1.8 billion, donated $2.5 million to a super PAC supporting Trump. Dallas Mavericks owner Mark Cuban, worth $5.7 billion, publicly supports Harris. Tim Draper, a founding partner of Draper Fisher Jurvetson, donated to both the Harris and Trump campaigns.
What Have Other Pro-Crypto Billionaires Said?
Coinbase co-founders Brian Armstrong and Fred Ehrsam, with net worths of $9.2 billion and $2.7 billion respectively, donated to Sen. JD Vance’s reelection campaign before he became Trump’s running mate. Jed McCaleb, who helped launch crypto firms Mt. Gox, Ripple, and Stellar, donated to a PAC calling for Biden to leave the race. Mike Novogratz, CEO of Galaxy Digital Holdings, called on Biden to drop out. Michael Saylor, founder of MicroStrategy, praised Trump’s pro-crypto stance. Changpeng Zhao, the Binance founder, had neutral views on Trump’s impact on crypto.
Tangent
Tesla CEO Elon Musk, worth $245.9 billion, donated $75 million to a super PAC supporting Trump’s election bid. Musk has expressed varying opinions on crypto, causing market shifts with his comments. Former crypto billionaire Sam Bankman-Fried considered offering Trump $5 billion not to run for office.
Surprising Fact
Sam Bankman-Fried reportedly considered offering Trump $5 billion not to run for office, but the deal did not materialize.
Key Background
Trump’s support for cryptocurrency has evolved over the years, with him now advocating for the U.S. to become the “crypto capital of the planet.” The Biden administration has faced criticism from some in the crypto industry for its regulatory approach.
Further Reading
Forbes: Trump Used To Think Crypto Was A ‘Scam’ — Now He’s Launching His Own Crypto Platform Run By His Sons
Forbes: Trump Campaign Now Accepts Crypto Donations
