In a bold political move, the Winklevoss twins, known for their early investment in bitcoin and co-founders of the Gemini cryptocurrency exchange, have each contributed $1 million worth of bitcoin to former President Donald Trump's re-election campaign. bitcoin-trump-2024-06-20/” target=”_blank” rel=”noopener nofollow”>Reuters reported. This strong endorsement highlights an important intersection between the worlds of cryptocurrency and politics, raising eyebrows and sparking debate on both fronts.
crypto kings back Trump
Cameron and Tyler Winklevoss are no strangers to making headlines. This time, they did it by dipping their toes into the political arena, endorsing a candidate who once called bitcoin a scam but has since rebranded himself as the “crypto President.” bitcoin-to-support-donald-trump/” target=”_blank” rel=”noopener nofollow”>Each twin sent 15.47 btcwhich translates to around $1 million, to bolster Trump's campaign efforts.
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I also just donated 1 million dollars worth of bitcoins (15.47 btc) to twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>@realDonaldTrump and we will vote for him in November.
Here's the TL;DR: President Trump is:
Pro-bitcoin
Pro-crypto
Pro-Business
And it will end the Biden Administration's war on cryptocurrencies. Forward! https://t.co/r6iDP7BdbE
– Cameron Winklevoss (@cameron) twitter.com/cameron/status/1803876953860247831?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>June 20, 2024
Tyler Winklevoss didn't mince his words, praising Trump as “pro-bitcoin” and “pro-crypto,” while accusing President Joe Biden of waging a regulatory war against the crypto industry. He pointed to a series of enforcement actions by the U.S. Securities and Exchange Commission (SEC) during the Biden administration, calling it “Operation Choke Point 2.0.”
“The Biden Administration has tried to tear down all of this. I'm not going to sit back and leave them. “I am going to continue fighting for what I know is so right.” The Guardian quoted him saying.
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BTCUSD trading at $63,929 on the daily chart: TradingView.com
Trump's crypto conversion
Trump's stance on cryptocurrencies has undergone a dramatic evolution. In 2021, he infamously called bitcoin a scam, but now he is courting the crypto community with open arms. This transformation is not just rhetoric; The Trump campaign actively accepts cryptocurrency donations and has rubbed shoulders with major players in the cryptocurrency and mining industries.
Meanwhile, Trump's new support for cryptocurrencies has also attracted international attention. Nayib Bukele, president of El Salvador and a strong supporter of bitcoin, endorsed Trump's offer. This international dimension underscores the growing global influence of cryptocurrencies and their potential to shape political dynamics beyond the United States.
The growing political influence of cryptocurrencies
The Winklevoss twins' endorsement of Trump indicates a broader trend: cryptocurrencies are becoming an essential part of the American political landscape. As candidates from both major parties engage with the industry to varying degrees, the debate over cryptocurrency regulation is intensifying. The Biden administration has been criticized for its strict regulatory measures, which some believe are stifling innovation and growth within the cryptocurrency sector.
Despite facing 34 felony charges and a sentencing hearing scheduled for July, Trump's political influence remains intact. His high ratings in polls suggest his pivot toward cryptocurrency adoption could resonate with a significant voter base, especially those disillusioned with Biden's regulatory approach.
Featured image from page six, TradingView chart
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