Billionaire twins Cameron Winklevoss and Tyler Winklevoss recently made headlines for making the first major presidential contributions from well-known crypto CEOs. The brothers donated a total of $2 million worth of Bitcoin to support former President Donald Trump’s bid to take down President Biden’s re-election campaign. Each brother donated 15.47 BTC, roughly $1 million at the time of publication, to Trump’s presidential campaign. Tyler Winklevoss stated that Trump is the pro-Bitcoin, pro-crypto, and pro-business choice for president, accusing the Biden administration of declaring war against the crypto industry.
Tyler Winklevoss criticized the Biden administration for allegedly weaponizing the banking system against crypto and initiating enforcement actions against good actors to destroy the industry. He also called out the SEC for taking a hostile stance on cryptocurrencies without formulating clear rules. Cameron Winklevoss mirrored his brother’s sentiments, stating that President Trump is pro-Bitcoin, pro-crypto, and pro-business, positioning him as a better choice for president than Biden. The brothers believe that Trump will put an end to the Biden administration’s war on crypto.
The funds donated by the Winklevoss twins were reportedly sent to the Trump 47 Committee Inc., a joint fundraising committee that could distribute the money to comply with legal limits on donations to candidates and political parties. Trump’s campaign not only accepts donations in Bitcoin and other cryptocurrencies, but he has also made efforts to position himself as the pro-crypto candidate. Trump recently met with Bitcoin mining company executives to discuss plans for all remaining BTC to be mined in the United States to help the nation become energy-dominant.
While Trump’s stance on crypto has been somewhat controversial in the past, with him calling Bitcoin “based on thin air” in 2019 and labeling it a “scam” in 2021, analysts at Standard Chartered believe that a Trump win in November would be beneficial for Bitcoin. The analysts predict a $150,000 BTC price by the end of 2024 if Trump is re-elected. Despite his previous skeptical comments about cryptocurrency, Trump’s recent efforts to engage with the industry and position himself as a pro-crypto candidate have garnered support from influential figures in the crypto space, such as the Winklevoss twins. Time will tell how Trump’s pro-crypto stance will impact the industry and the upcoming election.
