Winklevoss Twins Commit $2 Million in Bitcoin to Trump's Possible Re-election Campaign
Summary:
Gemini co-founders Tyler and Cameron Winklevoss have pledged $1 million in Bitcoin each to support former U.S. President Donald Trump's potential re-election campaign. They claim Trump is pro-crypto, contrasting with President Biden's alleged anti-crypto stance. The Winklevoss twins' sizable contributions to Trump's campaign come despite his legal issues and his previous criticism of Bitcoin. The endorsement has received mixed responses, with some questioning Trump's motivations and crypto policies.
The co-founders of Gemini, Tyler and Cameron Winklevoss, have each committed one million dollars in Bitcoin (BTC) to support the re-election campaign of ex U.S. President Donald Trump. According to posts made on June 20 on X, the Winklevoss twins intend to support the potential Republican Party candidate for U.S. Presidency in the election on November 5, promising to donate approximately 15.47 BTC – equating to around one million dollars at the time the posts were made – to his campaign fund. The pair suggest that Trump is supportive of Bitcoin and cryptocurrency in general, arguing that current President Joe Biden has shown opposition towards crypto during his time in office.
Tyler Winklevoss stated, “Ex U.S. President Donald Trump upholds Bitcoin, crypto, and business interests. There is no room for argument on this matter. Anyone offering a counterpoint is either gravely misinformed, delusional, or dishonest [...] It is time for the crypto community to make its voice heard in Washington. They need to understand that opposing us is politically detrimental.” He specifically referred to the U.S. Securities and Exchange Commission’s punitive measures against crypto firms since Biden took office and the “weaponization of the banking system against crypto companies”, apparently alluding to Operation Choke Point 2.0. Inconspicuously, the twins did not discuss the regulator's performance during Trump’s term from 2017 to 2021.
It is rumored that the Winklevoss brothers attended a June fundraiser for Trump that charged up to $300,000 per person. They have also donated around $5 million to the Fairshake political action committee, along with its affiliates, which has been responsible for attack ads against legislators and supporting selected Democratic and Republican candidates for office.
Trump's past legal issues were not mentioned in the twin's announcement, specifically his conviction on 34 felony charges in May which could hinder his attempt to run again for president. He is leading in the polls as the possible Republican presidential nominee, however Trump is due to attend a sentencing hearing in New York on July 11, less than a week before he is likely to receive official party nomination.
Despite his legal woes over the last two months, Trump held a dinner for individuals who bought a non-fungible token of his mugshot from a criminal case in Georgia, stated his campaign would be open to donations in crypto, and met with business leaders from prominent mining companies – the last event leading to Trump declaring his intention of having all BTC mined in the United States. It has been reported that President Biden is also contemplating accepting cryptocurrency for his re-election campaign.
Although most of the feedback on X showed support for the Winklevoss’ endorsement, there were some critics questioning Trump’s motivations for accepting crypto and his potential intent to follow Robert F. Kennedy Jr, who is a known supporter of crypto and running as an Independent in the 2024 election. It's worth noting that in 2021, after leaving office, Trump labelled Bitcoin as a scam.
Published At
6/20/2024 11:04:06 PM
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