Donald Trump’s Pro-Crypto Stance Secures $12 Million in Donations from Industry Leaders

4 months ago 52

Donald Trump, the former president of the United States, further solidified his stance on the crypto sector, affirming his intention to embrace the title of “crypto president” during a recent fundraising event.

Additionally, he pledged to swiftly overturn the existing administration’s adversarial stance on the crypto industry within the first hour of assuming office.

Trump’s Crypto Presidency Can Push Bitcoin to $150,000

The Trump fundraiser, hosted by venture capitalists David Sacks and Chamath Palihapitiya, drew prominent figures from the crypto sphere. The guest list included the Gemini exchange twins co-founders Tyler and Cameron Winklevoss, undisclosed Coinbase executives, and other industry leaders. The event raised $12 million to support Trump’s bid to oust Biden.

In an extensive social media thread, Sacks explained his endorsement of Trump’s presidency. He cited concerns with the current administration’s handling of the economy, border security, foreign policy, and legal matters.

“The voters have experienced four years of President Trump and four years of President Biden. In tech, we call this an A/B test. With respect to economic policy, foreign policy, border policy, and legal fairness, Trump performed better. He is the President who deserves a second term,” Sacks remarked.

Meanwhile, banking giant Standard Chartered has forecasted that Bitcoin could surge to $150,000 if Trump secures re-election in the upcoming November elections. Geoff Kendrick, head of digital assets research at Standard Chartered, noted that the Republican candidate shows more support for the emerging industry compared to President Joe Biden. Biden recently vetoed efforts to repeal SAB 121—an SEC policy criticized for hindering the emerging sector’s growth.

“As we approach the US election I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Kendrick stated.

While the US has traditionally held an anti-crypto stance, recent developments have shown that the crypto industry would actively participate in the forthcoming elections to change the unfavorable environment. Stuart Alderoty, Ripple’s chief legal officer, emphasized the importance of this crypto participation in the electoral process.

“It’s great when crypto uses its collective voice through calls, letters, emails to Congress, but if crypto doesn’t vote it all just becomes noise. Politicians on both sides of the aisle must understand that votes are on the line,” Alderoty stated.

Indeed, available data shows that Trump’s pro-crypto stance has notably improved his chances of re-election. Polymarket, a popular crypto-based prediction platform, indicates that Trump now holds a 56% chance of winning, while Biden’s chances stand at 35%. Polymarket said this marks a new high for Trump’s re-election prospects.

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