Donald Trump Declares Support for Bitcoin at San Francisco Fundraiser, Raises $12 Million for Presidential Campaign

  • During a recent fundraiser in San Francisco hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, former President Donald Trump positioned himself as a staunch advocate of cryptocurrency while critiquing the Democratic party’s regulatory stance on the sector.
  • The event was significant not just for Trump’s pro-crypto declarations but also for the considerable funds it managed to raise for his presidential campaign.
  • “I am your crypto president,” Trump reportedly proclaimed, emphasizing his support for the burgeoning industry.

Donald Trump vows to champion cryptocurrency in presidential campaign with substantial backing from industry leaders.

Trump’s Fundraiser Garners $12 Million for Campaign

Hosted at David Sacks’ residence in San Francisco’s affluent Pacific Heights area, the fundraiser successfully raised an impressive $12 million for former President Donald Trump’s campaign for the White House. Participants emphasized Trump’s open endorsement of the cryptocurrency industry, designating him as the “crypto president”.

Heightened Regulatory Scrutiny Sparks Political Engagement

Amid intensifying regulatory examination, the cryptocurrency sector has ramped up its political lobbying, particularly as the U.S. heads into another election cycle. Leading this movement is U.S. crypto exchange Coinbase, contributing $25 million USDC to the Fairshake PAC, aimed at backing pro-crypto candidates such as Trump. The drive for influence follows last year’s significant crypto firm bankruptcies, which unveiled fraud and substantial investor losses, thereby drawing the attention of regulators.

Crypto Enthusiasts Rally Behind Trump

Despite the liberal leanings of San Francisco, Trump has won support from notable local venture capitalists and cryptocurrency investors. Concerns over stringent regulation were frequently mentioned as motivations for their support. Advisor to Palantir, Jacob Helberg, noted that Trump assured attendees that the stringent regulatory regime under Biden and SEC Chair Gary Gensler would cease almost immediately if he were re-elected.

Key figures from the crypto world, including top executives from Coinbase and the founders of Gemini exchange, Tyler and Cameron Winklevoss, were in attendance, showing broad industry support.

Cryptocurrency Donations for Campaign

Further solidifying his commitment, Trump’s campaign announced in May that it would accept donations in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE). This move signifies a notable shift towards embracing digital assets in political fundraising.

Conclusion

The recent fundraiser in San Francisco not only highlights Trump’s significant support from the cryptocurrency community but also underscores his commitment to fostering a crypto-friendly regulatory environment. As the political landscape evolves, Trump’s promise of deregulation contrasts sharply with the current administration’s approach, presenting a pivotal moment for the future of cryptocurrency regulation in the United States.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Price Struggles: Why It’s Not Rising? Analysts Explain!

Recent Bitcoin price movements have...

BtcTurk Hot Wallets Hacked: $54.2M in AVAX Tied to Cyber Attack, $5.3M Recovered

BtcTurk, a leading Turkish cryptocurrency exchange, recently...

Binance Helps Freeze $5.3M Stolen AVAX Funds Amid BtcTurk Cyber-Attack

Binance CEO Richard Teng and...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Ethereum Active Addresses Surge to 3-Month High, Signaling Potential Price Rebound

Ethereum (ETH) has shown a fluctuating price movement, recording a 0.75% drop recently amid a broader monthly decline of 6.40%,...

Bitcoin Price Struggles: Why It’s Not Rising? Analysts Explain!

Recent Bitcoin price movements have left investors on edge. Despite recent gains, Bitcoin falling below $65,000 highlights...

Bitcoin Poised for Positive Move in July 2024: Eric Crown’s Market Analysis

Leading crypto analyst Eric Crown has recently discussed predictions for Bitcoin's performance in July 2024. Historically, July...