Cryptocurrency billionaires, the Winklevoss twins, have announced that they are donating $1 million worth of bitcoin each to support former President Donald Trump in his 2024 campaign. Tyler Winklevoss stated that he will be voting for Trump because he is pro-Bitcoin, pro-crypto, and pro-business, and encouraged the crypto community to do the same. He criticized the Biden administration for declaring war against crypto and using government agencies to target industry participants.
In response to the Biden administration’s alleged anti-crypto stance, Cameron Winklevoss also donated 15.47 BTC to Trump, stating that he believes Trump will end the Biden administration’s supposed war on cryptocurrency. The donations are set to go to the Trump 47 Committee, a joint fundraising committee that will likely split the amount to adhere to federal campaign donation limits. The Winklevoss twins have a net worth of $2.7 billion each, according to Forbes.
The Winklevoss twins and their cryptocurrency exchange Gemini have faced legal challenges in recent years following the collapse of their high-interest earning program Gemini Earn in 2022. As part of a settlement with the New York Department of Financial Services, Gemini agreed to repay $1.1 billion to customers and pay a $37 million fine for compliance failures. The twins’ donations to Trump come at a time when the former president has been vocal about his support for cryptocurrencies, despite previously expressing skepticism toward the industry during his presidency.
Despite previously stating his skepticism toward cryptocurrencies, Trump has shifted his stance and embraced the industry in recent months. His campaign now accepts cryptocurrency donations and he has positioned himself as a supporter of the tech and crypto sector. Trump has criticized Biden’s stance on Bitcoin, claiming that it benefits China, Russia, and the Radical Communist Left. He has also advocated for more Bitcoin mining to take place in the U.S. and positioned the cryptocurrency as a defense against Central Bank Digital Currencies (CBDC).
The Winklevoss twins’ donations to Trump highlight the increasing alignment between prominent figures in the cryptocurrency industry and the former president. Trump’s pro-crypto stance marks a stark departure from his previous position on digital assets, and his campaign’s acceptance of cryptocurrency donations reflects a growing interest in the sector. The twins’ support for Trump underscores their belief in his ability to protect the interests of the crypto community and combat what they perceive as anti-crypto policies from the Biden administration.
