Winklevoss Twins Donate $2 Million in Bitcoin (BTC) to Trump Campaign
Gemini co-founders Tyler and Cameron Winklevoss each donated $1 million in Bitcoin to support former President Donald Trump’s re-election campaign.
The Gemini co-founders said they sided with Donald Trump and donated to his campaign due to the Biden administration’s hawkish stance on cryptocurrencies.
Winklevoss twins donate big
Tyler and Cameron Winklevoss announced the donation through their respective X handles. Gemini founders donated 30.94 BTC, worth $2 million, to end the Biden administration’s cryptocurrency war. Both Tyler and Cameron are extremely unhappy with Biden’s stance on cryptocurrencies and cryptocurrency regulation. Tyler Winklevoss wrote about X:
“Over the past few years, the Biden administration has publicly declared war on cryptocurrencies. “It weaponized multiple government agencies to bully, bully, and sue good actors in the industry in an effort to destroy the industry.”
He also said Trump is a Bitcoin supporter, a cryptocurrency supporter, and a business supporter, adding that if anyone says otherwise, they are either delusional, misinformed, or lying.
“President Donald J. Trump is the choice to support Bitcoin, cryptocurrency and business. This isn’t even remotely debatable. Anyone who tells you otherwise is either seriously misinformed, delusional, or not telling the truth.”
Weaponizing the banking system against cryptocurrencies
The Winklevoss twins accused the Biden administration of weaponizing the federal government and banking system against the cryptocurrency ecosystem and continuing policies first established under the Obama administration with Operation Choke Point. Biden was vice president in the Obama administration.
“This administration’s actions are nothing more than an unprecedented abuse of power wielded entirely for distorted political gain at the complete expense of innovation, American taxpayers, and the American economy. “At this point, there is nothing the Biden administration can do or say to pretend otherwise.”
The Winklevoss twins have also been extremely critical of the Securities and Exchange Commission (SEC) for failing to establish a clear regulatory framework for the cryptocurrency industry and instead relying on outdated laws that hinder the utility and growth of cryptocurrency assets.
It’s not yet clear where the donations were sent, as donation limits for candidates are much lower than Tyler and Cameron Winklevoss’ donations. These funds were likely donated to political action committees (PACs) that support Trump and his campaign. PACs are exempt from campaign contribution limits. However, they must operate independently of candidate campaigns.
Conversion to Cryptocurrency
In July 2019, Trump said he was not a fan of Bitcoin and other cryptocurrencies. However, this view changed in May 2024, when Trump began accepting donations in Bitcoin and other cryptocurrencies after having dinner with Trump NFT holders at his Mar-a-Lago resort.
“I am not a fan of Bitcoin and other cryptocurrencies, which are not money, have high volatility in value, and are based on thin air. Unregulated crypto assets can facilitate illegal activities, including drug trafficking and other illegal activities.”
After President Trump accepted a Bitcoin donation, Standard Chartered said the president would benefit Bitcoin and the larger cryptocurrency ecosystem. Since then, Trump has made several statements supporting cryptocurrencies in the United States and has pledged to support Bitcoin mining in the United States.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
Source: https://cryptodaily.co.uk/2024/06/winklevoss-twins-donate-2m-in-bitcoin-btc-to-trump-campaign
