Donald Trump Calls Himself “Crypto President” After Raising $12M at San Francisco Fundraiser
Highlights:
- Donald Trump called himself the “crypto president” during a fundraising event in San Francisco, where he garnered $12 million for his 2024 election campaign.
- Trump’s support for crypto boosts chances of victory to 56%, while Joe Biden’s prospects stand at 38%.
- He has become the first US President (candidate) to accept BTC Lightning Network payments for campaign donations.
Former United States President and current leading Republican presidential candidate Donald Trump showcased his support for the Bitcoin (BTC) and crypto industry again at a high-profile fundraiser in San Francisco on June 7. The event hosted by technology venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ Pacific Heights home raised $12 million for Trump’s campaign, Reuters reports citing people who attended the fundraiser.
Donald Trump Supports Crypto
Trevor Traina, Chief Business Officer of Tools for Humanity and former Trump ambassador to Austria, told Reuters that Trump said that “he would be the crypto president.” Jacob Helberg, an adviser to Palantir Technologies, said, “President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration.” Key crypto personalities like Gemini founders Cameron and Tyler Winklevoss also attended the event.
JUST IN: 🇺🇸 Donald Trump pitched himself as the 'crypto president' at a San Francisco tech fundraiser. pic.twitter.com/s9W6RtKYeO
— Bitcoin Magazine (@BitcoinMagazine) June 7, 2024
The bold statement has caused ripples throughout the industry, sparking curiosity about its implications for the future of crypto and blockchain technology. The term “Crypto President” has ignited a frenzy on social media, with hashtags such as #TrumpCrypto and #CryptoPresident trending globally.
Trump’s Crypto Policy Ambiguity
Harmeet Dhillon, a Republican National Committeewoman, said Trump did not provide details on his crypto policy during the event. However, crypto supporters are still anticipating his role in the upcoming election.
Eoghan McCabe, CEO of Intercom, said, “I spoke with ~6 people there. None identified as Republican. All voted or donated Democrat in the past. Now they’re backing this guy for his policies on war, immigration, crypto, and more. This election is a referendum on those issues.”
Fun night at @DavidSacks’ fundraiser in SF 🙂 I spoke with 6 people there. None identified as Republican. All voted or donated Democrat in the past. Now they’re backing this guy for his policies on war, immigration, crypto, and more. This election is a referendum on those issues pic.twitter.com/txqSuYTKoo
— Eoghan McCabe (@eoghan) June 7, 2024
The crypto lobbyists are intensifying efforts to sway US politicians. This comes as regulators give more attention to the industry, especially following bankruptcies at major crypto firms in 2022, which shook investors, revealed fraud, and left millions out of pocket.
Crypto Support Increases the Chances of Victory
As the 2024 presidential election approaches, Trump’s stance on Bitcoin and cryptocurrency is proving influential in attracting support from over 50 million crypto owners and enthusiasts in the United States. Meanwhile, his opponent, Joe Biden, has adopted a firm stance against the industry.
In a May 25 post on Truth Social, Trump emphasized that the United States must lead the crypto sector, asserting there is no room for second place. He also expressed openness to crypto platforms operating within the country. Moreover, he criticized the current American president as the worst in history and accused him of aiming to destroy the crypto sector, pledging to thwart such efforts.
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) May 25, 2024
During the Libertarian Convention on May 25, Trump also said he would commute the sentence of Silk Road founder Ross Ulbricht. Additionally, he pledged to halt the creation of central bank digital currencies (CBDCs) in the US and advocate for self-custody rights.
On May 21, the Trump 2024 campaign launched a fundraising page enabling eligible individuals to donate cryptocurrency through Coinbase Commerce. The website displayed logos for Bitcoin, Shiba Inu, Ether, USD Coin, Dogecoin, Solana, and ZRX.
Trump’s enthusiastic support for crypto has raised expectations within the industry regarding his potential win. Polymarket, a New York-based crypto prediction platform, suggests Trump has a 56% likelihood of winning the election, whereas current President Joe Biden stands at 38%.
Trump Accepts BTC Lightning Network Donations for Campaign
Trump has become the first US President (candidate) to accept BTC Lightning Network payments for his 2024 campaign. This shows his dedication to bringing cryptocurrency into mainstream politics. His campaign has partnered with OpenNode, a prominent Bitcoin and Lightning network infrastructure provider, to enable quick and cost-effective donations.
BREAKING: 🇺🇸 Donald Trump becomes first American President to accept #Bitcoin Lightning payments for campaign donations ⚡️ pic.twitter.com/3lERakV64p
— Bitcoin Magazine (@BitcoinMagazine) June 2, 2024
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Syed Ali Haider
Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a crypto and blockchain journalist with over six years of experience. Syed Ali is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years. Haider has been featured in a number of high-profile crypto and finance outlets, including Coincult and more.
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