Winklevoss Twins Donate $2M in Bitcoin to Trump’s Campaign in Efforts to Counter Biden

Highlights:

• The Winklevoss twins donated $2M in BTC to Trump’s campaign, endorsing his pro-crypto stance.
• Trump’s crypto policies differ from Biden’s regulatory approach in the US political landscape.
• Trump pledges to support the Bitcoin and crypto industry if he is re-elected.

Tyler and Cameron Winklevoss, co-founders of crypto exchange Gemini, donated 30.94 Bitcoin (BTC), valued at over $2 million, to former US President Donald Trump’s election campaign. They have pledged to vote for the former president in November, claiming Joe Biden had “openly declared war against crypto.”

Winklevoss Twins Support Trump with Bitcoin Donations

The Winklevoss twins announced their donations through posts on X. Tyler Winklevoss said in his post, “I just donated $1 million in Bitcoin (15.47 BTC) to [Donald Trump] and will be voting for him in November.” 

I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:

Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and… pic.twitter.com/qOQSpmanBR

— Tyler Winklevoss (@tyler) June 20, 2024

Cameron Winklevoss also posted his reasons for donating $1 million worth of Bitcoin to Trump. “President Trump is: pro-bitcoin, pro-crypto, pro-business,” he said. 

I also just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November.

Here’s the TL;DR — President Trump is:

Pro-Bitcoin
Pro-Crypto
Pro-Business

And he will put an end to the Biden Administration's war on crypto. Onward! https://t.co/r6iDP7BdbE

— Cameron Winklevoss (@cameron) June 20, 2024

Tyler claimed that the Biden administration was using regulatory actions against crypto firms, calling it the “weaponization of the banking system against crypto companies.” He said, “The Biden Administration has consistently attacked American business across the board and villainized its greatest heroes.” He also highlighted the administration’s actions, such as “Operation Choke Point 2.0,” where federal authorities allegedly pressured banks to avoid crypto businesses. Tyler argued that these tactics harm the US economy and innovation.

He also criticized the Securities and Exchange Commission (SEC) for failing to establish clear regulations for cryptocurrencies. Tyler argued that the SEC’s approach hampers the utility and growth of digital assets. The Winklevoss twins consider Trump’s support for BTC and business as essential for the future of the crypto industry in the country.

Tyler concluded: 

“It’s time to take our country back. It’s time for the crypto army to send a message to Washington. That attacking us is political suicide. This is why I will be casting my vote for President Trump in November and I hope you will too. Onward!”

Gemini Launches Finance Project for Pro-Crypto Candidates

Gemini Exchange launched its campaign finance project to facilitate campaign contributions to pro-crypto candidates in the US before the Presidential election in November. This announcement followed $2 million in campaign contributions from Winklevoss Twins. 

We now facilitate crypto contributions for pro-crypto candidates. Any U.S. campaign that is interested in accepting donations in crypto can work with us by emailing → campaigns@gemini.com

We’re proud to empower pro-crypto policymakers in 2024 pic.twitter.com/LZybaP56m4

— Gemini (@Gemini) June 20, 2024

Just before Gemini announced its campaign donation initiative, Tyler Winklevoss criticized the current administration for their unfriendly stance toward the crypto industry. He wrote that success is consistently punished with ridicule, fines, and additional red tape.

Trump’s Support For Bitcoin and Crypto Companies

As the 2024 presidential election approaches, Trump supports Bitcoin and crypto, drawing support from more than 50 million crypto owners and enthusiasts in the United States. Meanwhile, Joe Biden firmly opposes the crypto industry. On May 25, on Truth Social, Trump said the US must lead in crypto, and he supports crypto platforms operating in the country. He promised to commute Ross Ulbricht’s sentence and vowed to stop US central bank digital currencies (CBDCs) while supporting self-custody rights.

On May 21, Trump’s 2024 campaign launched a fundraising page where people can donate cryptocurrency through Coinbase Commerce. It accepts Bitcoin, Dogecoin, Solana, Shiba Inu, Ether, USD Coin, and ZRX. Additionally, he started accepting Bitcoin Lightning Network payments for the election campaign.

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

Trump Raised $12M at San Francisco Fundraiser

Donald Trump showcased his Bitcoin and crypto industry support at a high-profile San Francisco fundraiser on June 7. David Sacks and Chamath Palihapitiya hosted the event at Sacks’ home in Pacific Heights, raising $12 million for Trump’s campaign. Trevor Traina, Chief Business Officer of Tools for Humanity and former US ambassador to Austria under Trump, informed Reuters that Trump said he would be the “crypto president.”

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

Trump’s strong support for crypto has raised expectations in the industry regarding his possible victory. Polymarket, suggests Trump has a 56% likelihood of winning the election, whereas Biden stands at 34%.

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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.