By
Svetlana Soroka
June 29th, 2024
Trump’s presidential campaign has garnered more crypto support through donations since the recent legal battle.
Following the first US presidential debate held on Thursday between Republican candidate Donald Trump and Democratic bearer Joe Biden, the former has gained more popularity among the crypto community. Although the crypto issue did not emerge during the first US presidential debate, Kraken co-founder Jesse Powell has announced financial support to Trump’s campaign.
According to the announcement through his official X account, Powell announced that he had donated $1 million, mostly in Ethereum (ETH) to Trump’s campaign. Powell’s financial support to Trump’s presidential bid is pegged on the pledge that he will free Ross Ulbricht, the founder of the defunct darknet marketplace Silk Road.
Additionally, Powell pointed out that it is time for a change in how the United States perceives the crypto industry and not the current regulations by enforcement. Moreover, more web3 startups have focused on other global jurisdictions with clear crypto regulations such as Europe, Singapore, UAE, and El Salvador, among others.
“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology,” Powell noted.
US Crypto Community Unwavered
As Coinspeaker previously noted, several crypto firms have donated significant amounts of money to the FairShake super PAC to ensure only crypto-friendly candidates are elected later this year. Already, Ripple has contributed around $50 million to the FairShake program, while Coinbase Global Inc (NASDAQ: COIN) has donated over $25 million.
Additionally, the Winklevoss brothers recently donated around $5 million to the FairShake pac, thus bringing the total funds to around $160 million. The US crypto community is believed to consist of more than 50 million registered voters.
As a result, the Trump campaign team has been keen to tap into the crypto community to secure a win later this year.
Remarkably, the Trump campaign has already amassed more than $14 million in crypto including Ether, Polygon (MATIC), and Circle’s USDC stablecoins. Meanwhile, Trump’s crypto portfolio recently scaled to more than $30 million, which includes meme coins.
Market Picture
The continued crypto debate in the United States has helped increase the overall confidence in the nascent industry. The upcoming listing of spot Ether ETFs is expected to attract more institutional investors, perhaps larger than Bitcoin performed.
Moreover, VanEck has already filed with the US SEC to offer a spot Solana (SOL) ETF, which could be approved after the general election later this year. More than two months after the fourth Bitcoin halving, the Bitcoin miners have dramatically reduced their overall selling pressures.
As a result, it is safe to assume that the macro crypto bull run will continue in the coming quarters. The ultimate bullish trigger will be the anticipated interest rate cuts in the United States.