As the 2024 U.S. presidential election looms, the cryptocurrency world is ablaze with fierce endorsements for Donald Trump and Kamala Harris. Trump, riding high with backing from power players like the Winklevoss twins and Kraken’s Jesse Powell, champions a “pro-crypto” agenda. In contrast, Harris rallies support from heavyweights like Ripple’s Chris Larsen and billionaire Mark Cuban, who sound alarms about a second Trump term. With tensions mounting and loyalties split, the crypto scene is set for a wild showdown.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Trump Rakes in Crypto Endorsements
When it comes to crypto endorsements, Trump is on a roll. According to Cointelegraph, the former president has garnered substantial support from major players in the industry. For instance, Gemini founders Cameron and Tyler Winklevoss recently pledged a whopping $2 million in Bitcoin (BTC-USD) to his campaign. Jesse Powell, co-founder of Kraken, is also on board, calling Trump the “only pro-crypto major party candidate.”
As if that weren’t enough, Cathie Wood of ARK Invest, who firmly believes that Bitcoin could one day hit $1 million per coin, threw her support behind Trump as well. Not to mention, tech tycoon Elon Musk has been spotted at several of Trump’s rallies, lending additional star power to the cause.
Harris Gains Ground Despite Late Entry
On the flip side, Kamala Harris is gaining traction in the crypto community, albeit a bit later than Trump. Her entry into the race didn’t come until July, but she’s quickly catching up. Ripple (XRP-USD) CEO Chris Larsen and Blockchain Foundation executive director Cleve Mesidor have both voiced their support for her campaign, with Mesidor even organizing a $100,000 fundraiser.
Laura Shin, founder of the Unchained podcast, also urged Harris to help the crypto industry “flourish” in a recent Time article. Interestingly, billionaire Mark Cuban has come out as a strong supporter of Harris, suggesting that a second term for Trump would be “worse” than the first, although he admits he hasn’t contributed financially to her campaign.
Crypto Growth Is Inevitable – No Matter Who Wins
Interestingly, some crypto executives are taking a step back from the endorsements altogether. Tim Draper, a well-known industry investor, disclosed donations to both candidates, emphasizing that the growth of crypto is inevitable, no matter who wins. He stated, “Both candidates have their hearts in the right place.”
Furthermore, Coinbase (COIN) CEO Brian Armstrong expressed confidence that the incoming administration will be “constructive” on crypto, regardless of the party in power. It seems there’s a consensus among some in the industry that having a president familiar with crypto will be beneficial.
At the time of writing, Bitcoin is sitting at $72,023, up 5.30% over the past 5 days.
