Kraken Co-founder Jesse Powell Donates $1M in Crypto to Trump’s Campaign

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As a researcher with a background in the crypto industry and a keen observer of political developments, I find the recent shift in support from the crypto community towards Donald Trump’s presidential campaign intriguing. While the debate on crypto regulation did not emerge during the first US presidential debate, Kraken co-founder Jesse Powell’s announcement of financial support to Trump’s campaign has sparked a wave of interest within the industry.

After the initial US presidential debate on Thursday between Republican nominee Donald Trump and Democratic nominee Joe Biden, the former has seen an increase in support from the cryptocurrency community. The topic of cryptocurrencies wasn’t brought up during the debate, but Kraken co-founder Jesse Powell has publicly declared his intention to contribute financially to Trump’s campaign.

Based on the statement made on his official X platform, Powell disclosed that he gave approximately $1 million in Ethereum (ETH) to Trump’s campaign. The reason behind Powell’s charitable contribution to Trump’s election efforts is linked to a promise he has made to advocate for the release of Ross Ulbricht, the creator of the defunct Silk Road marketplace.

Furthermore, Powell emphasized the need for a shift in America’s perspective towards the crypto sector, moving beyond current regulatory approaches through enforcement. Meanwhile, an increasing number of web3 startups are gravitating towards jurisdictions with clear-cut crypto regulations like Europe, Singapore, UAE, and El Salvador, to name a few.

“I’m thrilled to collaborate with fellow community heads in supporting the sole pro-crypto presidential candidate for the 2024 US elections. By doing so, we ensure America stays at the forefront of blockchain innovation.”

US Crypto Community Unwavered

I’ve kept a close eye on the crypto space, and as Coinspeaker reported, some notable players in the industry have made substantial donations to the FairShake super PAC. Ripple, for instance, has contributed approximately $50 million, while Coinbase Global Inc (NASDAQ: COIN) has given over $25 million. We crypto investors are keen on supporting candidates who favor our sector’s growth and development.

As a crypto investor, I’m always keeping an eye on notable developments in the industry. One recent update that caught my attention is the Winklevoss brothers’ contribution of approximately $5 million to the FairShake pac. This brings their total investment to roughly $160 million. Given the estimated size of the US crypto community, which is believed to comprise over 50 million registered voters, this donation could potentially carry significant influence in political circles.

I’ve noticed that the Trump campaign team has shown great interest in engaging with the crypto community in order to potentially clinch a victory in the upcoming elections.

As an analyst, I’ve noticed that the Trump campaign has accumulated over $14 million worth of cryptocurrencies in their holdings. Among these digital assets are Ethereum, Polygon (MATIC), and Circle’s USDC stablecoins. Simultaneously, the value of Trump’s personal crypto portfolio has surpassed $30 million, which encompasses various meme coins as well.

Market Picture

The ongoing cryptocurrency discourse in the US has boosted faith in the emerging sector. The imminent launch of Ether SPOT ETFs may draw in a greater number of institutional investors compared to the influx seen with Bitcoin.

Additionally, VanEck has submitted an application to the US Securities and Exchange Commission (SEC) for a Solana (SOL) exchange-traded fund (ETF). If approved, this ETF could become available following the upcoming US general election. Furthermore, since the most recent Bitcoin halving approximately two months ago, Bitcoin miners have significantly decreased their selling pressure.

Based on recent trends, it’s reasonable to expect the cryptocurrency market’s bull run to persist over the next few quarters. A significant catalyst for this upward trend is likely to be the predicted reduction in interest rates by the US Federal Reserve.

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2024-06-28 14:21