Winklevoss Twins Give $2 Million in Bitcoin to Back Donald Trump
Cryptocurrency tycoons, the Winklevoss twins, revealed their plan to donate $1 million worth of bitcoin each to endorse Donald Trump, joining a growing list of billionaires supporting the former president as he integrates cryptocurrencies into his 2024 campaign.
In a social media announcement, Tyler Winklevoss emphasized his decision to back Trump, citing the former president’s favorable stance towards Bitcoin, crypto, and business, encouraging the “crypto army” to follow suit. The post also criticized the Biden administration for its alleged hostility towards the crypto industry, accusing it of using government agencies to target and intimidate industry participants.
Cameron Winklevoss echoed his brother’s sentiments by confirming his own donation to Trump and expressed confidence in Trump’s ability to halt what he perceives as the Biden administration’s anti-crypto agenda. According to reports from CoinDesk, the donations are designated for the Trump 47 Committee, a fundraising entity that may distribute the funds to comply with legal campaign donation limits.
The twins’ cryptocurrency exchange, Gemini, faced legal challenges following the collapse of its high-interest Gemini Earn program in 2022. As part of a settlement with the New York Department of Financial Services earlier this year, Gemini agreed to refund $1.1 billion to affected customers and pay a $37 million fine for compliance failures.
Forbes estimates the net worth of Tyler and Cameron Winklevoss at $2.7 billion each, positioning them on the Real Time Billionaires List. Trump’s recent embrace of cryptocurrencies marks a significant shift from his previous skepticism during his presidency. He now actively courts support from the tech and crypto sectors, even accepting cryptocurrency donations for his campaign and advocating for U.S.-based bitcoin mining to counter Central Bank Digital Currencies (CBDCs).
Trump’s pro-crypto stance contrasts with his previous criticisms of digital currencies, where he labeled bitcoin as “not money” and criticized its volatility and alleged facilitation of illicit activities. The former president now positions himself as a champion of the crypto industry, portraying bitcoin as a safeguard against CBDCs and lambasting Biden’s purported disdain for bitcoin as aiding geopolitical rivals.
The Winklevoss twins’ support for Trump underscores the increasing intersection of cryptocurrency and political landscapes, reflecting a broader trend of influential figures leveraging digital assets for political influence and advocacy.
