President Donald Trump showed his support for the bitcoin and cryptocurrency industry once again at a high-profile fundraiser in San Francisco on Thursday.
Hosted by tech venture capitalists David Sachs and Chamath Palihapitiya at Sachs's home in Pacific Heights, the event raised $12 million for the Trump campaign, three sources said. Tell Reuters. The event was attended by executives from Coinbase, the Winklevoss twins, and other industry leaders.
JUST IN: 🇺🇸 Donald Trump introduced himself as “Cryptocurrency President” at a tech fundraiser in San Francisco. pic.twitter.com/s9W6RtKYeO
– Bitcoin Magazine (@BitcoinMagazine) June 7, 2024
“He said he was going to be the president of crypto,” Trevor Traina, a San Francisco-based technology executive and former US ambassador to Austria under Trump, told Reuters.
Harmeet Dhillon, a member of the Republican National Committee, told Reuters that Trump's strong pro-crypto stance was further underscored during the event, as he described cryptocurrencies as important and stressed that he strongly supports the sector. However, Trump did not provide details regarding his proposed cryptocurrency policy.
Despite San Francisco's liberal reputation, Trump's fundraiser has attracted support from several prominent local venture capitalists and cryptocurrency investors, who have cited excessive regulation as a major concern. “President Trump has made it clear that the Biden-Gensler campaign against cryptocurrencies will stop within one hour of the second Trump administration,” noted Palantir advisor Jacob Helberg.
Just last week, Donald Trump historically became the first US president to accept Bitcoin Lightning Network donations, following recent comments he made saying he wanted the future of cryptocurrencies to be in America, not pushed overseas due to harsh regulations.
As the 2024 presidential election approaches, Trump's stance on Bitcoin and cryptocurrencies is playing an important role in garnering support from more than 50 million cryptocurrency owners and enthusiasts in the United States, while his opponent, Joe Biden, has taken a tough stance on the industry.
