The founder of Kraken, Jesse Powell, made headlines when he announced a donation of $1 million, mainly in Ethereum, to support former US President Donald Trump’s re-election bid. Powell’s motivation behind this donation was to ensure that the US remains a leader in blockchain technology. By uniting behind the only pro-crypto major party candidate in the 2024 Presidential election, Powell and other industry leaders aim to secure the future of blockchain technology in the United States.
In addition to endorsing Trump, Powell also criticized President Joe Biden’s administration for its approach to the crypto industry. Powell expressed concern over what he described as “a campaign of unchecked regulation by enforcement” under Biden, which has negatively impacted US competitiveness in the global crypto space. He specifically called out individuals like Elizabeth Warren and Gary Gensler for their hostile stance towards the industry.
Powell is not the only figure from the crypto industry to publicly endorse Trump for the 2024 election. Former President Trump has signaled a more favorable stance towards crypto, promising to support the industry and put an end to what he refers to as the Biden administration’s “war on crypto.” This shift in attitude has led to an increase in Trump’s chances of re-election, with popular prediction platforms like Polymarket showing his odds rising to about 65%.
Conversely, Biden’s chances of winning the 2024 election seem to be dwindling, with his odds of securing the Democratic nomination dropping significantly after the first presidential debate. Market analysts have noted a 24% decrease in the likelihood of Biden winning the nomination within a span of just 2 hours. The crypto industry’s support for Trump has evidently put pressure on Biden’s campaign and could have far-reaching implications for the election.
The endorsement of former President Trump by prominent figures in the crypto industry like Jesse Powell has added an interesting twist to the 2024 Presidential election. By aligning themselves with a candidate who is perceived as more favorable towards crypto, industry leaders are making a statement about the future of blockchain technology in the United States. The impact of this endorsement on both Trump’s re-election efforts and Biden’s campaign underscores the growing influence of the crypto industry in the political landscape.