President Donald Trump showcased his support for the Bitcoin and cryptocurrency industry again at a high-profile fundraiser in San Francisco on Thursday.
Hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ Pacific Heights home, the event raised $12 million for Trump’s campaign, three sources present told Reuters. The event was attended by executives from Coinbase, the Winklevoss twins, and other industry leaders.
JUST IN: 🇺🇸 Donald Trump pitched himself as the 'crypto president' at a San Francisco tech fundraiser. pic.twitter.com/s9W6RtKYeO
— Bitcoin Magazine (@BitcoinMagazine) June 7, 2024
Trevor Traina, a San Francisco-based tech executive and former U.S. ambassador to Austria under Trump, told Reuters, “He said he would be the crypto president.”
Trump’s strong pro-crypto stance was further emphasized during the event, touting crypto as important and stressed that he was very supportive of the sector, Republican National Committeewoman Harmeet Dhillon told Reuters. However, Trump did not provide specifics on his proposed crypto policy.
Despite San Francisco’s liberal reputation, Trump’s fundraiser drew support from several high-profile local venture capitalists and crypto investors, who cited excessive regulation as a primary concern. Jacob Helberg, an adviser to Palantir, noted, “President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration.”
Just last week, Donald Trump historically became the first U.S. President to accept Bitcoin Lightning Network donations, following comments he made recently saying that he wants the future of crypto to be in America, and not driven overseas due to harsh regulations.
As the 2024 presidential election approaches, Trump’s stance on Bitcoin and cryptocurrency is playing a significant role in garnering support from over 50 million crypto owners and enthusiasts in the United States, while his opposition, Joe Biden, has taken a tough stance on the industry.