The 2024 U.S. presidential election is less than a week away, but the crypto industry remains undecided about who to back. Key industry figures continue to be divided over whether to support former President and Republican nominee Donald Trump or current Vice President and Democratic candidate Kamala Harris.
With different prominent crypto figures publicly endorsing each candidate, it is clear that cryptocurrency and blockchain issues have now become extremely important, even within the political space.
Trump Gains Significant Backing from Major Crypto Players
Donald Trump, who announced his interest to run for president in November 2022, has already gained notable support from popular names in the crypto industry. Despite initially holding a critical view of Bitcoin, he has since become a favorite among crypto leaders, especially after his several public advocacies for the sector.
In June 2024, co-founders of the Gemini crypto exchange, also known as the Winklevoss twins, Cameron and Tyler, donated $2 million worth of Bitcoin to support Trump’s reelection. They were joined by several other notable names such as Kraken co-founder Jesse Powell, ARK Invest’s founder Cathie Wood, Tron’s Justin Sun, BitGo CEO Mike Belshe, and Messari co-founder Ryan Selkis. Even Elon Musk, the tech mogul has also publicly affiliated with Trump and his rallies. This shows that his influence goes far beyond the crypto quarters to tech.
Harris Rallies Support Despite Late Start on the Crypto Scene
For Kamala Harris, she started relatively slowly. However, since picking up her party’s nomination in July 2024 she has also managed to garner considerable support from the crypto space.
Perhaps her September commentaries regarding consumer protections and support for the industry have been responsible for the substantial backing she has been able to gain in such a short time. Names like billionaire investor Mark Cuban and Ripple CEO Chris Larsen come to mind. This duo and many others have not only endorsed her. They have also thrown their financial weight behind Harris and her campaign.
From all indications, the crypto space is clearly divided over this election matter. While as a fact, some industry leaders have decided to remain on the fence, people like Tim Draper even donated to both campaigns in a move that showed his belief in bipartisan progress for the industry.
The election results could significantly shape the regulatory environment for crypto in the U.S. However, many believe that crypto’s growth is inevitable, with or without government intervention.
