Following the first US presidential debate between Republican candidate Donald Trump and Democratic candidate Joe Biden on Thursday, the popularity of the former has increased in the cryptocurrency community. The cryptocurrency issue was not discussed in the first US presidential debate, but Kraken co-founder Jesse Powell has expressed financial support for Trump’s campaign.
Kraken founder Jesse Powell said he gave former US President Donald Trump $1 million to help him win re-election, most of it in Ethereum.
Powell clarified in an articulation discharged on June 28 that the gift was aiming to back the US’s endeavors to stay a pioneer in blockchain technology. He declared:
“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 presidential election so the United States can remain a leader in blockchain technology.”
In addition, Powell used the hashtag “#freeross” regarding Ross Ulbricht, who was convicted of founding the Silk Road darknet marketplace. Interestingly, former President Trump has promised to pardon Ulbricht if he returns to power.
Criticism of Biden
However, the Kraken founder questioned President Joe Biden’s behavior toward the developing region.
Powell claims the Biden government has promoted a “campaign of unchecked regulation” that has harmed US competitiveness abroad. He said:
“For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler, and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has stood by and allowed a campaign of unchecked regulation by enforcement.”
Trump’s chances of being re-elected
Powell is the most prominent member of the cryptocurrency community to have officially endorsed Trump.
Recently, the previous president has taken a more pro-crypto stance, promising that if he wins he will promote the sector and reverse the Biden administration’s “war on crypto.”
These moves appear to be benefiting Trump’s reelection campaign. Polymarket, a famous cryptocurrency-based prediction site, predicts that his odds will rise to over 65% following the first presidential debate of the 2024 election season. Meanwhile, Biden’s chances of leaving the race have increased to 43%.
Macroeconomics outlet the Kobeissi Letter stated:
“The chances of President Biden winning the 2024 Majority rule Democratic nomination are down by 24% in 2 hours. Prior to the wrangle about, markets saw an 86% chance that Biden would win the assignment. Now, there’s a 38% chance that he won’t be nominated as the Democratic candidate.”
