Jesse Powell, the founder of Kraken, made headlines recently with his $1 million donation, mainly in Ethereum, to support former President Donald Trump’s re-election bid. Powell stated that his donation aimed to help the US maintain its leadership in blockchain technology. He expressed his excitement to unite with other leaders in the crypto community to support the only pro-crypto major party candidate in the upcoming 2024 Presidential election.
In addition to showing his support for Trump, Powell also criticized President Joe Biden’s approach to the emerging crypto industry. He accused the Biden administration of allowing a “campaign of unchecked regulation by enforcement,” which has negatively impacted the US’s competitiveness in the global blockchain space. Powell specifically called out Elizabeth Warren, Gary Gensler, and others for their attacks on the crypto industry.
Powell is not the only figure in the crypto industry to publicly endorse Trump. The former President has recently taken a more favorable stance towards crypto, promising to support the industry and put an end to the Biden administration’s “war on crypto” if re-elected. This shift in Trump’s stance has led to an increase in his chances of re-election, according to popular prediction platforms like Polymarket.
Following Powell’s donation and public support for Trump, the dynamics of the 2024 Presidential election seem to be shifting. Trump’s chances of re-election are on the rise, while Biden’s chances of securing the Democratic nomination have seen a significant decline. Market analysts have noted a swift change in the odds, with President Biden’s chances dropping by 24% in just two hours after the first presidential debate of the election season.
Jesse Powell’s $1 million donation and endorsement of Trump have stirred up conversations in both the crypto industry and the political landscape. With the 2024 election season heating up, the impact of influential figures like Powell throwing their support behind a candidate will likely continue to shape the race. As the battle for dominance in blockchain technology and crypto-friendly policies intensifies, the support of key industry players like Powell could play a crucial role in determining the outcome of the election.
Leave a Reply