Kraken founder donates $1M in Ethereum to support Trump’s 2024 re-election News ▸ US ▸ Kraken ▸ Election 2024
Kraken founder donates $1M in Ethereum to support Trump’s 2024 re-election
Trump has drawn support from an increasing number of crypto stakeholders.
2 min read
Updated: Jul. 10, 2024 at 1:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Kraken founder Jesse Powell said he donated $1 million, mainly Ethereum, to support former US President Donald Trump‘s re-election bid.
In a June 28 statement, Powell explained that the donation was meant to help the US maintain its leadership in blockchain technology. He said:
“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 continue to remain a leader in blockchain technology.”
Powell’s social media post also included a “#freeross” hashtag about Ross Ulbricht, the convicted founder of the darknet marketplace Silk Road. Interestingly, Former President Trump has vowed to pardon Ulbricht if he returns to office.
Slams Biden
Meanwhile, the Kraken founder criticized President Joe Biden‘s approach to the emerging industry.
According to Powell, Biden’s administration has allowed “a campaign of unchecked regulation by enforcement” to thrive, impacting US competitiveness in the global space. He stated:
“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 re-election chances
Powell is the latest notable figure from the crypto industry to endorse Trump publicly.
The former President has recently taken a more favorable stance toward crypto, pledging to support the industry and end the Biden administration’s “war on crypto” if elected.
These actions seem to be boosting Trump’s re-election efforts. Polymarket, a popular crypto-based prediction platform, shows his chances rising to about 65% after the first presidential debate of the 2024 election season. Meanwhile, Biden’s chances of exiting the race have spiked to 43%.
Macroeconomics outlet the Kobeissi Letter stated:
“The odds of President Biden winning the 2024 Democratic nomination are down by 24% in 2 HOURS. Prior to the debate, markets saw an 86% chance that Biden would win the nomination. Now, there’s a 38% chance that he WON’T be nominated as the Democratic candidate.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.
Jesse Powell is an expert in virtual currencies, online/international payments and fraud, as well as co-founder and former CEO of Kraken, one of the most trusted and largest Bitcoin exchanges in the world with number one EUR market share.