Trump's 'great choice' sparks Bitcoin surge

Former President Donald Trump has raked in $3 million in cryptocurrency fundraising since becoming the first major presidential candidate to accept cryptocurrency donations in May.

Former President Donald Trump has raked in $3 million in cryptocurrency fundraising since becoming the first major presidential candidate to accept cryptocurrency donations in May. On Monday, Trump selected the most pro-Bitcoin running mate since the technology’s inception.

Trump, once skeptical of Bitcoin, received $1.8 million of the world’s largest cryptocurrency by the end of June. He also took in $900,000 worth of ether, the coin associated with Ethereum, $300 of Dogecoin, and $100 of Shiba Inu coin, among other coins. The fundraising haul was mostly bolstered by a handful of cryptocurrency power players, according to the Wall Street Journal.

Nearly $2.5 million of the haul came from Cameron and Tyler Winklevoss, the co-founders of cryptocurrency exchange Gemini, and Jesse Powell, the co-founder of cryptocurrency exchange Kraken.

Trump’s ‘great choice’ sparks Bitcoin surge

In 2022, Trump’s recently selected vice presidential candidate, Sen. J.D. Vance (R-OH), disclosed that he owned between $100,000 and $250,000 worth of Bitcoin. After Trump announced Vance as his running mate, Bitcoin’s price shot up 8% from $60,295 to $65,220 on Monday.

Vance was already popular among cryptocurrency advocates for his legislative efforts to revamp how digital assets are regulated, and his selection as Trump’s running mate drew praise from prominent Bitcoiners, including dogecoin enthusiast Elon Musk and Coindesk commentator Nic Carter.

WHO IS JD VANCE? MEET TRUMP’S PICK FOR VICE PRESIDENT

“JD is a great choice,” Carter posted on X. “Former VC, and very good on crypto. Trump 2.0 is signaling a pro tech, pro silicon valley, pro american dynamism outlook.”

jokes aside JD is a great choice, former VC, and very good on crypto. Trump 2.0 is signaling a pro tech, pro silicon valley, pro american dynamism outlook.

Musk called Trump’s choice to select Vance an “excellent decision” in a post on X.

Coming around on cryptocurrency

Trump said he was “not a fan of Bitcoin and other cryptocurrencies” in 2019 because they “are not money,” their “value is highly volatile and based on thin air,” and “unregulated crypto assets can facilitate unlawful behavior.”

In 2021, he said Bitcoin “seems like a scam.” His initial sentiments on cryptocurrency echoed concerns shared by cryptocurrency skeptics, particularly those from older generations, but he has since come around and believes that America “must be the leader in the field.”

Trump posted on Truth Social in May: “I am very positive and open minded to cryptocurrency companies and all things related to this new and burgeoning industry.”

The former president is scheduled to speak at a Bitcoin conference in Nashville, Tennessee, on July 27, where he will give a 30-minute speech. The conference runs from July 25 to July 27.

In June, Trump told a coalition of America’s largest Bitcoin miners that he wants all future Bitcoin to be mined in the United States. In May, Trump’s campaign vowed to “build a crypto army moving the campaign to victory on November 5th” with its decision to accept cryptocurrency donations.

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While Trump has come around on Bitcoin and other cryptocurrencies, he remains vehemently opposed to the creation of central-bank digital currencies and promises to prevent the implementation of CBDCs under his watch. He called CBDCs “a threat to liberty” and “a mechanism for the government to be able to wipe out your bank account … if you say or do something the government disapproves of” in February.

The Washington Examiner reached out to the Trump campaign and Vance for comment.

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