TLDR
- A new pro-Trump super PAC called America PAC has received millions in donations from crypto industry figures.
- Elon Musk plans to donate $45 million per month to the PAC.
- The Winklevoss twins each donated $250,000 to America PAC and $2 million in Bitcoin to Trump’s campaign.
- Other donors include Joe Lonsdale, Douglas Leone, and Shaun Maguire from the tech and venture capital world.
- Trump has recently shown support for crypto, accepting crypto donations and backing Bitcoin miners.
A new super political action committee (PAC) supporting former President Donald Trump’s 2024 presidential bid has attracted significant donations from figures in the cryptocurrency industry.
The PAC, named America PAC, was established in June 2024 and has already raised over $8 million.
Elon Musk, CEO of Tesla and owner of social media platform X, has reportedly committed to donating $45 million per month to America PAC.
This comes as a surprise to many, as Musk had previously stated in March that he would not donate to either presidential candidate. Musk’s company, Tesla, holds Bitcoin on its balance sheet, although it has reduced its holdings over time.
The Winklevoss twins, founders of the crypto exchange Gemini, have each donated $250,000 to America PAC. In addition, they made a separate $2 million Bitcoin donation directly to Trump’s campaign last month.
The twins cited concerns about a perceived “war on crypto” by the current administration as their motivation for supporting Trump.
Other notable donors to America PAC include Joe Lonsdale, co-founder of Palantir Technologies, who contributed $1 million. Douglas Leone and Shaun Maguire, partners at Sequoia Capital, donated $1 million and $500,000, respectively.
Sequoia Capital has invested in several crypto projects in the past. Kenneth Howery, co-founder of Founders Fund, a venture capital firm focused on emerging technologies including blockchain, also made donations totaling $1 million.
JUST IN: Elon Musk says he will commit $45 million per month to a super PAC working to elect Donald Trump as President, WSJ reports. pic.twitter.com/QB23QG8Coq
— Watcher.Guru (@WatcherGuru) July 16, 2024
The surge in support from crypto-friendly donors comes as Trump has shown increasing openness to cryptocurrency. In May, his campaign began accepting crypto donations.
Trump has also made positive comments about Bitcoin miners and described himself as “good” with crypto during a recent event.
America PAC’s focus is on voter registration, early voting, and mail-in ballot requests in key swing states. The PAC’s efforts could play a significant role in the upcoming election, given the substantial financial backing it has received.
The involvement of crypto industry figures in political donations highlights the growing influence of the sector in American politics.
As cryptocurrencies and blockchain technology continue to evolve, their proponents are seeking to shape policies that could affect the industry’s future.
It’s worth noting that while these donations are significant, they represent just a portion of the overall fundraising efforts in the 2024 presidential race.
Both major parties and their candidates are expected to raise and spend record amounts in what is shaping up to be a highly competitive election.
The influx of crypto-related donations to America PAC also comes at a time when the regulation of digital assets remains a hot topic in Washington.
As the election approaches, the stance of candidates on crypto issues may become an increasingly important factor for voters and donors connected to the industry.
