Recently, Jesse Powell, the founder of Kraken, a prominent cryptocurrency exchange, made headlines by donating $1 million, primarily in Ethereum, to support former US President Donald Trump’s re-election bid. Powell stated that his intention behind the donation was to help the US maintain its leadership in blockchain technology. This move by Powell not only reflects his support for the former President but also his belief in the importance of cryptocurrencies and blockchain technology in the country’s future.
In addition to supporting Trump, Powell also voiced his criticism of President Joe Biden’s administration’s approach to the emerging crypto industry. Powell argued that Biden’s administration has allowed “a campaign of unchecked regulation by enforcement” to prevail, which has negatively impacted US competitiveness in the global cryptocurrency space. He specifically called out prominent figures such as Elizabeth Warren and Gary Gensler for their role in stifling the industry.
Powell’s social media post also included a “#freeross” hashtag in reference to Ross Ulbricht, the convicted founder of the darknet marketplace Silk Road. It is worth noting that former President Trump has indicated his willingness to pardon Ulbricht if he were to return to office. This gesture further illustrates Powell’s alignment with Trump’s policies and his advocacy for individuals within the crypto community who have faced legal challenges.
Powell’s public endorsement of Trump and his donation to the former President’s campaign have garnered attention within the crypto industry and beyond. Trump, who has recently adopted a more favorable stance towards cryptocurrencies, has promised to support the industry and combat what he refers to as the Biden administration’s “war on crypto” if re-elected. As a result, Trump’s chances of winning the 2024 Presidential election have seen a notable increase, with some sources indicating a 65% likelihood of his re-election.
The impact of Powell’s donation and endorsement on Trump’s re-election bid is also reflected in market predictions. Platforms like Polymarket have reported a rise in Trump’s chances of winning, while Biden’s odds have decreased significantly. The Kobeissi Letter noted a 24% drop in the odds of President Biden winning the 2024 Democratic nomination within a span of two hours following a debate, indicating a shifting landscape in favor of Trump’s candidacy.
Jesse Powell’s donation and public support for Trump’s re-election bid have not only stirred controversy within the crypto community but have also had a tangible impact on the political landscape leading up to the 2024 Presidential election. Powell’s actions highlight the growing intersection between cryptocurrency, technology, and politics, underscoring the significance of these sectors in shaping the future of the United States.
Leave a Reply