2024

United

Donald Trump

The 2024 United States presidential election has prompted many endorsements from the cryptocurrency industry, with several executives and entrepreneurs voicing their support for either candidate.
While Republican nominee and former President Donald Trump has attracted substantial backing from the crypto community, Democratic candidate and sitting Vice President Kamala Harris has also garnered notable endorsements.
With the election on Nov. 5, Cointelegraph reviewed public crypto-related endorsements for both candidates.
<h2 id="trump-leads-in-crypto-related-endorsements">Trump leads in crypto-related endorsements</h2>
Trump, who is <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-bitcoin-u-turn-critic-became-pump-signal" rel="null" target="null" text="null" title="https://cointelegraph.com/news/trump-bitcoin-u-turn-critic-became-pump-signal">known for his U-turn</a> on Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) in the past few years, has received notably more crypto-related endorsements than Harris.
One reason for this could be Harris’ late entrance to the race, as she <a data-ct-non-breakable="null" href="https://www.washingtonpost.com/politics/interactive/presidential-candidates-2024/?itid=lk_inline_enhanced-template" rel="null" target="null" text="null" title="https://www.washingtonpost.com/politics/interactive/presidential-candidates-2024/?itid=lk_inline_enhanced-template">secured</a> the Democratic nomination in July. In contrast, Trump announced his candidacy nearly two years before the election, in November 2022.
One of Trump’s early <a data-ct-non-breakable="null" href="https://x.com/jeremykauffman/status/1794939238095720793?lang=en" rel="null" target="null" text="null" title="https://x.com/jeremykauffman/status/1794939238095720793?lang=en">endorsements</a> came from Jeremy Kauffman, founder of blockchain-based file-sharing network LBRY, in May 2024.
<figure>
 <img alt="Politics, Donald Trump, Kamala Harris, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-10/0192dca8-5599-7c2d-bf9d-86db8a48d9b5" title="">
 <figcaption style="text-align: center;">
 Crypto executives and investors endorsing Donald Trump versus Kamala Harris (as of Oct. 30, 2024)
 </figcaption>
</figure>
In contrast, Harris received her first crypto-related endorsements a few months later, with former Uphold CEO JP Thieriot <a data-ct-non-breakable="null" href="https://finance.yahoo.com/news/crypto-exec-pushing-industry-support-162509782.html" rel="null" target="null" text="null" title="null">voicing</a> support for her in August 2024. John O’Farrell, general partner at the crypto-friendly venture capital firm Andreessen Horowitz (a16z), also <a data-ct-non-breakable="null" href="https://www.theinformation.com/briefings/andreessen-horowitz-general-partner-endorses-kamala-harris" rel="null" target="null" text="null" title="null">endorsed</a> Harris in August.
<h2 id="crypto-executives-and-investors-endorsing-trump">Crypto executives and investors endorsing Trump</h2>
Trump has received endorsements from prominent crypto figures, including executives at major exchanges like Kraken and Gemini.
In June, Gemini founders Cameron and Tyler Winklevoss <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/winklevoss-twins-bitcoin-trump-biden-crypto-us-president" rel="null" target="null" text="null" title="null">pledged $2 million in Bitcoin</a> toward Trump’s reelection, citing his “pro-crypto” stance.
Also in June, Kraken co-founder Jesse Powell announced a $1 million donation to Trump, calling him the “only pro-crypto major party candidate.”
<figure>
 <img alt="Politics, Donald Trump, Kamala Harris, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-10/0192dca7-9d68-7d33-9fb5-053179032044" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/jespow/status/1806569144294556146" rel="null" target="null" text="null" title="https://x.com/jespow/status/1806569144294556146">Jesse Powell</a>
 </figcaption>
</figure>
Cathie Wood, ARK Invest founder and a major Bitcoin bull — who <a data-ct-non-breakable="null" href="https://www.nasdaq.com/articles/why-cathie-wood-thinks-bitcoin-could-soar-to-more-than-%241-million-before-2030" rel="null" target="null" text="null" title="null">believes</a> BTC will one day trade for $1 million per coin — also <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cathie-wood-endorses-trump-crypto-friendly-candidate" rel="null" target="null" text="null" title="null">publicly endorsed Trump</a> in June.
Elon Musk, whose electric vehicle company&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/tesla-still-owns-entire-bitcoin-stash-arkham-data" rel="null" target="null" text="null" title="null">Tesla invested more than $700 million</a>&nbsp;in Bitcoin, endorsed Trump and recently appeared at several of the former president’s rallies.
Other notable Trump supporters in the industry include Cardano founder Charles Hoskinson, BitGo CEO Mike Belshe, Tron founder Justin Sun, Bitcoin Foundation founder Charlie Shrem, pro-Bitcoin author and entrepreneur Robert Kiyosaki, and Messari co-founder Ryan Selkis.
Several key venture capitalists and business leaders have also endorsed Trump, including former PayPal president David Marcus, Sequoia Capital’s Douglas Leone, and Andreessen Horowitz co-founder Marc Andreessen.
<h2 id="harris-gains-crypto-endorsements-despite-late-start">Harris gains crypto endorsements despite late start</h2>
Despite a later start, Harris has also attracted support from several crypto executives. She broke her <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/kamala-harris-finally-breaks-silence-crypto-during-fundraiser" rel="null" target="null" text="null" title="https://cointelegraph.com/news/kamala-harris-finally-breaks-silence-crypto-during-fundraiser">silence on cryptocurrency policy on Sept. 23</a>, expressing support for the industry while emphasizing consumer protections.
Harris has received support from major figures in the crypto community, with <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ripple-chris-larsen-endorses-kamala-harris-president" rel="null" target="null" text="null" title="null">Ripple co-founder Chris Larsen signing a letter</a> to endorse Harris in early September.&nbsp;
Blockchain Foundation’s executive director Cleve Mesidor also backed Harris by <a data-ct-non-breakable="null" href="https://www.reuters.com/world/us/us-crypto-executives-throw-washington-fundraiser-harris-2024-08-30/" rel="null" target="null" text="null" title="null">announcing</a> a $100,000 fundraiser for the presidential candidate in September.
Laura Shin, founder of the Unchained podcast, also <a data-ct-non-breakable="null" href="https://time.com/7111315/kamala-harris-crypto-laura-shin-essay/" rel="null" target="null" text="null" title="null">expressed</a> support for Harris in a Time magazine article in October, urging the Democratic nominee to not “just embrace crypto” but also “help it flourish.”
Mark Cuban, a billionaire venture capitalist and active crypto investor, has emerged as one of the biggest supporters of Harris, <a data-ct-non-breakable="null" href="https://www.newsweek.com/exclusive-mark-cuban-backing-kamala-harris-his-concerns-about-trump-1967910" rel="null" target="null" text="null" title="null">arguing</a> that a second Trump term would be “worse” than his first. Cuban reportedly <a data-ct-non-breakable="null" href="https://thehill.com/homenews/campaign/4955829-mark-cuban-kamala-harris-campaign-funding/" rel="null" target="null" text="null" title="null">claimed</a> he hadn’t given Harris’ campaign “a penny.”
<figure>
 <img alt="Politics, Donald Trump, Kamala Harris, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-10/0192dca5-cbe6-7db0-8bfb-e55634a5b4f9" title="">
 <figcaption style="text-align: center;">
 Source: Newsweek
 </figcaption>
</figure>
Some executives at crypto-friendly VC firms like a16z and SkyBridge Capital also backed Kamala, with a16z’s John O’Farrell <a data-ct-non-breakable="null" href="https://www.theinformation.com/briefings/andreessen-horowitz-general-partner-endorses-kamala-harris" rel="null" target="null" text="null" title="null">pledging</a> to vote for Harris in August. In September, SkyBridge Capital’s Anthony Scaramucci <a data-ct-non-breakable="null" href="https://www.cnbc.com/2024/09/20/anthony-scaramucci-kamala-harris-campaigns-digital-asset-policies-.html" rel="null" target="null" text="null" title="null">said</a> he was “working alongside” Harris on the campaign’s crypto policies, claiming that the process is going in the right direction.
<h2 id="no-matter-who-wins">No matter who wins?</h2>
Some crypto executives have avoided endorsing either candidate, maintaining that the industry’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-election-outcome-wont-stop-bitcoin-100k-dan-tapiero" rel="null" target="null" text="null" title="https://cointelegraph.com/news/us-election-outcome-wont-stop-bitcoin-100k-dan-tapiero">growth is inevitable regardless</a> of who wins the election.
Prominent industry investor Tim Draper <a data-ct-non-breakable="null" href="https://timesofindia.indiatimes.com/world/us/why-this-silicon-valley-vc-donated-to-both-kamala-harris-and-donald-trump/articleshow/114315487.cms" rel="null" target="null" text="null" title="null">disclosed</a> donations to the US presidential campaigns of both Harris and Trump in October, expressing confidence that “both candidates have their hearts in the right place.”
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/robinhood-presidential-elections-contracts-kamala-harris-donald-trump" rel="null" target="null" text="null" title="null">Robinhood launches US presidential elections bets for Harris and Trump</a>
In August, Coinbase CEO Brian Armstrong <a data-ct-non-breakable="null" href="https://www.reuters.com/technology/coinbase-expects-us-be-crypto-friendly-irrespective-election-outcome-2024-08-02/" rel="null" target="null" text="null" title="null">argued</a> that the incoming US administration will be “constructive” on crypto no matter which party wins.
According to industry enthusiasts like Quantum Economics founder Mati Greenspan, such an approach is part of the “popular Bitcoin adage that regulation doesn’t matter to coax crypto people into thinking it’s okay to vote for Harris.” Greenspan stated:
<blockquote>
 “While it’s true that nobody can stop Bitcoin, it’s pretty clear that having a President who knows what it’s like to launch an ICO will be very good for the industry.”
</blockquote>
The community has been somewhat supportive of Greenspan’s stance on the election on social media, with MicroStrategy founder Michael Saylor’s poll picking Trump for Bitcoin 90% of 100,000 respondents on Oct. 27.
<figure>
 <img alt="Politics, Donald Trump, Kamala Harris, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-10/0192dca4-1f93-76c8-9087-cbdfce52c43a" title="">
 <figcaption style="text-align: center;">
 Michael Saylor’s poll on which presidential candidate is better for Bitcoin. Source: <a data-ct-non-breakable="null" href="https://x.com/saylor/status/1850641466185638068" rel="null" target="null" text="null" title="https://x.com/saylor/status/1850641466185638068">Michael Saylor</a>
 </figcaption>
</figure>
Additional reporting by Turner Wright.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/hyped-up-depin-projects-barely-even-use-blockchain-true-or-false/" rel="null" target="null" text="null" title="null">Most DePIN projects barely even use blockchain: True or false?</a>

Harris vs. Trump: Who is the crypto industry backing?

Table of Contents

Cointelegraph

Other articles published on Oct 30, 2024

Aurum Equity Partners Unveils $1B Tokenized Fund on XRP Ledger

Crypto Market Influences the 2024 U.S. Presidential Election

MicroStrategy’s Bitcoin Strategy Drives 1,700% Gain, Outperforming Major U.S. Stocks

This Is Why You’re Not a Millionaire Yet—3 Coins Poised for 2500% Growth

Top 5 Ethereum Rollups Making Transactions Faster and Cheaper

Is Shiba Inu (SHIB) Uptrend Over? Solana (SOL) RSI Paints Problematic Pattern, Bitcoin's (BTC) Ne...

Join our free newsletter for daily crypto updates!