Regulation
Cryptocurrency Entrepreneur Reveals Bitcoin Donation to Donald Trump
American entrepreneur Gary Cardone has donated 12.8 Bitcoin (BTC) to Donald Trump’s presidential campaign ahead of the US election. He expressed his commitment to the BTC strategy by hinting at freedom amid rising adoption. This follows similar actions by other cryptocurrency and tech executives seeking to push pro-industry regulations.
Gary Cardone donates Bitcoin to Donald Trump
Gary Cardone made his donation to Trump’s campaign public following the 2024 Bitcoin Conference, which sparked bullish sentiment with engagement from industry executives and lawmakers. Cardone donated 12.8 BTC worth over $850,000, severely straining the lifeline of the current system.
“I am proud of my donation of 12.8 BTC to the Trump administration, which I have NEVER done. But for Bitcoin, I will die with the belief that this is the greatest moment in the history of the world, offering freedom, peace, and the chance to step off the infinite escalator needed to overcome the loss of power and value caused by the current system.”
According to Cardone, Trump stands as one of the most spectacular disruptors, similar to every Bitcoiner, amidst regulatory resistance and others. Meanwhile, Bitcoin enthusiast David Bailey noted that
Donald Trump raised $25 million in Nashville, making it the former president’s second-highest fundraiser in three campaigns.
The run-up to the election also saw an increase in activity from cryptocurrency lobbyists and executives to position the market for clear regulation. As a result, the broader market moved to sponsor pro-cryptocurrency lawmakers and executives to chart a path for the industry.
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Cryptocurrency regulation is getting closer
For much of the current administration, cryptocurrency executives have criticized regulators’ approach, describing a bottleneck scenario where innovation cannot thrive. Added to this are unclear rules and Congress’s failure to pass market-friendly legislation that have led to frequent lawsuits by the Securities and Exchange Commission (
SEC).
This status quo is set to change as cryptocurrencies become mainstream ahead of the election, with candidates moving toward the sector. Pro-crypto bills have also recently been introduced in Congress.
Read also: Custodian Bank Highlights Bitcoin Custody Shift to US Banks
David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.