Millions of dollars in cryptocurrencies flow into Donald Trump's inauguration
Donald Trump, the new President of the United States, will officially take office on January 20, in an inauguration ceremony that aims to be global thanks to the presence of numerous international leaders. The tycoon intends to make his return to office a grand event and to do so he already has the support of the big technology companies.
Indeed, businesses and tycoons are showing their unconditional support for future President Donald Trump by making generous donations to the inaugural fund. These funds will be used to organize a memorable inauguration ceremony and the accompanying collateral events.
Now, Donald Trump has made good on some of his promises to support the crypto industry since his election on November 5, including nominating Paul Atkins as the next chairman of the Securities and Exchange Commission. He also named David Sacks as the first “czar” of cryptocurrencies and Artificial Intelligence, while also chairing the President’s Council of Advisors on Science and Technology.
Trump, in particular, has assembled a pro-cryptocurrency cabinet, including Scott Bessant, a staunch advocate of the technology, and Howard Lutnick, CEO of Cantor Fitzgerald, a well-known Bitcoin investor.
The most funded takeover in history: The power of cryptocurrencies
🚨 BREAKING NEWS:
RIPPLE IS ABOUT TO MAKE A $5 MILLION DONATION TO TRUMP'S INAUGURATION IN ITS NATIVE TOKEN #XRP 🇺🇸
For example, crypto exchange Kraken has donated $1 million to Trump Vance’s Inaugural Committee. Ripple will also contribute $5 million in its native token XRP.
Additionally, according to Fox Business, MoonPay, a digital asset payments provider, indicated that it would also contribute to the fund, but declined to disclose the exact amount.
Commenting on the matter, Kraken CEO Arjun Sethi said: “ Innovation in the crypto space is shaping up to be as big, if not bigger, than the software and internet revolutions. For the first time, we have a president who truly understands the potential of disruptive technology and embraces the crypto sector. We are excited to continue working with President-elect Trump and his administration to drive long-overdue regulatory clarity and unlock this next wave of innovation .”
Indeed, the contributions from crypto elites, many of which are going to a presidential inauguration fund for the first time, reflect the industry's enthusiasm for Donald Trump, who has promised lighter regulation than his predecessor, Joe Biden.
Unprecedented donation: Crypto and Tech join forces for millions
Aside from digital currencies, big tech companies and their executives also contributed to Trump's inauguration fund. They included Amazon founder Jeff Bezos, Meta's Mark Zuckerberg, Uber's Dara Khosrowshahi, and OpenAI's Sam Altman. Each contributed $1 million to the fund. Additionally, Vlad Tenev, CEO of Robinhood, said the company plans to contribute $2 million to the inaugural committee.
Incidentally, according to the New York Times, Trump is offering additional benefits to donors who contribute at least $1 million to his inaugural fund. These include several tickets to activities planned around the event, such as dinners with Trump and his cabinet nominees.
I close with this quote from Donald Trump: “ The United States must be a leader in the crypto industry .”