In the political arena, Trump appears to have changed his views on cryptocurrencies, going from an initial skeptic to a supporter. He has even begun accepting the digital currency as campaign funds, marking a significant shift in his stance.
Now, there are reports that the world's richest man, Tesla and SpaceX CEO Elon Musk, has also joined the ranks of Trump's supporters.
Trump's Super PAC Backed by Business Tycoons
Musk plans to donate up to $45 million per month to a newly formed, pro-Trump super PAC, according to The Wall Street Journal. Although Federal Election Commission (FEC) documents show that Musk has not donated to the group, called American Political Action Committee, as of June 30, the news has attracted widespread attention.
It is worth noting that since its establishment in late May, this super PAC has quickly raised $8.8 million and spent $7.8 million, and currently has nearly $1 million in cash on hand.
It is reported that Trump's campaign has attracted donations from several well-known entrepreneurs, including Palantir co-founder Joe Lonsdale and Gemini exchange co-founders Cameron Winklevoss and Tyler Winklevoss. In addition, former US ambassador to Canada Kelly Craft and her husband, Joe Craft, CEO of coal producer Alliance Resource Partners, are also supporters of this super PAC.
Lonsdale donated $1 million to the committee through his company, while the Winklevoss brothers each donated $250,000, according to multiple reports. The donations reflect not only Trump’s influence in the business world, but also the growing importance of cryptocurrency in political fundraising.
Trump's change of attitude towards cryptocurrency and Musk's strong support
Trump has recently made significant progress within the Republican Party and has gained enough delegate support to officially become the Republican Party (GOP) candidate. He also announced U.S. Sen. J.D. Vance of Ohio as his vice presidential running mate.
Trump has made a significant shift in his political stance, especially towards cryptocurrencies. Once he called cryptocurrencies a “scam,” now he not only supports them but has even begun accepting cryptocurrencies as campaign funds. This shift has significantly boosted his popularity within the crypto community.
In the field of cryptocurrency, Elon Musk is undoubtedly an influential figure. His words and actions can significantly affect the prices of many cryptocurrencies, including meme coins. For example, his influence was cited as one of the reasons for Dogwifhat’s (WIF) price volatility in June. Musk recently expressed support for Trump on social media, which came shortly after Trump survived an assassination attempt at a July 13 campaign event. Musk also plans to donate $45 million to a pro-Trump super PAC, a move that further solidifies Trump’s standing in the crypto community.
As polls show Trump's odds of defeating Joe Biden increase, the prices of related PoliFi meme tokens are also surging. For example, the MAGA token has risen by more than 35% in the past week, while the Never Surrender (TRUMP) token has soared by more than 145% in the same period. The entire cryptocurrency market has also shown strong growth momentum, with the price of Bitcoin recovering to $63,390. $BTC
Conclusion:
Trump's campaign has not only made waves in the political arena, but also in the cryptocurrency world. With heavyweights like Musk joining the race, the campaign not only showcases the diversification of political fundraising, but also reflects the growing social influence of cryptocurrency.
These developments not only have a direct impact on political participants and cryptocurrency investors, but also have an indirect impact on the daily lives and values of every citizen. In this process, how we balance innovation and tradition, freedom and responsibility will be a common issue we face.
