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Cameron and Tyler Winklevoss, the American entrepreneurs behind Winklevoss Capital Management and the Gemini cryptocurrency exchange, recovered some of their Bitcoin donations from Donald Trump's presidential campaign after the funds exceeded federal limits, according to a recent report. report from Bloomberg.
The twins said in recent posts that they donated $1 million in Bitcoin each to the Trump campaign. However, under federal law, the campaign was only able to receive $844,600 from each supporter, meaning the Winklevoss twins' donations exceeded the legal limit, and the excess $155,400 was returned, a campaign official told Bloomberg.
The donations were intended to be distributed among Trump's campaign, his legal fund, the Republican National Committee and various Republican state parties. Tyler Winklevoss expressed his support for Trump as the “pro-Bitcoin, pro-crypto” candidate on social media.
I also just donated 1 million dollars worth of bitcoins (15.47 BTC) to @realDonaldTrump and we will vote for him in November.
Here's the TL;DR: President Trump is:
Pro-Bitcoin
Pro-Crypto
Pro-BusinessAnd it will end the Biden Administration's war on cryptocurrencies. Forward! https://t.co/r6iDP7BdbE
– Cameron Winklevoss (@cameron) June 20, 2024
Trump has positioned himself as a pro-crypto candidate since launching his 2024 presidential campaign, constantly making statements supporting crypto and criticize how the Biden administration handles the industry.
While Trump new stance on cryptocurrencies has garnered strong support from numerous members and leaders of the crypto community, its crypto fundraising efforts have not been as successful as its traditional fundraising.
According to analysis by Breadcrumbs, a blockchain data company, the Trump campaign has only raised about $59,000 in crypto donations from 218 wallets on the Ethereum, Polygon, and Base blockchains as of June 17. This is a relatively small amount compared to the more than $260 million. the campaign has been raised by traditional means.
James Delmore, Breadcrumb Data Analyst said DL News that the difficulty of on-chain donations appears to be a key factor limiting Trump's cryptocurrency donation. Additionally, Ethereum's high transaction fees discouraged some potential donors.
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