Kraken Founder Fuels Trump 2024 with $1M Ethereum Donation

The founder of Kraken, Jesse Powell, claimed to have contributed $1 million in Ethereum to assist former US President Donald Trump in winning reelection.

A growing number of participants in the cryptocurrency industry have given Trump their support.

Powell made it clear in a statement issued on June 28 that the donation’s goal was to help the United States maintain its leadership position in blockchain technology. He said:

“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology.”

Powell’s social media post also contained a “#freeross” hashtag about Ross Ulbricht, the convicted mastermind behind the Silk Road darknet marketplace. Ulbricht’s former president, Trump, has offered to pardon him should he decide to run for office again.

Assails Biden

However, the president of Kraken, Joe Biden, received criticism for his approach to the developing world.

Powell argues that Biden’s presidency resulted from the rise of “a campaign of unchecked regulation by enforcement,” which has harmed US competitiveness overseas. He declared:

“For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has stood by and allowed a campaign of unchecked regulation by enforcement.”

Trump’s chances of winning reelection

Jesse Powell is the most well-known cryptocurrency community member who has formally endorsed Trump.

The former president has taken a more pro-crypto stance recently, vowing to support the industry and undo the Biden administration’s “war on crypto” if he wins.

These actions reinforce Trump’s desire to be reelected. His chances of victory increased to almost 65% after the first presidential debate of the 2024 election season, according to reputable crypto-based prediction website Polymarket. The probability of Biden winning the race has risen to 43%.

As stated by the macroeconomic publication Kobeissi Letter:

“The odds of President Biden winning the 2024 Democratic nomination are down by 24% in 2 HOURS. Prior to the debate, markets saw an 86% chance that Biden would win the nomination. Now, there’s a 38% chance that he WON’T be nominated as the Democratic candidate.”