The billionaire twins, Tyler and Cameron Winklevoss, known for their role in the Gemini crypto exchange, reportedly received partial refunds for their substantial $2 million Bitcoin donation to Donald Trump’s presidential campaign.
Bloomberg disclosed that each brother’s $1 million contribution surpassed the legal individual donation limit of $844,600. Sources familiar with the matter revealed that the excess amount was refunded to the Winklevoss twins. However, details regarding the nature of the refund—whether monetary or in-kind—remain undisclosed.
Trump’s Fundraising Soars, But Crypto Donations Tell a Different Story
While the twins’ decided to contribute BTC to the former president, the broader crypto community appears reluctant to part with their digital asset. On-chain data suggests that Trump might not attract as many crypto donations as anticipated.
According to Breadcrumbs data, his campaign gathered only about $59,000 in crypto donations between May 21 and June 17. This included trackable assets on the Ethereum, Polygon, and Base blockchains.
However, these figures exclude contributions made via centralized exchanges like Coinbase and Gemini, which are recorded “off-chain” on the exchanges’ order books. Breadcrumbs explained that people prefer centralized entities for crypto transfers because they offer lower transaction fees and user-friendly interfaces.
Read more: How To Donate Crypto Using The Giving Block
Meanwhile, Trump’s overall fundraising efforts remain formidable. His campaign amassed over $100 million in May, effectively neutralizing Biden’s longstanding financial advantage in the election run-up. Jim Harper, a Nonresident senior fellow at the American Enterprise Institute, warned that Biden’s anti-crypto stance was hurting his re-election chances.
“Biden has centrist instincts, but he handed the reins of key agencies to people who don’t. Crypto folks often overweight their importance, but they have resources and energy. In a tight race like this, the Biden admin’s anti-crypto actions may just get him shown the door,” Harper added.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Many have shared this view, interpreting Trump’s crypto donation as a sign of his growing support within the industry. Various crypto stakeholders, including Tyler and Cameron Winklevoss, have expressed their support for the former US president. They cited dissatisfaction with Biden’s policies, which they view as inhibiting innovation and damaging taxpayers and the economy.
“President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice. This is not even remotely open for debate. Anyone who tells you otherwise is severely misinformed, delusional, or not telling the truth. It’s time to take our country back. It’s time for the crypto army to send a message to Washington. That attacking us is political suicide,” Tyler wrote.
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