Trump, Crypto, and the 2024 Election

The Democratic Party and the Republican Party each historically have a coalition of corporate supporters that aligned with their respective party values. The Democratic Party garnered support from major technology firms such as Google, Apple, and Microsoft, leading healthcare companies such as Pfizer and Johnson & Johnson, large financial institutions such as Goldman Sachs and JP Morgan Chase, and companies with large labor unions such as Boeing and Ford. On the other hand, the Republican Party has a long-standing relationship with big businesses that favor deregulation, tax cuts, fuel energy, gun rights, and free-market principles. For example, ExxonMobile and Chevron are two of its biggest corporate donors. For a long time in corporate America’s history, these traditional mega companies defined the American presidential election. 

A new force entered the 2024 election. Loaded with massive amount of cash, crypto players, for the first time in the U.S. history, played a meaningful, vital role behind the presidential campaign. Their preferred candidate – Donald Trump – eventually won the presidency. Before his ultimate win, on July 27, 2024, Trump spoke at the Bitcoin 2024 Conference in Nashville, Tennessee, promising the audience that should he be elected again, he would implement measures to promote the use of Bitcoin, create a Bitcoin strategic reserve, and make the U.S. “the crypto capital of the planet.” He also promised to remove Securities and Exchange Commission (“SEC”) Chair Gary Gensler and implement a crypto advisory council. Trump’s speech marks a salient departure from his earlier stance, when he believed that the value of cryptocurrencies was “based on thin air.”[1] Predictably, Trump received large amount of political donations from the crypto players during the campaign and was speaking to reassure his donors that he would do his job.

Trump won the election on November 5, 2024. Since then, Bitcoin’s price surged significantly, from around USD 65,000 all the way to close to USD 100,000 in just a matter of month. On November 24, 2024, Trump announced that he would choose Scott Bessent, a prominent pro-crypto hedge fund manager, to become the Treasury Secretary. Bessent used to be the chief investment officer for the billionaire George Soros, a founder of Key Square Capital Management, a fervent advocate for blockchain and digital assets, and most importantly, Trump’s long-time donor.[2] [3] All these developments clearly point to a more crypto-friendly administration. This article attempts to depict a larger, more fulsome crypto picture behind Trump.

The Mega Crypto Corporations 

On November 1, 2024, CBS News estimated that anywhere from 7% to 21% of Americans own crypto, equating 18 million to 50 million voters. Based on a survey research from crypto exchange Gemini, 73% of the surveyed stated that a political candidate’s stance toward the crypto industry will influence their vote.[4]  The growing influence of crypto holders is a new reality that the crypto industry soon works to capitalize on the election; they then found Trump, a candidate that was on the brink of a cliff and was willing to swiftly restyle himself as the first pro-crypto leader.

Political Action Committees

Political action committees (“PACs”) are political committees that are established, financed, maintained or controlled by a candidate or an individual for the purpose of raising and spending money to elect and defeat candidates. Super PACs are committees that may receive unlimited contributions from individuals, corporations, labor unions, and other PACs for purpose of financing independent expenditures.[5]

During the 2023–2024 election circle, a Super PAC was created – the FairShake. The FairShake PAC commits to supporting candidates who can benefit blockchain innovators with a “clearer regulatory and legal framework.”[6] According to its most recent report date October 16, 2024, FairShake raised a total of USD 204,069,689 funding and spent USD 172,218,015.[7] FairShake emerged as a bipartisan force supporting candidates from both the Democratic Party and the Republican Party as long as they have a pro-crypto stance. FairShake does so by further supporting PACs that focus on Democratic candidates and Republican candidates respectively – the Protect Progress PAC (Democratic) and the Defend American Jobs PAC (Republican).[8]  By far, FairShake has transferred USD 24,700,000 to the Protect Progress PAC, which has supported six Democratic congressmen,[9] and USD 39,550,000 to the Defend American Jobs PAC, which has supported four Republican congressmen.[10] [11] FairShake’s own spending, totaling USD 40,665,513, was used on six congressmen with a mixture of Democrats and Republicans.[12]

FairShake’s top donors are key players in the crypto sector, including leading cryptocurrency exchange Coinbase (largest donor with USD 46,505,495 contribution), global payment company Ripple Labs (USD 45,000,000 contribution), and the venture capital firm Andreessen Horowitz (USD 44,000,000 contribution), among others. Coinbase is also the second largest donor to the Protect Progress PAC and the Defend American Jobs PAC, the first being FairShake itself. The research did not identify any public information suggesting FairShake made direct campaign contribution to Trump, but news reports have come out that Trump was set to meet privately with Coinbase CEO Brian Armstrong on November 25, 2024.[13] Although details about this meeting were not released, common sense will tell that Armstrong stood behind Trump during the election and is now waiting at the White House expecting a gain. 

Meeting with Top Bitcoin Miners

In June 2024, CNBC reported that Trump met a dozen Bitcoin mining executives and experts at the Mar-a-Lago Club, asking the miners to ensure Bitcoins are “made in America.”[14]  Attendees all came from leading Bitcoin mining company, such as Riot Platforms, Marathon Digital Holdings, Terawulf, CleanSpark, Core Scientific, Arkon Energy, Cholla Energy, and Exacore. In an interview, CEO of BTC Inc. David Bailey publicly acknowledged that the meeting was “part of a larger push to support the former president’s bid to return to the While House.” He acknowledged that “as an industry, [they] are committed to raising over USD 100 million and turning out more than 5,000,000 voters for the Trump reelection effort.”[15] Notably, Trump himself accepted digital currency donations during the election.

In the same meeting, Trump reportedly expressed concerns over the U.S. launching a central bank digital currency (“CBDC”), a digital coin issued by the Federal Reserve that could grant the government greater access to personal spending data.  Bitcoin, on the other hand, is viewed by many as the antithesis of a CBDC because it was not constrained by geographic or governmental boundaries.[16]

Trump further expected Bitcoin miners to play a role in the development of artificial intelligence (“AI”), given that he was aware how much “energy that’s going to be needed there.” Bitcoin miners help stabilize the grid and even build the necessary infrastructure. When miners partner with utility companies, they turn off their data centers almost instantly when there is too much power demand and give energy back. Some miners will build grid-stations and substations themselves, playing a more vital role in a nation’s energy supply. Trump seems to hope Bitcoin miners work with the country’s AI foundational model developers to optimize energy use. 

World Liberty Financial – Trump’s Own Crypto Project

On September 16, 2024, Trump announced the founding of World Liberty Financial by his family during a livestream event on X. World Liberty Financial is designed to operate as a decentralized finance (“DeFi”) platform to allow users to borrow, lend, and invest in cryptocurrencies without having to rely on traditional banking systems.[17] In its official website, World Liberty Financial claimed that “we’re leading a financial revolution by dismantling the stranglehold of traditional institutions and putting the power back where it belongs: in your hands.”[18] The project’s cornerstone is the development of a cryptocurrency pegged to the U.S. dollar, a/k/a a “stablecoin,” which is planned to maintain a 1:1 ratio with the U.S. dollar through proper collateralization. Despite aiming to raise USD 300 million, the project only secured USD 14 million in its initial token sale.[19] The company’s current token on sale is called $WLFI token (using Coinbase technologies) which has a total sale volume of 20.00 B, and as of 11:40 AM November 28, 2024, 3.54B tokens have already been sold, raising a total fund of USD 53.1 million.[20]  Most recently, on November 25, 2024, the Chinese crypto player Justin Sun reportedly invested USD 30 million in $WLFI, stirring the market’s excitement.[21]

New Money Tycoons

It is hardly surprising that the money-laden cryptocurrency players will support a president that is willing to go their way. What shocks people is that some of the key figures in progressive Silicon Valley chose to support Trump. A closer review indicated that they hold large amount of crypto assets, among other factors that draw them closer to Trump. These people include the iconic venture capitalist Peter Thiel and the world’s wealthiest person Elon Musk.  This article outlines how they embraced the crypto ideas and came to endorse Trump – but you should know more people underwent the same transition. 

Peter Thiel

Peter Thiel, Meta’s angel investor and one of the most prominent tech figures, publicly voiced his support for Trump as early as 2016. During the 2016 presidential election, Thiel donated over USD 1 million to Trump’s campaign, and publicly spoke at the Republican National Convention to declare support for Trump.[22] Thiel’s political gamble soon got paid back – Trump won the 2016 election, and then appointed Thiel to sit on his Presidential Transition Team Executive Committee led by Vice President-elect Mike Pence.[23] Rumors also lured around about Trump trying to give Thiel more substantive power, such as a nomination to the Supreme Court (believe it or not).[24] Thiel’s estimated net worth is at least USD 4.6 billion as of November 2024.[25]

Thiel’s interest in crypto began just two years before supporting Trump. In June 2014, Thiel’s personal entrepreneurial initiative Thiel Followship awarded USD 100,000 to Vitalik Buterin, a 20-year-old Russian Canadian and co-founder of the Ethereum project.[26] This marks Thiel’s first known cryptocurrency investment. Subsequently in mid-2017, Founders Fund, a venture capital firm co-founded by Thiel, reportedly bought USD 15 million to 20 million worth of Bitcoin. [27] It is unclear whether Thiel sold any of the holdings, but Thiel later publicly stated that he “underinvested” in Bitcoin in 2021.[28] From late summer to early fall of 2023, the Fund reportedly invested USD 200 million in Bitcoin and Ether.[29]

In addition to directly holding Bitcoin and other types of cryptocurrencies, Thiel also supported various cryptocurrency startups, including Layer1 Technologies, Ondo Finance, Block Green, and others.[30] Thiel’s crypto investment spans from the upstream mining activities to downstream crypto exchanges. For example, Thiel-backed Layer1 Technologies conducts mining activities in Texas – the most resourceful state in electricity in the U.S.[31] In another example, Bitpanda, a European cryptocurrency trading platform which received funding from Thiel-backed venture capital firm Valar Ventures in August 2021,[32] was reportedly seeking an initial public offering in Frankfurt in late 2024.[33]

From investing in Meta when it was only valued at USD 4.9 million to seeing it grow into a USD 1.3 trillion tech giant, and from spotting Trump at his political infancy to witnessing him become the most non-conventional president, Thiel’s investment talents are simply astonishing. Although Thiel’s support for Trump waned subsequently as evidenced by a leaked call where Trump accused Thiel of not showing gratitude,[34] [35] Thiel continued to support Trump during the 2024 election season. He publicly stated that “I am very strongly pro-Trump, pro-JD. I’ve decided not to donate any money politically, but I’m supporting them in every other way possible.”[36] Notably, Thiel had a long relationship with the Vice President-elect JD Vance back to as early as 2011. Thiel was reportedly the person behind JD Vance and brought him to Trump’s Mar-a-Lago mansion in 2021 to smooth their relationship, because JD Vance had long been a fierce Trump critic. Thiel also reportedly donated over USD 15 million to Vance during his successful Senate run in 2022.[37] [38]

Elon Musk

Similar to Thiel, Musk also holds various cryptocurrencies. SpaceX holds a large amount of Bitcoin, and Tesla is one of the largest corporate Bitcoin holders.[39] As of the date of this article, Tesla holds 9,720 Bitcoins that are now worth about USD 1 billion.[40] Perhaps Musk’s most notable cryptocurrency holding is his ownership of Dogecoin, a peer-to-peer, open-source cryptocurrency launched on December 6, 2013. Musk had publicly confirmed his ownership of Dogecoin, saying “I still own a bunch of Dogecoin.” His tweets and public statements about Dogecoin have historically led to significant price fluctuations, causing him to face lawsuit from investors who accused him of market manipulation.[41]

Thiel and Musk’s political alignment came at a later date. Musk publicly endorsed Trump after an attempted assassination of Trump on July 13, 2024, and Thiel then credited Musk with helping other Silicon Valley leaders feel comfortable supporting Trump, indicating a shared ideological alignment that has strengthened their connection.[42]  Musk’s support for Trump was perhaps the most sensational tech tycoon endorsement in the history of U.S. presidential elections. He donated approximately USD 132 million to Trump and other Republican candidates, including substantial contributions to PACs supporting Trump.[43] Musk also initiated a daily USD 1 million giveaway to registered voters in battleground states, and is now facing a lawsuit from the Philadelphia District Attorney for allegedly conducting an illegal lottery.[44] After Trump’s win, Musk has been on his way to lead the proposed Department of Government Efficiency (“DOGE”), which could allow him to influence federal policies, particularly those affecting Tesla’s and SpaceX’s government contracts.  It would not be a mere coincidence that the new department has a similar name to the cryptocurrency Musk “still owns a bunch.”

Why the “New Money” Tycoons Support Trump

Peter Thiel and Elon Musk have both publicly explained their support for Trump. In 2016, Thiel stated that he has a “strong bias for outsiders,” expressing dissatisfaction with the leadership of the establishment. Thiel believed that Trump’s candidacy represented a necessary disruption to the status quo, which resonated with voters frustrated by traditional political norms.[45] He also agreed with Trump on a number of issues; most noticeably, he agreed that international trade deals do not benefit all Americans and the U.S. has been overinvolved in wars abroad.[46] In Musk’s case, he spoke publicly against the Biden administration’s over-regulation,[47] “ignoring” Tesla,[48] and the “wokeness” culture.[49]  Many of Musk’s political viewpoints aligned with Trump’s agenda. 

However, supporting a presidential candidate publicly simply because you align with his moral and political views is a conceded rarity. In all two tech tycoons’ cases, a larger reason loomed behind – the survival of their financial holdings and the opportunities to grow more influential. In the example of Bitcoin, while its early appeal following its release in January 2009 was tied to its distributed, decentralized nature so as to make it possible to undercut existing financial institutions, its value has become increasingly supported by people “in the circle” with a vested interest to see its appreciation. Thiel and Musk know more than anyone else that the cryptocurrencies are inherently subject to volatility and even potential market crash.  Their cryptocurrency holdings are so substantial that it would be unimaginable if they do not adopt any measures to make sure the coins have value. Thus, their choice to endorse a presidential candidate who favors the development and deregulation of the cryptocurrency industry is clearly a thoroughly-thought-through strategic decision.

Thiel and Musk also see more value in blockchain technology and are working to expand its application. According to a January 2024 Forbes report, Musk planned to “revolutionize” payments and quietly obtained a money-transmitter license for his social media platform X, formerly Tweeter.[50] Former Coinbase chief technology officer Balaji Srinivasan suggested that Musk might issue a self-custodied crypto wallet to every user, using Dogecoin as an example.[51] If this happens, it may trigger a price bull run just like PayPal’s Bitcoin adoption in late 2020.[52]

Thiel is even bolder. According to a May 2024 Forbes report, Thiel and the Ethereum founder Vitalik Buterin raised about USD 70 million in funding for Polymarket, one of the major cryptocurrency startups offering “event contracts” for users to bet on things like political elections.[53] This is essentially a conversion of the blockchain technology to real-world gambling. Given companies like Polymarket are treading on a regulatory grey area, they are heavily lobbying the Commodity Futures Trading Commission (“CFTC”) – leading agency regulating the U.S. derivatives markets, to ease the relevant regulations and soften their enforcement focuses.[54] With Trump sitting in the White House, billionaires like Musk and Thiel can unquestionably enjoy four years of loose regulations. 

Chinese Players 

While it all seems too good to be true, the ultra-pro-crypto Trump administration may rain on the parade of Chinese crypto players.  In his second term, Trump promises to play tougher with China; his laser-light focus on cryptocurrency almost automatically rendered it a new battlefield that many Chinese regulators have not thought of nor prepared for. 

China’s Dominance in Crypto

Despite an extremely stringent regulatory environment, including a total ban on all cryptocurrency transactions and mining activities,[55]China is the birthplace to some of the world’s biggest crypto billionaires, and used to be the single largest crypto mining venue. Iconic figures include Changpeng Zhao (founder of the world’s largest cryptocurrency exchange Binance), Hongfei Da (founder of NEO), Jihan Wu (co-founder of Bitmain and founder of Bitdeer), Leon Li (founder of Huobi), and Justin Sun (founder of TRON).[56] In fact, it was not an understatement to say that Chinese players had a decisive role in the early development of the cryptocurrency industry. 

Chinese players’ dominance in the crypto industry is best illustrated by the success of the world’s largest Bitcoin Application-Specific Integrated Circuit (“ASIC”) manufacturer, Bitmain. Founded in Beijing in 2013, Bitmain, at one point, enjoyed a dominant market share of over 80% for Bitcoin mining machines under its Antminer brand. Bitmain was developing so rapidly that it actually became one of the most important clients for Taiwan Semiconductor Manufacturing Corporation (“TSMC”). Bitmain’s earliest BM138 chip was manufactured using TSMC’s 55 nm process technology, and just within a matter of years, Bitmain generated enough revenue to use the TSMC’s 16 nm process technology. According to a blog report, TSMC made about USD 17 billion in the first half of 2018 from Bitmain, representing nearly 5% of TSMC’s revenue for that period.[57] It is further important to note that Bitmain’s biggest ASIC competitors (despite being a remote second and third) – MicroBT and Canaan – are also China-based manufacturers.[58]

Enforcement Against Chinese Crypto Firms

It comes as no surprise if the U.S. government goes after the cash-laden Chinese crypto firms. On November 21, 2023, Binance, the world’s largest cryptocurrency exchange platform founded by Changpeng Zhao, reached a settlement with the U.S. SEC, Department of Justice (“DOJ”), Financial Crimes Enforcement Network (“FinCEN”), Commodity Futures Trading Commission (“CFTC”), under which Binance agreed to pay USD 968,618,825 as a result of Binance’s failure to prevent sanctions and money laundering violations, among others.[59] In February 2024, a federal judge approved a plea deal by Binance, under which Binance would pay more than USD 4.3 billion in fines and restitutions. Zhao agreed to step down as CEO and pay USD 50 million fine as part of the plea deal.[60] A notable accusation from the Treasury Department in the February 2024 plea agreement is that Binance failed to take actions to curtail Gaza-based militant group Hamas and other organizations deemed terrorist groups from operating on the platform.[61] The regulatory action against Binance is the single largest sanctions enforcement action in U.S. history.

As background, regulatory actions against crypto companies were generally more intensified during the Biden Administration. To date, there are five enforcement actions against crypto players by the Office of Foreign Assets Control (“OFAC”): CoinList Markets (December 13, 2023), Binance (November 21, 2023), Payward, Inc. (November 28, 2022), Bittrex, Inc. (October 11, 2022), and BitGo, Inc. (December 30, 2020). Only the BitGo resolution was reached during the first Trump term with a modest fine of USD 98,830. The aggregate settlement amounts of CoinList Markets, Binance, Payward, and Bittrex during the Biden Administration reached as high as USD 994,469,643, with the vast majority reflecting the Binance settlement.  Both the number of enforcement actions and the amount of fines clearly evidenced Biden and Yellen’s heavy-handed approach to crypto regulations and the particular severity on China-linked companies. 

An Outlook: Will Trump Go After Chinese Crypto Players?

To Trump, it is not a good sign that the world’s largest ASIC manufacturer and crypto exchange platform are owned by Chinese. The U.S. government has a full arsenal of ammunitions it can deploy to go after Chinese crypto players, ranging from sanctions, anti-money laundering, to export control. In the example of Binance, the U.S. government focused on sanctions, anti-money laundering, and financial crimes. Trump is likely to go along the Biden route to closely watch China-linked crypto companies. The business model of Bitmain, however, is more susceptible to U.S. export controls regulations, and is an area that very few have spotted as having the potential to impact both the full chain of crypto industry.

Bitmain is not only a manufacturer of ASIC for mining purpose; it is also a significant player in the design of AI chips, leveraging its capabilities in designing chips for crypto mining. There are rumors saying Bitmain has a role in driving the surge in TSMC’s 3 nm product shipments in 2024 Q2 due to its demand for cryptocurrency mining machines that could be repurposed for AI applications. For now, Bitmain largely eludes the U.S.’s export controls regulatory review whose main focus has been the more traditional semiconductor players like Huawei. But there are people advocating a stricter regulatory review on Bitmain. Min-Yen Chiang, researcher at the Taiwan Economic Democracy Union, advocated for a tougher stance against Bitmain by both the U.S. and Taiwan governments.[62]  A blogger also commented that Bitmain might become one of TSMC Arizona foundry’s first clients despite having an unspoken connection to Huawei, leading to speculations that some of the chips may ultimately end up at Huawei.[63] As a result, the blogger advocated for adding Bitmain on the U.S. Entity List, which could sever Bitmain’s access to U.S. chip technologies. In fact, The Information reported most recently that TSMC cut off Bitmain’s business as U.S. probed its Huawei link – a suspicion that has not been confirmed yet.[64]

Bitmain’s fate during the second Trump term will thus deserve a close watch.  Leading financial media like Bloomberg, has already warned that Trump’s “Made in USA” Bitcoin strategy would threaten Bitmain’s reign.[65] And other Chinese players should stay alert, too. 

Conclusion

The second term of Trump is expected to focus on creating a more favorable regulatory environment for digital assets, potentially establishing new roles and appointing crypto advocates for important government positions. Clearly, he is paying back to those tycoon supporters who have large crypto assets under management and have worked relentlessly to help him win the election. Trump’s policies may ultimately aim, on the other hand, to bolster U.S. competitiveness in the crypto space while navigating the complexities posed by Chinese firms. Chinese crypto players should stay alert of Trump’s moves in the crypto regulation space, and Chinese regulators, despite being extremely unprepared for and unfamiliar with Trump’s new pick of battlefield, must also get ready. 

It will be a very interesting four-year ahead for the crypto world.

[1] https://apnews.com/article/donald-trump-bitcoin-cryptocurrency-stockpile-6f1314f5e99bbf47cc3ee6fc6178588d

[2] https://www.forbes.com/sites/danrunkevicius/2024/11/24/most-pro-crypto-treasury-weve-ever-seen-trumps-historic-move-could-spark-bitcoin-and-crypto-price-boom/

[3] https://finance.yahoo.com/news/trump-nominates-crypto-friendly-scott-175152629.html

[4] https://www.cbsnews.com/news/election-donald-trump-kamala-harris-cryptocurrency-voters/

[5] https://www.fec.gov/press/resources-journalists/political-action-committees-pacs/

[6] https://www.fairshakepac.com

[7] https://www.opensecrets.org/political-action-committees-pacs/fairshake-pac/C00835959/summary/2024

[8] FairShake, Protect Progress, and Defend American Jobs are not the sole crypto PACs in this election season. There are at least nine other PACs dedicated to support pro-crypto political candidates.  See https://www.followthecrypto.org/committees/C00822775

[9] https://www.followthecrypto.org/committees/C00848440

[10] https://www.followthecrypto.org/committees/C00836221

[11] https://www.followthecrypto.org/committees/C00835959

[12] Ibid. 

[13] https://www.lexology.com/library/detail.aspx?g=98748a11-60c4-46bd-82bb-987ddc9f33db

[14] https://www.cnbc.com/2024/06/13/donald-trump-says-he-wants-all-future-bitcoin-to-be-mined-in-the-us.html

[15] Ibid. 

[16] Ibid. 

[17] https://www.dlnews.com/research/what-you-need-to-know-about-the-trump-familys-new-crypto-venture-world-liberty-financial/

[18] https://www.worldlibertyfinancial.com

[19] https://www.financemagnates.com/cryptocurrency/what-trumps-new-crypto-project-plans-with-a-dollar-backed-stablecoin/

[20] https://www.worldlibertyfinancial.com/us/token-sale

[21] https://fortune.com/crypto/2024/11/25/trump-world-liberty-financial-crypto-project-30-million-justin-sun-tron/

[22] https://www.benzinga.com/general/education/24/09/40756735/peter-thiel-supports-trump-backed-ethereums-buterin-5-facts-you-might-not-know-about-paypal-pal

[23] https://money.cnn.com/2016/11/11/technology/peter-thiel-trump-team/?iid=EL

[24] Ibid. 

[25] https://www.gurufocus.com/insider/2522/peter-thiel

[26] https://cointelegraph.com/news/ethereum_founder_awarded_100k_thiel_fellowship

[27] https://www.investopedia.com/news/peter-thiels-founders-fund-long-bitcoin/

[28] https://www.bloomberg.com/news/articles/2021-10-21/thiel-says-he-was-underinvested-in-bitcoin-price-may-rise?leadSource=uverify%20wall

[29] https://www.theblock.co/post/277248/peter-thiels-founders-fund-invested-200-million-in-crypto

[30] Ibid. 

[31] https://www.forbes.com/sites/christopherhelman/2020/02/28/why-is-this-peter-thiel-backed-startup-mining-bitcoin-in-west-texas/

[32] https://www.cnbc.com/2021/08/17/peter-thiel-backed-crypto-broker-bitpanda-triples-valuation.html

[33] https://bitcoinist.com/peter-thiel-backed-exchange-bitpanda-moves-to-ipo/

[34] https://www.benzinga.com/news/23/09/34896135/tensions-flare-in-trumps-call-with-conservative-tech-billionaire-peter-thiel-over-political-support

[35] https://thehill.com/policy/technology/4304204-peter-thiel-trump-crazier-dangerous-than-expected/

[36] https://economictimes.indiatimes.com/news/international/world-news/trump-supporter-and-billionaire-peter-thiel-warns-of-a-major-political-collapse/articleshow/113421176.cms

[37] https://www.forbes.com.au/news/billionaires/jd-vance-and-peter-thiel-what-to-know/

[38] https://www.cbsnews.com/news/jd-vance-trump-vp-peter-thiel-billionaire/

[39] https://www.thestreet.com/crypto/innovation/elon-musk-details-personal-spacex-crypto-holdings

[40] https://treasuries.bitbo.io/tesla/

[41] https://cointelegraph.com/news/dogecoin-investor-lawsuit-against-elon-musk-dropped

[42] https://www.businessinsider.com/peter-thiel-elon-musk-turn-donald-trump-other-tech-ceos-2024-11

[43] https://www.aljazeera.com/features/2024/11/7/the-elon-musk-effect-how-donald-trump-gained-from-billionaires-support

[44] https://abcnews.go.com/Business/stake-elon-musk-presidential-election/story?id=115143069

[45] https://www.pbs.org/newshour/politics/tech-billionaire-peter-thiel-explains-supports-trump

[46] Ibid. 

[47] https://vinnews.com/2024/09/10/elon-musk-criticizes-overregulation-a-call-for-government-reduction/

[48] https://www.cnbc.com/2022/02/22/elon-musk-accuses-biden-of-ignoring-tesla-but-says-he-would-do-the-right-thing-if-invited-to-white-house.html

[49] https://www.forbes.com/sites/roberthart/2023/12/15/elon-musk-says-dei-must-die-and-criticizes-diversity-schemes-as-discrimination/

[50] https://www.forbes.com/sites/digital-assets/2024/01/16/elon-musk-reveals-surprise-crypto-holdings-as-x-plan-to-replace-paypal-visa-and-banks-quietly-accelerates-amid-bitcoin-price-swings/

[51] https://www.forbes.com/sites/digital-assets/2023/10/28/shock-leak-reveals-elon-musks-mind-blowing-x-plan-to-replace-banks-and-paypal-sparking-wild-critical-mass-bitcoin-and-crypto-price-speculation/?sh=10b99076128b

[52] Ibid. 

[53] https://www.forbes.com/sites/zacharyfolk/2024/05/14/peter-thiel-invests-in-polymarket-political-betting-platform-but-the-future-of-gambling-on-elections-remains-unclear/

[54] Ibid.

[55] https://www.theverge.com/2021/9/24/22691472/china-central-bank-cryptocurrency-illegal-bitcoin

[56] https://awisee.com/blog/chinese-crypto-influencers-kols/

[57] https://meet-global.bnext.com.tw/articles/view/47477?

[58] https://miningstore.com/understanding-the-bitcoin-mining-rig-market/?srsltid=AfmBOorluUJLV2SqSg4Q_BkFNN5Z9H8ae-EqiY3Z1MgFJj5cak-RTL2F

[59] https://ofac.treasury.gov/system/files/2023-11/20231121_binance.pdf

[60] https://www.forbes.com/sites/tylerroush/2024/02/23/judge-approves-binances-43-billion-settlement-for-anti-money-laundering-sanctions-violations/

[61] https://www.forbes.com/sites/brianbushard/2023/11/21/justice-department-cites-hamas-use-of-binance-in-43-billion-settlement/?sh=d67548f30f0a

[62] https://dset.tw/en/research/00039/

[63] https://timculpan.substack.com/p/tsmc-planned-to-make-bitmain-chips

[64] https://www.theinformation.com/articles/tsmc-cut-off-chinese-crypto-moguls-firm-as-us-probes-huawei-link

[65] https://www.bloomberg.com/news/articles/2024-08-26/trump-s-made-in-usa-bitcoin-relies-on-chinese-rig-maker-bitmain