According to a recent Bloomberg report by Stephanie Lai and Bill Allison, Cameron and Tyler Winklevoss, the billionaire twins known for their cryptocurrency ventures, have made substantial Bitcoin donations to Donald Trump’s presidential campaign. Bloomberg notes that these donations exceeded the legal limit, necessitating refunds.

The report indicates that the Winklevoss twins each claimed to have donated the equivalent of $1 million in cryptocurrency to the presumptive Republican nominee. Bloomberg points out that this amount surpasses the $844,600 maximum that the Trump committee can legally accept per individual. An anonymous campaign official confirmed to Bloomberg that the excess was refunded, though it’s unclear whether in cryptocurrency or cash.

Bloomberg explains that the donated funds are distributed among Trump’s campaign, the leadership PAC covering his legal expenses, the Republican National Committee, and 42 GOP state party committees.

The news outlet suggests that this contribution signifies a growing alliance between Trump and the crypto industry, which has become an influential player in the 2024 election. Bloomberg reports that Trump has been actively embracing the crypto industry on the campaign trail, using digital assets to appeal to new voters and accepting crypto donations.

Trump has pledged to end what he calls President Joe Biden’s “war on crypto” if he wins a second term in office. He made this announcement during a special address in West Palm Beach, Florida, on June 14, coinciding with his 78th birthday.

Trump emphasized his commitment to the cryptocurrency sector, stating, “I will end Joe Biden’s war on crypto, and we will ensure that the future of crypto and the future of Bitcoin will be made in America; we’re going to keep it right here, and a lot of it is going to be done right here in Florida.” This declaration highlights his intention to create a crypto-friendly environment in the United States, particularly in Florida, which is known for its supportive stance on cryptocurrency.

This was not the first time Trump has criticized Biden’s approach to cryptocurrencies. According to a report by Cointelegraph, on May 25 Trump took to his social media platform, Truth Social, to denounce Biden, accusing him of trying to destroy the crypto industry. “Crooked Joe Biden, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me,” Trump wrote. These strong statements are part of his broader strategy to position himself as a pro-crypto candidate for the 2024 presidential race against Biden.