Marcus’s endorsement of Trump comes as the crypto industry gains prominence in political discussions.
David Marcus, the CEO and co-founder of Lightspark, a popular Lightning Network payment solution, has recently declared his support for former President Donald Trump in the upcoming presidential election. On Wednesday, Marcus took to the social media platform X to state that he is now backing the Republican Party and Trump. He stated:
“I believe we need a President who is unequivocally pro: America, the Constitution, business, Bitcoin/crypto, innovation, Israel, small government, legal immigration, free speech, meritocracy, and common sense.”
This decision marks a significant shift for Marcus, who described his journey as a gradual “political 180” from his previous stances. He explained that this change in his political views was a result of the disenchantment of lifelong beliefs.
Shift in Stance
Notably, David Marcus previously used to actively support the Democrats. In 2017, he was involved in raising $100 million from Silicon Valley for the Democratic National Committee (DNC) to build a technology platform for the party. However, as per his recent post, Marcus was disheartened by the DNC’s unwillingness to allocate funds for tech improvements.
In 2019, Marcus spent significant time engaging with lawmakers and regulators following the announcement of his stablecoin Libra. He noted that, contrary to his expectations, Republicans showed more interest in understanding and supporting innovative projects like Libra. This led Marcus to reevaluate his political views, Marcus explains.
Marcus expressed his frustration with what he perceives as the Democratic Party’s shift from core American values like meritocracy and innovation. He voiced concerns about the party’s approach to immigration, economic policies, and regulatory environments, especially regarding emerging technologies such as cryptocurrency and artificial intelligence.
Crypto and Politics
Marcus’s endorsement of Trump comes as the crypto industry gains prominence in political discussions. Trump has garnered support from several influential figures in the crypto world, including Tesla CEO Elon Musk and the Winklevoss twins, co-founders of Gemini. Interestingly, the Republican candidate recently raised $25 million during the Bitcoin Conference 2024.
While Trump has openly supported crypto, other political figures have also shown interest. Kamala Harris has hinted at comprehensive crypto regulations, and independent candidate Robert F. Kennedy Jr. has promised to increase the government’s Bitcoin reserves if elected.
The growing intersection of politics and cryptocurrency is evident in the rise of PoliFi tokens, such as Trump-themed MAGA tokens, which have seen significant surges in value. Conversely, Biden-themed tokens have plummeted following his withdrawal from the elections.
In particular, the MAGA token (TRUMP) has surged by more than 29,000% in the past year. It is currently trading around $4.97, down by over 6% in the last 24 hours. On the other hand, Joe Biden token (BIDEN) is down by around 100% in the past year.
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