The "Political High-stakes Bet" of the Encryption Industry: $130 Million Donation in Exchange for Trump's Support

The White House in the United States held its first cryptocurrency summit on the 7th local time. Trump stated at the summit that the U.S. federal government will support the development of cryptocurrencies represented by Bitcoin and digital asset markets. American media reported that Trump's policy shift may stem from substantial political donations provided by cryptocurrency investors during last year's U.S. election, hoping he would end Biden administration’s restrictive policies on cryptocurrencies after taking office. According to The Wall Street Journal, during last year's US election campaign, the cryptocurrency industry provided more than $130 million in political donations to candidates from both parties who support cryptocurrencies through Super Political Action Committees.