Former United States President and leading Republican presidential candidate Donald Trump made significant inroads into Silicon Valley for his latest campaign fundraising efforts. On Thursday night, Trump raised $12 million at a fundraiser held at the San Francisco home of David Sacks, a prominent tech entrepreneur and investor, according to a Reuters report citing attendees. The event was co-hosted by Social Capital CEO Chamath Palihapitiya.

This appearance signals Trump's increasing embrace of cryptocurrency as he prepares for the 2024 presidential election. Notable figures from the crypto world, including Gemini founders Cameron and Tyler Winklevoss, were present at the fundraiser.

Trevor Traina, Chief Business Officer of Tools for Humanity and former Trump ambassador to Austria, reported that Trump declared he would be "the crypto president" during the event. Jacob Helberg, an advisor to Palantir Technologies, mentioned that Trump promised to end the Biden administration's aggressive stance against crypto within an hour of taking office.

Despite this rhetoric, Republican National Committeewoman Harmeet Dhillon noted that Trump did not provide specific details on his cryptocurrency policy. Nevertheless, the crypto community is rallying behind him in anticipation of the upcoming election.

Intercom CEO Eoghan McCabe shared on social media platform X that he spoke with around six attendees who had previously supported or donated to Democratic campaigns but were now backing Trump for his stances on issues such as war, immigration, and crypto.

Trump's support for crypto was first declared in late May, when he announced that his campaign would accept donations in various cryptocurrencies, including bitcoin, ether, solana, dogecoin, and shiba inu. At the Libertarian Convention on May 25, Trump pledged to commute the sentence of Silk Road founder Ross Ulbricht, oppose the creation of central bank digital currencies (CBDCs) in the U.S., and support self-custody rights, as previously reported by The Block.

Meanwhile, President Joe Biden’s re-election campaign has also been engaging with crypto industry players for guidance on “crypto community and policy,” signaling a broader recognition of the sector's importance in the upcoming election.