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Crypto Mogul Novogratz Chooses Phillips Over Biden for Political Support

Ruholamin Haqshanas
Last updated: | 2 min read
Source: a video screenshot, Bloomberg Television / YouTube

Mike Novogratz, a prominent investor in the cryptocurrency space and a long-time supporter of Joe Biden, is set to fundraise for Representative Dean Phillips, a Democratic primary challenger to the president. 

Novogratz, the CEO of Galaxy Investment Partners, will co-host a campaign fundraiser for Phillips in New York City, according to an invitation reviewed by CNBC

The event, taking place at the residence of real estate firm Urby’s president and CEO David Barry, encourages attendees to contribute $3,300.

In the 2020 election cycle, Novogratz donated $200,000 to the Biden Action Fund, a joint fundraising committee for the Biden campaign and the Democratic National Committee, as reported in Federal Election Commission filings. 

Additionally, he contributed over $1 million to Defeat by Tweet, a super PAC aimed at utilizing former President Donald Trump’s tweets against him.

Novogratz Says Biden and Trump Are Too Old for Presidency

Expressing his views on the upcoming election, Novogratz stated that he believes both Biden and Trump are too old for the presidency, emphasizing the need for fresh faces in politics. 

While Biden turned 81 in November and Trump will be turning 78 in June, Novogratz, 59, sees Phillips as a centrist candidate with a strong business background. 

He also mentioned plans to meet with former U.S. ambassador to the United Nations, Nikki Haley, as he considers supporting her in a bid against Trump.

Biden recently concluded a successful fundraising tour on the West Coast, raising over $15 million in just a few days.

Novogratz joins a small group of wealthy Biden supporters who are seeking alternatives within the Democratic Party. 

Chamath Palihapitiya, a long-time tech executive who backed Biden in 2020, has publicly expressed dissatisfaction with the president and co-hosted a fundraiser for independent candidate Robert F. Kennedy Jr.

The concerns about Biden’s age echoed by Novogratz are shared by many voters. 

An August Associated Press poll indicated that 77% of respondents believed Biden was too old to be effective in a second term. 

Furthermore, a November NBC News poll reported Biden’s approval ratings to be around 40%.

US Sees Inflow of Crypto-Friendly Presidential Candidates

The US has seen some crypto-friendly presidential candidates

For one, Vivek Ramaswamy, the youngest candidate in the Republican presidential field, has been actively advocating for a stronger crypto environment in the United States. 

At the recent Bitcoin 2023 conference in Miami, he also announced that his campaign would accept Bitcoin (BTC) contributions.

Ramaswamy’s decision to accept Bitcoin donations follows in the footsteps of Robert F. Kennedy Jr., who became the first U.S. presidential contender to embrace cryptocurrency contributions. 

Ron DeSantis is another presidential candidate known for his support toward cryptocurrencies. 

In his May 24 presidential bid announcement on Twitter, he said he would “protect” Bitcoin. “As president, we’ll protect the ability to do things like Bitcoin,” said DeSantis. 

He added “there’s risks involved with it,” but the people interested in the cryptocurrency “are sophisticated” and “can make decisions.”

Polls taken before the Florida governor’s announcement have him second favorite to Trump.

Likewise, Kennedy has been a vocal supporter of Bitcoin since the conference in Miami.

“Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic,” he said in a June tweet.