Ex-PayPal President Endorses Trump, Advocates for Pro-Bitcoin Policies

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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August 1, 2024

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David Marcus, former PayPal president and current Lightspark CEO, endorsed former President Donald Trump for re-election on Wednesday.

In an X post, Marcus announced he was “crossing the Rubicon” and supporting the Republican Party after evaluating new facts. The former Meta CEO shared that his realizations began in 2019, shortly after Meta announced the Libra white paper. Libra was a digital currency project under Meta, designed to create a stablecoin payment system.

Marcus shared that he initially believed the common notion that Democrats were dedicated to serving the people. However, he was surprised to find that Republicans seemed to care more about their constituents. In contrast, he felt that Democrats were more focused on government power and control.

I am crossing the Rubicon and backing the Republican Party and President Trump.

Many — including a former version of myself — get trapped in a mental framework that becomes their identity and prevents them from radically evolving their thinking with new facts and information. I…

— David Marcus (@davidmarcus) July 31, 2024

“I also found that more Republicans wanted to understand our project’s goals and took the time to learn about the risks of censoring payments and controlling the network,” he said. “I found myself remarkably aligned with them.”

Ex-PayPal Exec Advocates for Pro-Bitcoin President

Marcus noted that he sees a complete departure from core American values such as meritocracy today. He criticized a “weaponized” DEI agenda and the open-door policy toward massive illegal immigration.

“This shift is also causing us to fall behind due to an anti-innovation regulatory climate, notably on crypto and soon AI — two non-linear technological breakthroughs that will likely determine tomorrow’s leading countries,” he said.

He said the US requires a President who supports America, the Constitution, business, Bitcoin and crypto, and innovation, among other priorities.

Trump Vows to Make US the Crypto Capital if Reelected

Trump recently had a lot of good things to say about crypto. At the Bitcoin 2024 conference, he shared his plan to make the US the world’s crypto capital if reelected. He also said he’d fire SEC Chair Gary Gensler on his first day back in office.

“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry,” Trump said.

Several well-known figures have thrown their support behind Trump for the 2024 presidential election. These supporters include Elon Musk, Gemini founders Tyler and Cameron Winklevoss, venture capitalists David Sacks and Chamath Palihapitiya, Ark Invest CEO Cathie Wood, and Bitcoin Magazine CEO David Bailey.