Interest surrounding J.D. Vance’s ownership of Bitcoin (BTC-USD) has surged after presidential candidate Donald Trump announced that he had selected the Ohio Senator and Hillbilly Elegy author as his Vice President pick. Vance is the first-ever Bitcoin holder to run for VP.
For starters, Vance is an experienced investor and launched his venture capital firm, Narya Capital, in 2020. The firm received $93 million in initial capital and included investments from prominent venture capitalists Peter Thiel and Marc Andreessen. Both Thiel and Andreessen have conveyed their support for Bitcoin in the past. Vance has previously worked with Thiel and joined a venture capital firm he co-founded in 2015.
According to Vance’s latest congressional financial disclosure, which is accurate as of Dec. 31, 2022, he owned between $100,000 and $250,000 of Bitcoin in a Coinbase (NASDAQ:COIN) account. BTC is up by over 270% since the end of 2022.
Vance has not yet disclosed his holdings since the end of 2023 and has requested an extension. Still, his most recent trades exclude Bitcoin, hinting that he still holds his stake.
Vance Becomes the First-Ever Bitcoin Holder to Run for VP
Vance has been an advocate for Bitcoin for several years now. Last month, he began drafting a bill that challenges the regulatory power that the U.S. SEC and the Commodity Futures Trading Commission (CFTC) have over cryptocurrencies.
“People who have seen drafts of the Vance proposal said it would take a more industry-friendly approach than the House,” reported Politico.
Vance has also spoken out against SEC Chair Gary Gensler, stating that his approach to regulating crypto is “the exact opposite of what it should be.” The VP nominee added that Gensler unfairly involves political bias with his regulatory approach.
As for Vance’s running mate, Trump has also emerged as a crypto supporter. That marks a significant shift from 2019 when he characterized the asset class as “highly volatile and based on thin air” that facilitates “drug trade and other illegal activity.” Later this month, Trump will speak at the Bitcoin Conference in Nashville, Tennessee.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
