A Prominent Investor Supports Democratic Primary Challenger
Mike Novogratz, a well-known investor in the cryptocurrency space and a long-time supporter of Joe Biden, intends to raise funds for Representative Dean Phillips, a Democratic primary challenger to the president.
Fundraising for Phillips
Novogratz, the CEO of Galaxy Investment Partners, will co-host a campaign fundraiser for Phillips in New York City. The event will be held at the residence of David Barry, the president and CEO of real estate firm Urby.
The invitation, reviewed by CNBC, encourages attendees to contribute $3,300. In the previous election cycle, Novogratz donated $200,000 to the Biden Action Fund, a joint fundraising committee for the Biden campaign and the Democratic National Committee.
Additionally, he contributed over $1 million to Defeat by Tweet, a super PAC aimed at using former President Donald Trump’s tweets against him.
“I believe both Biden and Trump are too old for the presidency, and we need fresh faces in politics,” Novogratz expressed his views on the upcoming election. “Phillips, with his centrist ideology and strong business background, is a promising candidate,” he added.
Novogratz, 59 years old himself, highlights the importance of younger candidates in politics. 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.
Seeking Alternatives Within the Democratic Party
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 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%.
Crypto-Friendly Presidential Candidates
The United States has witnessed some cryptocurrency-friendly presidential candidates. Vivek Ramaswamy, the youngest candidate in the Republican presidential field, actively advocates for a stronger crypto environment in the country. At the recent Bitcoin 2023 conference in Miami, he announced that his campaign would accept Bitcoin contributions.
Robert F. Kennedy Jr. 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 presidential bid announcement, he expressed his intention to “protect” Bitcoin, highlighting the risks involved but acknowledging that the cryptocurrency attracts sophisticated individuals who can make informed decisions.
Polls taken prior to DeSantis’ announcement had him as the second favorite candidate, after Trump. Kennedy has also been a vocal supporter of Bitcoin, emphasizing its role in creating a future with more transparent and democratic government institutions.
