Michael Novogratz, a notable figure in the cryptocurrency investment realm and a longstanding supporter of Joe Biden, is set to host a fundraising event for Representative Dean Phillips, a Democratic primary contender against the president.
Novogratz, the CEO of Galaxy Investment Partners, will co-host a campaign fundraiser for Phillips in New York City, as per an invitation reviewed by CNBC. The event, scheduled 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, according to Federal Election Commission filings. He also contributed over $1 million to Defeat by Tweet, a super PAC aimed at countering former President Donald Trump’s tweets.
Novogratz, expressing his perspective on the upcoming election, stated that both Biden and Trump are too old for the presidency, advocating for fresh faces in politics. Despite Biden being 81 and Trump turning 78 soon, Novogratz, at 59, sees Phillips as a centrist candidate with a robust business background. He mentioned plans to meet with former U.S. ambassador to the United Nations, Nikki Haley, exploring the possibility of supporting her against Trump.
Biden recently concluded a successful fundraising tour on the West Coast, raising over $15 million in a few days. Novogratz joins a select group of affluent Biden supporters seeking alternatives within the Democratic Party.
Chamath Palihapitiya, a tech executive who supported Biden in 2020, has expressed dissatisfaction with the president and co-hosted a fundraiser for independent candidate Robert F. Kennedy Jr.
Concerns about Biden’s age, echoed by Novogratz, align with broader sentiments among voters. An August Associated Press poll indicated that 77% of respondents believed Biden was too old for an effective second term. Additionally, a November NBC News poll reported Biden’s approval ratings around 40%.
The U.S. has witnessed the emergence of crypto-friendly presidential candidates, including Vivek Ramaswamy, the youngest candidate in the Republican field, advocating for a stronger crypto environment. Ramaswamy announced at the Bitcoin 2023 conference that his campaign would accept Bitcoin contributions.
This move follows in the footsteps of Robert F. Kennedy Jr., the first U.S. presidential contender to embrace cryptocurrency contributions. Ron DeSantis, another presidential candidate, has voiced support for cryptocurrencies, pledging to “protect” Bitcoin in his bid announcement. Similarly, Kennedy has been an outspoken supporter of Bitcoin, emphasizing its role in countering totalitarianism and promoting transparency in government institutions.
