The billionaire Winklevoss twins, founders of the Gemini cryptocurrency company, announced Thursday that they each donated $1 million in bitcoins to back former President Donald Trump, citing the Republican front-runner's commitment to the growth of cryptocurrencies.

"I just donated $1 million in bitcoins (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here's why," Tyler Winklevoss wrote on his X account in a lengthy post where he sharply questioned Joe Biden's administration.

"Over the past few years, the Biden Administration has openly declared war on cryptocurrencies. It has weaponized multiple government agencies to intimidate, harass and sue the good players in our industry in an effort to destroy it. The actions of this Administration have been nothing short of an unprecedented abuse of power, exercised entirely for twisted political gain at the expense of innovation, the American taxpayer and the American economy. There is nothing the Biden Administration can do or say at this time to pretend otherwise," the Gemini co-founder questioned before highlighting Trump's commitment to cryptocurrencies.

"President Donald J. Trump is the pro-Bitcoin, pro-crypto and pro-business choice. This is not remotely open to debate. Anyone who tells you otherwise is either grossly misinformed, misleading or not telling the truth. It is time to take our country back. It is time for the crypto army to send a message to Washington. That attacking us is political suicide. That's why I'm voting for President Trump in November and I hope you will too. Go for it!" Winklevoss wrote.

His brother, Cameron, followed suit and posted his reasons for donating $1 million in Bitcoin to former President Trump.

Both brothers became famous for losing an epic legal battle to Mark Zuckerberg for control of Facebook. Now, they are leaders in the cryptocurrency industry.

The million-dollar donation from the Gemini crypto founding twins comes as other industry executives voiced their support for the Republican presidential candidate. The brothers did not specify the exact destination of the funds.

Meanwhile, in this presidential campaign, Trump has positioned himself as a defender of cryptocurrencies by criticizing Democrats for their intentions to regulate the sector.

Recently, Trump reaffirmed his position in support of crypto at a recent fundraiser in San Francisco with tech executives.

The November elections may be pivotal for the cryptocurrency industry, which is ramping up its efforts to influence U.S. politicians as they face increasing scrutiny from regulators.

This increased government oversight and scrutiny has intensified following the bankruptcies of major cryptocurrency companies in 2022, which alarmed investors and uncovered some fraud and malpractice.