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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 16, 2024 08:40 UTC
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Trump’s 2024 Campaign Secures $7.5 Million in Cryptocurrency Donations
A political action committee supporting Donald Trump’s 2024 campaign has raised approximately $7.5 million in cryptocurrency.
Trump's transition to a pro-crypto position has attracted substantial support from the cryptocurrency sector, resulting in a 13-fold increase in donations.
Vice President Kamala Harris also gains support from crypto leaders, highlighting a split within the industry.
A political action committee supporting Donald Trump’s 2024 presidential campaign has raised about $7.5 million in cryptocurrency donations. The funds came from supporters of the Trump 47 Committee, who contributed a mix of Bitcoin, Ether, XRP, and stablecoins like USDC, according to a recent filing with the Federal Election Commission.
Before the elections, the increase in Trump’s campaign funding raised eyebrows. Let’s see what’s fuelling this bullish momentum.
Trump’s Pro-Crypto Stance
Remarkably, Trump has changed from his previous skepticism and now supports a pro-crypto stance for his campaign. This shift has greatly boosted his fundraising efforts, with the cryptocurrency sector accounting for over half of the corporate contributions during this election cycle.
Companies like Ripple, Coinbase, and venture capital firm Andreessen Horowitz have significantly contributed to this growth, resulting in a staggering 13-fold increase in donations compared to the last election.
Major Players in Trump’s Fundraising Game
Several key figures in the cryptocurrency world have stepped up to back Trump. Bitcoin contributor David Bailey, CEO of BTC Inc., led the way with a $498,000 donation, while Chainstone Labs CEO Bruce Fenton and Gary Cardone of Cardone Digital Ventures contributed $60,000 and $840,000, respectively. Ripple’s legal chief, Stuart Alderoty, made a notable donation of $300,000 in XRP.
In contrast, Ripple co-founder Chris Larsen took a different path, donating $1 million worth of XRP to Future Forward, a super PAC supporting Vice President Kamala Harris. Although he shares some criticisms of SEC Chair Gary Gensler with Trump, Larsen has more confidence in Harris because of her ties to the innovation economy.
Who Is the Crypto Community Supporting?
Trump’s pro-crypto position has earned him substantial support, including from billionaire twins Tyler and Cameron Winklevoss, who together donated nearly $1.1 million. However, some donations were refunded after exceeding the allowed limits.
As the election nears, Trump continues to rely on contributions from the crypto community, using platforms like World Liberty Financial—a decentralized bank where users can borrow, lend, and invest in crypto. Despite a challenging start to its token sale, the project has already sold over $10.2 million worth of tokens.
Where Does Kamala Harris Stand?
While Trump enjoys growing backing from the crypto industry, Vice President Kamala Harris is also attracting support from major figures. In addition to Larsen’s donation, Uniswap’s legal chief, Marvin Ammori, has contributed to the Harris Action Fund, signaling a divide within the crypto community. Both sides continue to seek funding through digital tokens as they prepare for the upcoming election showdown.
What do you think about Trump’s crypto fundraising success? Will it sway voters in the upcoming election? Share your thoughts.
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