原文标题： Polymarket fuels crypto industry’s $1.2 billion election involvement, political donations up over 10x
Original author: Assad Jafri
Original source: https://cryptoslate.com/
Compiled by: Mars Finance, Eason
Polymarket drives $1.2 billion in crypto election participation, with political donations growing more than 10x
The crypto industry’s total financial influence on the 2024 presidential election has exceeded $1.2 billion.
According to a new report from Breadcrumbs, the crypto industry’s funding for the 2024 U.S. presidential election has exceeded $1.2 billion, with Polymarket accounting for the majority of it.
The report outlines how political donations, decentralized gambling, politifi tokens, and NFT sales are linking crypto to elections in unprecedented ways, marking a dramatic increase compared to previous election cycles.
Donations increased 10-fold
Political donations from the crypto industry have surged to $190 million, nearly double the $98 million donated in the 2022 cycle and more than 10 times the $15 million donated in 2020.
Major donors included venture capitalists Marc Andreessen and Ben Horowitz, who each gave $24.9 million to various political action committees (PACs) supporting Republican and Democratic candidates.
The Winklevoss twins contributed $10.1 million, mostly supporting pro-crypto Republican candidates, including former President Donald Trump.
Meanwhile, Ripple executives Chris Larsen, Brad Garlinghouse, and Stuart Alderoty collectively donated more than $3 million, with the bulk of that money going to Democratic campaigns.
Pro-crypto PACs have also gained momentum heading into the 2024 election cycle. Fairshake PAC, a super PAC that supports candidates who want to make the United States a global leader in crypto innovation, has raised $161 million, the most of any crypto-related PAC.
Other PACs, such as Defend American Jobs and Protect Progress, have collectively raised millions of dollars to support pro-crypto candidates in both parties, further solidifying the crypto industry’s influence in U.S. politics.
Election Gambling
In addition to political donations, crypto gambling has also become a significant contributor to election participation in the industry. Decentralized gambling platform Polymarket has facilitated more than $1.1 billion in bets on the 2024 U.S. presidential election.
The amount includes bets on the overall winner, state results, and the popular vote margin. Polymarket’s decentralized structure allows users to place bets anonymously using cryptocurrency, making it a key platform for election-related speculation.
The report highlights that while Polymarket allows users to bet on political events using cryptocurrencies, the platform is not available to U.S. users due to regulatory restrictions.
Despite not operating in the United States, the platform remains active, with around $900 million in bets focused on the overall winner of the U.S. presidential race and another $200 million on who will win the popular vote.
Politifi Token and NFT Sales
Another important aspect of the crypto industry’s involvement in elections is the rise of politifi tokens — meme coins created around politicians.
The tokens, while not officially linked to any campaign, have a market capitalization of $440 million. However, the report warns that the tokens are extremely volatile and some, like Pepe Trump and DJT, have been labeled scams.
Trump has also entered the crypto space by releasing NFTs, generating over $9 million in revenue through multiple series of sales. These digital assets further connect politics to the crypto world, attracting the attention of crypto investors and political supporters.
