Donald Trump Raises 7.5 Million Dollars in
Cryptocurrency Donations.
A political action committee supporting Donald Trump's presidential campaign raised approximately 7.5 million dollars in cryptocurrency donations from July to September 2024. These donations came from significant cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP, and the US dollar-backed stablecoin USDC.
Cryptocurrency Support Strengthens the Campaign.
The Trump 47 joint fundraising committee reported a significant flow of funds in digital currencies from the beginning of July through the end of September. According to the recent filing with the Federal Election Commission, these donations materialized in forms such as Bitcoin, Ether, XRP, and stablecoins like USDC.
This investment has positioned Trump prominently among leading crypto- supported candidates.
Trump's Shift Towards Cryptocurrency.
This strategic change represents a complete turnaround from Trump's previous skepticism towards digital currencies during his presidency. As the 2024 elections approach, these donations will play a crucial role in boosting Trump's campaign efforts.
Diverse Sources of Donations.
The FEC filing indicates that contributions were collected from more than 15 states, including several battlegrounds and U.S. territories like Puerto Rico. Donations from leading firms like Coinbase, Ripple, and Andreessen Horowitz highlight the crypto community's support for Trump.
Donald Trump became the first major presidential candidate to accept donations in digital tokens. This move illustrates the increasing acceptance of cryptocurrencies in campaign financing.
Trump's shift from skepticism to advocacy for crypto occurred under the influence of industry leaders like David Bailey, CEO of BTC Inc., and Elon Musk. This support culminated with Trump's participation in a major Bitcoin conference, demonstrating his full endorsement of the crypto industry.
Trump's opponent, Kamala Harris, also received a one million dollar donation in XRP from Ripple's chairman Chris Larsen.
