Highlights
- Between July and September of 2024, Donald Trump’s PAC raised $7.5 million in cryptocurrency.
- Significant contributions have been made to USDC, XRP, Ether, and Bitcoin.
- Donations of cryptocurrency came from Puerto Rico and more than 15 states.
A political action committee supporting Donald Trump’s presidential campaign has successfully raised about $7.5 million in cryptocurrency donations. This occurred in the brief time frame of July to September of 2024.
Major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, and USDC, a stablecoin based on the US dollar, contributed this considerable amount.
$7.5M in Bitcoin, Ethereum, and XRP Supports Donald Trump’s Campaign for the US Election in 2024
The Trump 47 joint fundraising committee has reported a substantial influx of donations in the form of digital currency.
A recent Federal Election Commission filing indicates that these contributions took place from July 1st to September 30th, 2024.
The group claims that Bitcoin, Ether, and XRP, along with the USDC and Tether stablecoins tied to the US currency, made significant contributions. Donald Trump has emerged as a leading pro-crypto contender as a result of the financial infusion.
Furthermore, this change in approach marks a radical departure from his previous mistrust of digital currencies during his tenure as president. These donations are essential to supporting Trump’s campaign as the 2024 election draws closer.
Furthermore, according to the FEC filing, these contributions came from a wide range of donors in over 15 different states. These included Puerto Rico, an American colony, and several important battlegrounds.
In addition, well-known companies like Coinbase, Ripple, and venture capital company Andreessen Horowitz were among the funders, demonstrating the crypto community’s strong backing for Trump.
Trump’s clever acceptance of contributions from Crypto
Being the first significant presidential contender to take donations in digital tokens, Donald Trump has created history.
This action not only indicates a wider acceptance of these technologies in political campaign finance but also puts him in line with an increasing number of voters who are fans of digital currencies.
Individuals within the cryptocurrency ecosystem significantly contributed to the transformation from sceptics to advocates. Elon Musk and other prominent figures in the business, like David Bailey, CEO of BTC Inc., have played a crucial role in changing Trump’s position on cryptocurrencies.
As a result of their efforts, Trump attended a significant Bitcoin conference, demonstrating his unwavering support for the cryptocurrency sector.
In a similar vein, Chris Larsen, the chairman of Ripple, made a sizeable payment to Kamala Harris, Donald Trump’s opponent, who has also embraced cryptocurrency donations.
Larsen’s $1 million XRP donation to Harris’ campaign represents the growing usage of cryptocurrency for political fundraising. The Future Forward USA PAC received this donation in support of Harris in the US election of 2024.
Additionally, the cryptocurrency business is contributing an unprecedented amount of money to the 2024 US election—nearly half of all corporate contributions come from this sector.
According to the Public Citizen research, the contributions of the cryptocurrency business have increased by about thirteen times during the previous presidential election cycle.
The public sale of World Liberty Financial’s WLFI token has begun as a result of the Republican candidate’s growing support for cryptocurrencies.
Supported by Donald Trump and his family, this project raised $300 million to reach a $1.5 billion valuation by selling over 220 million WLFI tokens in the first 20 minutes.
