$7.5M in Crypto Donations Fuel Donald Trump’s 2024 US Election Campaign
The political landscape is evolving as a political action committee supporting Donald Trump’s presidential campaign has successfully raised approximately $7.5 million in crypto donations. This significant sum was contributed in the forms of major cryptocurrencies such as Bitcoin, Ethereum, XRP, and the U.S. dollar-pegged stablecoin USDC within a short period from July to September 2024.
The Trump 47 joint fundraising committee reported a substantial influx of funds in digital currencies, positioning Donald Trump as a prominent pro-crypto candidate. This strategic shift marks a complete turnaround from his previous skepticism of digital currencies during his presidency and comes at a crucial time as the 2024 election nears.
The FEC filing indicated that the donations came from a diverse group of contributors across more than 15 states, including key battlegrounds and Puerto Rico. Prominent business entities such as Coinbase, Ripple, and venture firm Andreessen Horowitz were noted for their contributions, highlighting the crypto community’s support for Trump.
Donald Trump’s acceptance of crypto donations makes him the first major presidential candidate to do so, aligning him with a growing segment of the electorate who are enthusiasts of digital currencies. This move reflects a broader acceptance of these technologies in political campaign financing and was influenced by figures within the crypto space like David Bailey and Elon Musk.
In a similar vein, Trump’s opponent, Kamala Harris, has also embraced crypto donations, receiving a significant contribution from Ripple Chairman Chris Larsen. The 2024 US Election is witnessing unprecedented financial input from the crypto sector, with nearly half of all corporate contributions coming from this industry.
The Republican candidate’s increased crypto support has led to the launch of World Liberty Financial’s WLFI token public sale, backed by Donald Trump and his family. With the aim of achieving a $300 million fundraising goal, this initiative sold over 220 million WLFI tokens within the first twenty minutes, signaling a new era of fundraising in the political landscape.
