Trump PAC Secures $7.5 Million in Crypto Donations Ahead of Election

by

As a seasoned crypto investor who has witnessed the rise and fall of various digital assets since the inception of Bitcoin, I must say that the recent surge in crypto donations to political campaigns is not only fascinating but also a significant turning point for the industry. The Trump 47 Joint Fundraising Committee’s reported $7.5 million in crypto contributions is just the tip of the iceberg, reflecting the growing influence and financial clout of the crypto community.

Prior to the 2024 presidential election, the Donald Trump 47 Joint Fundraising Committee has reported amassing around $7.5 million in cryptocurrency contributions since late June. This surge in cryptocurrency donations signifies a significant change in campaign financing tactics, demonstrating the expanding role of the crypto community within U.S. politics.

Multiple cryptocurrencies have been donated, including Bitcoin ($66,968), Ether ($2,608), and XRP ($0.54). Additionally, stablecoins such as Tether ($1.00) and USD Coin ($1.00) were also contributed. The donations were made between July 1 and September 30, with the reported figures being a cumulative total over this period. According to the latest Federal Election Commission (FEC) filing submitted on Tuesday, these contributions were included in the overall donation amount for this period. Here’s a breakdown of their key statistics:

As the election nears within three weeks, polls suggest a close contest. Trump is capitalizing on strong backing from cryptocurrency contributors to strengthen his campaign, presenting himself as a pro-cryptocurrency candidate – a marked change from his stance during his presidency. In May, Donald Trump made headlines by being the first significant presidential hopeful to accept donations in digital coins.

Crypto Industry Powers 50% Election Funding

According to a report by the nonprofit organization Public Citizen, almost half of the corporate donations for this election cycle originates from the cryptocurrency industry. This year, the cryptocurrency sector has seen an astounding 13-fold increase in funding compared to the last presidential election, demonstrating its growing financial influence.

Notable figures such as Coinbase, Ripple, and venture capitalist firm Andreessen Horowitz have made considerable contributions by donating large amounts of cryptocurrency to support Donald Trump’s campaign efforts.

The FEC filing reveals that at least 18 donors contributed over $5.5 million in Bitcoin to Trump 47, while an additional seven individuals donated around $1.5 million in Ether. These contributions come from a diverse group of supporters spanning more than 15 states, including key battleground areas and the American territory of Puerto Rico. 

David Bailey, the CEO of BTC Inc., made a significant contribution of over $498,000 worth of Bitcoin. Bailey was instrumental in changing Donald Trump’s view on cryptocurrency, moving him from skepticism to endorsement. This collaboration ultimately led Trump to keynote the largest Bitcoin conference of the year, which took place in Nashville in July, reinforcing his dedication to the crypto community.

Impact of Crypto Donations on Campaign Strategy

As an analyst, I’d rephrase it like this: In his recent speech, Donald Trump declared that his election campaign has garnered $25 million from the cryptocurrency sector, without specifying the breakdown between crypto and fiat currency donations. One of the latest backers is Chase Herro, a co-founder of our family’s newly established crypto venture, World Liberty Financial (WLFI). This platform, characterized as a decentralized banking system, empowers users to borrow, lend, and invest in cryptocurrencies.

Nevertheless, WLFI’s token sale, initiated on Tuesday, has encountered obstacles, managing to collect merely $10.2 million out of the intended $300 million. The setbacks were mainly due to technical problems such as website failures.

Distinguished contributors to the cause also include Mike Belshe, head of BitGo, who donated approximately 100,000 dollars in Bitcoin, and Brian Murray from Craft Ventures, who gave 6,560 dollars in Bitcoin. Craft Ventures, a venture capital firm led by David Sacks, a supporter of President Trump, has played a pivotal role in garnering cryptocurrency backing for the campaign. Furthermore, Trevor Traina from Kresus Labs, Bruce Fenton from Chainstone Labs, and Gary Cardone of Cardone Digital Ventures have made substantial donations as well.

Stuart Alderoty, Ripple’s legal chief, recently donated 300,000 XRP, showcasing some internal disagreements within the cryptocurrency sector. This action contrasts with Chris Larsen, a co-founder of Ripple, who gave $1 million to Future Forward – a political action committee backing Vice President Kamala Harris.

Read More

2024-10-16 11:15