Former President Donald Trump’s reelection campaign has secured $3 million in cryptocurrency donations during the second quarter of 2024, according to newly released campaign finance data.
This shift is significant considering Trump’s past remarks in 2021 when he labelled Bitcoin a “scam.”
The increase in fundraising coincides with Trump’s preparations for another presidential run, with substantial donations coming from prominent figures in the crypto industry, as reported by the Trump 47 Committee.
Key Contributors: Winklevoss Twins, Kraken Co-founder, and Former Messari CEO
Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange, are among the top donors, collectively contributing $2 million in Bitcoin on June 20.
Jesse Powell, Kraken’s co-founder, pledged $1 million in Ether (ETH) on June 28.
However, due to Federal Election Commission (FEC) regulations capping individual contributions at $844,600, partial refunds were issued for the Winklevoss twins’ donation, and Powell’s contribution exceeded $844,000.
Other notable donations include $50,000 in USD Coin from Ryan Selkis, former CEO of Messari, who resigned on July 19 following controversial tweets, and $300,000 in XRP from Stuart Alderoy, Ripple’s chief legal officer, who has criticised the SEC under the Biden administration but hasn’t publicly supported Trump.
Smaller donations also contributed, including $500 in Bitcoin from an Alabama homemaker and various amounts from retirees and self-employed individuals. Michael Belshe, CEO of BitGo, added $50,000 in BTC.
Trump Campaign Committee’s Total Fundraising
The Trump 47 Committee reported raising a total of $118 million in both cryptocurrency and fiat currency for Q2 2024, bringing the annual total to over $142 million.
This financial boost is timely as Trump works to strengthen his standing within the Republican Party. His campaign has announced his participation in the upcoming Bitcoin Conference in Nashville on July 27, indicating his growing interest in the crypto community.
Shifts in the Political Landscape
The political scene has changed dramatically with President Joe Biden’s announcement that he will not seek reelection, endorsing Vice President Kamala Harris as the likely Democratic nominee. Harris’s campaign received a notable $100 million in donations within 24 hours of Biden’s announcement.
As the 2024 election heats up, the impact of cryptocurrency donations is becoming more evident. The political action committee (PAC) Fairshake, backed by industry leaders like Coinbase and Ripple, has raised around $169 million since its inception, supporting pro-crypto candidates and opposing anti-crypto politicians.
With Trump’s campaign gaining momentum and Harris emerging as a strong contender, the role of digital assets in American politics is evolving, mirroring broader trends in financial and technological integration.
