Donald Trump’s presidential campaign in 2024 is receiving a flood of cryptocurrency donations. The amount raised so far has been approximately $7.6 million.
Trump’s contributions are a sign of his new pro-crypto position, which is a major shift in attitude from the scepticism he had previously shown towards digital currency.
According to Federal Election Commission’s latest reports, supporters have used a mixture of Bitcoin, Ethereum, XRP and stablecoins such as USDC.
Trump’s unexpected shift to cryptocurrency
Trump, who was once a critic for digital assets has suddenly embraced cryptocurrencies. This sudden change of heart is gaining widespread attention.
The crypto industry has contributed more than half the donations received by corporations.
Crypto firms such as Ripple Coinbase and Andreessen-Horowitz have backed Trump. This is a thirteenfold increase in donations from the last election cycle.
What are the major crypto-donors supporting Trump’s election?
Some of the biggest names in cryptocurrency have supported Trump.
David Bailey, the CEO of BTC Inc. is first with a $498,000 donation, followed by Bruce Fenton, the CEO of Chainstone Labs and Gary Cardone, of Cardone Digital Ventures who each donated $60,000.
Ripple’s chief legal officer Stuart Alderoty made an additional contribution in the amount of $300,000.
Chris Larsen, Ripple’s Chris Larsen, backs Harris rather than Trump
Chris Larsen, Ripple co-founder, has chosen a different path despite the crypto donations that have flooded Trump’s election campaign.
Larsen donated $1,000,000 worth of XRP recently to Future Forward. Future Forward is a super-PAC that supports Vice President Kamala Harris.
The donation highlights the divisions within the crypto-space, since Larsen is critical of SEC chair Gary Gensler but expresses his confidence in Harris due to Harris’ ties with the innovation economy.
The crypto community supports Trump but with limits
The billionaire twins Tyler Winklevoss and Cameron Winklevoss have donated a total of nearly $1 million dollars to Trump’s election campaign.
Some contributions that exceeded the maximum allowed have been returned to the campaign.
Trump continues to rely on crypto as his campaign grows stronger with the support of platforms such as World Liberty Financial. This decentralised banking platform allows customers to borrow, invest, or lend in cryptocurrency.
World Liberty Financial, despite initial challenges, has sold more than $10,2 million in tokens. This further cements Trump’s relationship with the crypto-industry.
Kamala Harris gains cryptocurrency backing
Trump isn’t the only one who benefits from the crypto-community. The Vice President Kamala Harris also has received considerable support. This includes a contribution from Uniswap’s Legal Chief Marvin Ammori who donated to the Harris Action Fund.
As the election for 2024 approaches, key players are aligning themselves behind various candidates.
The post Trump 2024: Major crypto donors fuel Trump’s campaign with $7.5M in donations may change as new developments unfold.
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