Donald Trump’s presidential campaign received over $4 million worth of digital donations.
Federal Election Commission filings show that these contributions came in a variety of forms including Bitcoin (BTC), Ether, Ripple’s XRP token and USDC, a stablecoin pegged to the US dollar.
The influx in crypto donations is a major shift for Trump’s political fundraising strategy and highlights his evolving position on digital currency.
The “Trump 47”, a joint fund-raising committee, raised over $118 million between April 1 and June 30. A large portion of this money was allocated to Trump’s campaign, to the Republican National Committee (RNC), as well as to other related entities.
At least 19 contributors contributed over $2.15million in Bitcoin. Contributors included homemakers, soldiers, sales reps and security technicians.
High-profile contributors
The crypto billionaire brothers Tyler and Cameron Winklevoss are among the most prominent donors. Each of them contributed 15,57 bitcoins at the time, which was approximately $1 million.
Some of the amount returned was due to contribution limitations.
Mike Belshe of BitGo Digital Asset Security, the CEO, donated $50,000 worth of Bitcoin to the campaign, illustrating the appeal for influential figures within the crypto world.
Brian Hughes, an aide to the Trump campaign, pointed out that Bitcoin was used for most of $4 million worth of crypto donations.
Jesse Powell (former CEO of Kraken and founder of Kraken) donated Ether worth nearly $845,000.
Ripple’s Chief Legal Officer Stuart Alderoty has contributed $300,000.00 in XRP.
Ryan Selkis is a former CEO at Messari who donated USDC $50,000 after quitting his post following a series of controversial posts on social media.
The Trump campaign converts most of the crypto donations into USDC to liquidate them, but it sometimes chooses to keep the digital assets.
Trump pledged that he would protect those who chose to keep their own coins. He also advocated the use of cryptocurrency wallets, which are outside the reach of central entities such as Coinbase, and by extension the IRS.
Trump shifts to crypto-friendly stance
Trump shifts to crypto-friendly stance
Trump’s pro-crypto position is a major shift from the views he held during his presidential tenure, when he opposed digital currencies. Marc Andreessen, Ben Horowitz and other notable crypto and tech investors have backed this change.
Trump further cemented his crypto position by launching a collection of non-fungible (NFTs) tokens on the Solana Blockchain in April.
Trump is scheduled to speak at The Bitcoin Conference, which will be held in Nashville at Music City Center, on Saturday.
This event will include a fundraiser with top-tier tickets costing up to $844.600 each, which includes access to a Trump roundtable.
Tickets in the mid-tier, including a chance to take a picture with former President, cost $60,000 for one person, or $100,000 for a couple.
Trump promised at the Libertarian National Convention, held in May this year, to stop Senator Elizabeth Warren from targeting Bitcoin owners.
After a meeting in Florida with executives from Bitcoin mining companies, Trump announced that future Bitcoin mining will take place in the US when he returns to his White House.
Trump’s selection of Ohio senator JD Vance to be his running mate was seen as a strategy designed to boost support in the crypto industry. Vance is a strong advocate of looser regulations for cryptocurrencies. He disclosed his own Bitcoin holdings to the public in 2022.
In recent months, the SEC has intensified its efforts to regulate the crypto industry.
Trump, on the other hand, positions himself as an advocate of decentralization and crypto-innovation. The tech and crypto community has responded positively to this difference of approach, leading them to provide substantial financial support for Trump.
The post-Trump campaign raised $4 million from crypto donors: who are they? This post may change as new information unfolds
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