Donald Trump’s 2024 presidential bid is seeing an influx of cryptocurrency donations, raising approximately $7.5 million.
These contributions come as Trump adopts a pro-crypto stance, a significant shift from his earlier scepticism towards digital currencies.
Supporters have donated using a mix of bitcoin, ether, XRP, and stablecoins like USDC, according to the latest filings from the Federal Election Commission.
Trump’s surprising shift towards cryptocurrency
Once a critic of digital assets, Trump’s sudden embrace of cryptocurrencies has garnered widespread attention.
His campaign is now reaping the rewards, with the crypto sector contributing more than half of the corporate donations made so far.
Major crypto firms like Ripple, Coinbase, and Andreessen Horowitz are backing Trump, marking a 13-fold increase in donations compared to the previous election cycle.
Who are the top crypto donors supporting Trump’s campaign?
Some of the most notable names in the cryptocurrency world have thrown their support behind Trump.
David Bailey, CEO of BTC Inc., leads with a donation of $498,000, followed by Chainstone Labs CEO Bruce Fenton and Gary Cardone of Cardone Digital Ventures, who donated $60,000 and $840,000, respectively.
Ripple’s legal chief Stuart Alderoty also made a significant contribution of $300,000 in XRP.
Ripple’s Chris Larsen backs Harris instead of Trump
Despite the wave of crypto donations flowing into Trump’s campaign, Ripple’s co-founder Chris Larsen has taken a different route.
Larsen recently donated $1 million worth of XRP to Future Forward, a super PAC supporting Vice President Kamala Harris.
This donation highlights a division within the crypto space, as Larsen, while critical of SEC Chair Gary Gensler, expresses confidence in Harris’ leadership due to her ties to the innovation economy.
Crypto community rallies behind Trump, but limits apply
Billionaire twins Tyler and Cameron Winklevoss, well-known figures in the cryptocurrency space, have collectively donated nearly $1.1 million to Trump’s campaign.
The campaign has been forced to return some contributions after they exceeded the allowable maximum.
Trump’s reliance on the crypto community continues as the campaign gains momentum with support from platforms like World Liberty Financial, a decentralised bank where customers can borrow, lend, and invest in crypto.
Despite challenges in the initial token sale, World Liberty Financial has already sold over $10.2 million worth of tokens, further solidifying Trump’s connection to the crypto industry.
Kamala Harris also gains crypto backing
Trump isn’t the only candidate benefiting from the crypto community. Vice President Kamala Harris has also received substantial support, including a donation from Uniswap’s legal chief Marvin Ammori, who contributed to the Harris Action Fund.
This reflects a growing divide within the cryptocurrency space, with key players aligning their support behind different candidates as the 2024 election draws near.
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