Trump Amasses Over $4 Million in Crypto Donations

A recent report reveals that former US President Donald Trump's campaign has amassed over $4 million in various cryptocurrencies, predominantly Bitcoin. This figure showcases a significant increase, given that Trump's crypto donation was reported to have been only around $3 million last week.

The Federal Election Commission's recent filing reveals diverse contributions, including Bitcoin, Ethereum, Ripple's XRP, and the stablecoin USDC.

From April 1 to June 30, the "Trump 47" joint fundraising committee reported raising more than $118 million. This impressive figure funds Trump's campaign supports the Republican National Committee and assists other affiliated parties.

"Crypto innovators and others in the technology sector are under attack from Kamala Harris and the Democrats."

High-Profile Donors

Among the notable contributions, at least 19 donors from 12 states collectively contributed over $2.15 million in Bitcoin.

These donors represent many professions, including homemakers, military officers, and technology sector workers, highlighting the diverse base of Trump's crypto supporters. Brian Hughes, a Trump campaign aide, emphasized the importance of this new funding stream.

Trump publicly announced his acceptance of crypto donations in May during a special event at Mar-a-Lago for holders of his "Mugshot Edition" NFTs.

Following this announcement, the campaign launched a fundraising page on Coinbase Commerce. This allows supporters to contribute using cryptocurrencies, including Bitcoin, Ethereum, Solana, USDC, XRP, Dogecoin, 0x, and Shiba Inu.

Prominent Figures in Crypto Donate

This strategic move opened new avenues for fundraising, attracting donations from prominent figures in the crypto industry. Among the high-profile donors, Tyler and Cameron Winklevoss, co-founders of Gemini, each contributed $1 million in Bitcoin.

However, they received partial refunds due to donation limits. Additionally, Jesse Powell, co-founder of Kraken, donated nearly $845,000 in Ethereum. Other significant contributors include former Messari CEO Ryan Selkis and Ripple's Chief Legal Officer Stuart Alderoty, who donated $50,000 in USDC and $300,000 in XRP, respectively.

Exclusive Events for Top-Tier Donors

The Trump campaign's fundraising also includes exclusive events for top-tier donors. For instance, the upcoming Bitcoin Conference 2024 in Nashville will consist of a private roundtable with Trump for backers donating $844,600.

This high-profile event, scheduled for July 27, also allows attendees to photograph with Trump. Tickets are priced at $60,000 per person or $100,000 per couple.

Trump's newfound interest in the crypto industry has fueled speculation about his potential policies if re-elected. Some speculate that he might push Bitcoin to become a strategic reserve asset for the US.

Additionally, rumors suggest that Wyoming Senator Cynthia Lummis may introduce the Bitcoin Reserve Bill at the Nashville conference, indicating a possible pro-crypto agenda.

Controversy and Skepticism

Despite the enthusiastic support from the crypto community, Trump's stance has been subject to controversy. Critics argue that he may support the crypto industry due to political motives rather than a genuine endorsement.

This skepticism highlights the ongoing debate about the role of crypto in political campaigns and broader economic policies.