Trump Campaign Receives $7.5 Million in Cryptocurrency Donations

Donald Trump's 2024 presidential campaign has seen a notable influx of cryptocurrency donations. A political action committee (PAC) supporting Trump

Donald Trump’s 2024 presidential campaign has seen a notable influx of cryptocurrency donations, with a political action committee (PAC) supporting Trump pulling in $7.5 million during the third quarter.

The Trump campaign contributions came in via various cryptocurrencies, including bitcoin (BTC), ethereum (ETH), and stablecoins such as usd coin (USDC) and tether (USDT). Noteworthy donors include David Bailey of Bitcoin Magazine, who contributed $500,000 in bitcoin, and U.S. investor Gary Cardone, who donated $840,000 in bitcoin.

Stuart Alderoty, Ripple’s chief legal officer, chipped in 624,000 XRP, valued at approximately $300,000. Beyond this quarter’s success, Trump’s campaign already raised $3 million in cryptocurrency in the second quarter of 2024, thanks to around 100 crypto donors.

The Winklevoss twins made a splash with each brother giving $1 million in bitcoin donations, while Jesse Powell, Kraken’s co-founder, added $1 million in ethereum. The increasing influence of the cryptocurrency sector in political fundraising highlights the belief that a Trump presidency could bring about a more crypto-friendly regulatory landscape than current policies.

Not all lawmakers are pleased with cryptocurrency’s growing role in politics. Democratic Senator Elizabeth Warren of Massachusetts recently criticized her Republican opponent, John Deaton, for the crypto contributions given to his campaign.

At the same time, as of 1:30 p.m. Eastern Time on Oct. 16, 2024, Trump holds a commanding lead on Polymarket, with bettors assigning him a 59.5% likelihood of winning.

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