The ex-US President Donald Trump’s campaign has increased cryptocurrency contributions and has raised more than $4 million, mainly in BTC.
This is an increase from the previous week’s reported figure of $3 million. The money will go to Donald Trump’s re-election, the Republican National Committee, and other related organizations.
Crypto Donations Bolster Donald Trump’s 2024 Campaign
In the FEC report for the period beginning April 1 and ending June 30, Trump’s ‘Trump 47’ joint fundraising committee reported raising over $118m. These include Bitcoin, Ethereum, Ripple’s XRP, and the stablecoin USDC. In particular, 19 donors from 12 states have provided Bitcoin for over $2.15 million. Thus, these donors represent various professions, from housewives to employees of technology companies, which speaks to the broad support of the cause.
Brian Hughes, a Trump campaign aide, stated that ‘crypto-currencies are very important in the fundraising aspect of any political campaign’
”Crypto innovators and other persons in the technology industry have a friend in President Trump,” he said.
As Hughes stated, although the current administration has implemented more regulations, Trump wants America to lead in these technologies.
Donald Trump’s Crypto Fundraising Hits Donation Limits
Donald Trump allowed cryptocurrency to be accepted for his campaign during an event at Mar-a-Lago in May. The campaign launched a Coinbase Commerce fundraising page through which the public could contribute to different cryptocurrencies. Some of the well-known contributors are Tyler, Cameron Winklevoss, and Jesse Powell, who contributed a large amount of money to Bitcoin and Ethereum.
Still, due to the donation restrictions, the Winklevoss twins received a $500,000 refund for each of their $1 million Bitcoin contributions. Ex-Messari CEO Ryan Selkis and Ripple’s CLO Stuart Alderoty also made significant donations to USDC and XRP.
The campaign will hold an exclusive event at the Bitcoin Conference in Nashville in 2024. The $844,600 per person dinner with a private roundtable with Donald Trump will be for donors only. A ticket for the photographs with Trump is $60,000 per person or $100,000 per couple.
Lummis to Present Bitcoin Bill at Conference
The President’s interactions with the cryptocurrency community have also raised questions about what more he could do for the sector if he gets a second term. Others speculate that he may support Bitcoin as a foreign exchange reserve for the United States of America. Wyoming Senator Cynthia Lummis may also present the Bitcoin Reserve Bill at the following Bitcoin Conference, which shows a pro-crypto plan.
Although there is much positive from the donors’ perspective, Donald Trump’s position on cryptocurrencies has been criticized. Critics have claimed that it is a political calculation that he is making rather than a true endorsement. This skepticism highlights the existing discussion on endorsing cryptocurrencies in political campaigns and economics.
