Since early June, the Donald Trump 47 Joint Fundraising Committee has pulled in $7.5 million in cryptocurrency. As the 2024 presidential race approaches, campaign financing strategies are evolving as this surge in digital contributions is indicative.
New filings with the Federal Election Commission show the donations came from various cryptocurrencies, including Bitcoin, Ether, and stablecoins such as Tether and USD Coin. From July 1 until September 30, Trump’s campaign received many crypto donations.
These show an increasing congruence between Trump and the cryptocurrency community. A tight race with polling averages shows how Donald Trump uses crypto donations to bolster his campaign.
Crypto contributions are coming from supporters from all parts of more than 15 states, including battleground states. The donations will be critical to Trump’s efforts to regain momentum with the election looming.
Donald Trump Receives Major Support from Crypto Leaders
The FEC report said at least 18 people donated more than $5.5 million in Bitcoin to the Trump campaign. Seven people also donated around $1.5 million in Ether, revealing just how massive the crypto sphere has become.
Then, BTC Inc. CEO David Bailey gave the biggest Bitcoin, donating more than $498,000 to help Trump’s campaign. Bailey was a key player in persuading Donald Trump to take a more favorable view of cryptocurrency, which led him to headline a major Bitcoin conference in Nashville’s most prominent Bitcoin conference.
While speaking at his presidential campaign kickoff, Trump announced that his campaign had received $25 million from the crypto industry. However, he did not say how much of those donations are crypto versus traditional currency.
Several other major figures in the crypto industry have also supported Trump’s campaign. Mike Belshe, CEO of BitGo, contributed nearly $100,000 in Bitcoin, while Brian Murray of Craft Ventures donated $6,560. Ripple’s legal chief, Stuart Alderoty, contributed $300,000 in XRP, highlighting differing views within the crypto industry.
Crypto Dominates Corporate Funding This Election
In this election cycle, the financial contributions from the cryptocurrency industry are greater than ever. Nearly half of overall corporate funding comes from the crypto sector and shrank by only 13 times from the last presidential election, according to a report from nonprofit watchdog Public Citizen.
Major fundraisers for Trump have been companies — Coinbase, Ripple, and Andreessen Horowitz — that have become major donors. The crypto industry wants to shape policies that will impact its future, and more involvement from that side of the sphere indicates so.
However, Donald Trump’s campaign has been quick to hitch a ride on this support, painting him as a sympathetic candidate to the crypto community concerns. Yet, World Liberty Financial (WLFI), a Trump family venture in crypto, needs help.
WLFI’s token sale launched earlier this week has only raised 10.2 million out of a 300 million target. The initiative has also faced technical issues, such as website crashes, which have slowed down the project’s progress and could affect the campaign.
