Trump
Crypto backers boost Trump’s reelection campaign with $3m donations
Donald Trump’s campaign for a return to the White House got a boost of $3 million in cryptocurrency donations in the second quarter of 2024.
These contributions are a significant shift from his previous stance on digital assets.
Leading the crypto contributions were Cameron and Tyler Winklevoss, co-founders of the Gemini exchange, who publicly supported Trump and donated a combined $2 million in Bitcoin.
This substantial backing underscores a growing alliance between the former president and key figures in the crypto world.
Trump’s attitude towards cryptocurrency has evolved dramatically.
Once a vocal critic, he now not only defends Bitcoin miners but also actively solicits crypto donations. This pivot reflects a broader acceptance and integration of digital currencies in mainstream politics.
The campaign’s Federal Election Commission (FEC) filings reveal a diverse array of crypto supporters. Kraken co-founder Jesse Powell contributed $844,000 in Ether, and Ripple’s chief legal officer Stuart Alderoty donated $300,000 in XRP.
Smaller contributions came from a variety of individuals, including retirees, self-employed workers, and even a homemaker from Alabama.
In total, Trump’s campaign reported raising over $118 million in both crypto and traditional fiat currencies in the second quarter, with more than $142 million accumulated throughout 2024.
This financial momentum coincides with significant events in the political landscape, including Joe Biden’s decision not to seek reelection and the endorsement of Kamala Harris as the Democratic candidate.
Trump’s acceptance of crypto donations has implications beyond his campaign.
Political action committees (PACs) like Fairshake, funded by major crypto industry players such as Coinbase and Ripple, have been influential in tight congressional races, supporting pro-crypto candidates and opposing those with anti-crypto stances.