- Since the beginning of June, the Donald Trump 47 Joint Fundraising Committee has raised $7.5 million in cryptocurrency.
- Contributions in Bitcoin, Ether, and stablecoins like Tether and USD Coin are disclosed in FEC filings.
- The crypto community has thrown weight behind Trump’s campaign, signaling a strategic change to accept donors using digital currencies.
Donald Trump has a fundraising committee known as the 47 Joint Fundraising Committee. It has raised $7.50 million in cryptocurrency since early June. This spike in digital contributions is a sign that campaign finance tactics are changing as the 2024 presidential election approaches.
New filings with the Federal Election Commission have collected data about donations. According to this data, donations have been received through several cryptocurrencies. This includes Bitcoin, Ether, and stablecoins like Tether and USD coin.
As we know, Trump is supporting crypto regulation. His campaign has received many crypto donations from July 1 to September 30.
The cryptocurrency community predicts more comfort with Trump after seeing this act. Donald Trump uses cryptocurrency donations to support his campaign. A close race with polling averages evidenced it.
Supporters from over 15 states, including battleground states, contribute cryptocurrency. The contributions will be essential to Trump’s attempts to pick up steam as the election draws near.
Crypto Leaders Stick With Donald Trump With Finance
Donald Trump’s campaign has received more than $5.50 Million from 18 people, as per the FEC reports. Additionally, his campaign has raised $1.50 Million in Ether by seven people. This showed how big the crypto industry 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. This led him to headline a major Bitcoin conference in Nashville’s most prominent one.
However, BTC Inc. CEO David Bailey made the biggest donation of $498,000. Bailey played a significant role in influencing Donald Trump to adopt a more positive stance toward cryptocurrencies.
This resulted in him serving as the keynote speaker at Nashville’s most prestigious Bitcoin conference.
During his kickoff speech, Trump revealed that the cryptocurrency industry had contributed $25 million to his campaign. He did not specify the proportion of cryptocurrency donations compared to cash.
Trump’s campaign has also received support from several other prominent figures in the cryptocurrency sector. BitGo CEO Mike Belshe gave almost $100,000 in Bitcoin, and Craft Ventures’ Brian Murray gave $6,560.
Stuart Alderoty brought to light divergent opinions within the cryptocurrency industry. He is the legal chief of Ripple, who contributed $300,000 in XRP.
Crypto Overpowers Corporates in This Election in Terms of Funding
During this election cycle, the cryptocurrency industry has made more financial contributions than ever. According to a nonprofit watchdog Public Citizen report, the cryptocurrency industry accounts for nearly half of all corporate funding. It has shrunk by 13 times since the last presidential election.
However, Donald Trump‘s campaign has jumped on this support. It portrayed him as a candidate who understands the concerns of the crypto community. However, the Trump family’s World Liberty Financial (WLFI) cryptocurrency business needs assistance.
Out of a target of 300 million, WLFI’s token sale, which began earlier this week, has only raised 10.2 million. Technical problems like website crashes have also plagued the initiative. It slowed down its progress and potentially impacted the campaign.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
