Donald Trump Campaign’s Crypto Fundraising Reaches $4 Million, Dominated by Bitcoin

A recent report reveals that former US President Donald Trump’s campaign has amassed over $4 million in various cryptocurrencies, predominantly Bitcoin.

This figure showcases a significant increase, given that Trump’s crypto donation was reported to have been only around $3 million last week.

High-Profile Crypto Donors Back Trump’s Campaign

The Federal Election Commission’s recent filing reveals a diverse mix of contributions, including Bitcoin, Ethereum, Ripple’s XRP, and the stablecoin USDC. From April 1 to June 30, the “Trump 47” joint fundraising committee reported raising more than $118 million. This impressive figure funds Trump’s campaign, supports the Republican National Committee and assists other affiliated parties.

Read more: How To Donate Crypto Using The Giving Block

Among the notable contributions, at least 19 donors from 12 states collectively contributed over $2.15 million in Bitcoin. These donors represent a wide range of professions, including homemakers, military officers, and technology sector workers, highlighting the diverse base of Trump’s crypto supporters. Brian Hughes, a Trump campaign aide, emphasized the importance of this new funding stream.

“Crypto innovators and others in the technology sector are under attack from Kamala Harris and the Democrats. While the Biden-Harris Administration stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies,” he said.

Trump publicly announced his acceptance of crypto donations in May during a special event for holders of his “Mugshot Edition” NFTs at Mar-a-Lago. Following this announcement, the campaign launched a fundraising page on Coinbase Commerce. This allows supporters to contribute using various cryptocurrencies, including Bitcoin, Ethereum, Solana, USDC, XRP, Dogecoin, 0x, and Shiba Inu.

This strategic move opened new avenues for fundraising, attracting donations from prominent figures in the crypto industry. Among the high-profile donors, Tyler and Cameron Winklevoss, co-founders of Gemini, each contributed $1 million in Bitcoin. However, they received partial refunds due to donation limits.

Additionally, Jesse Powell, co-founder of Kraken, donated nearly $845,000 in Ethereum. Other significant contributors include former Messari CEO Ryan Selkis and Ripple’s Chief Legal Officer Stuart Alderoty, who donated $50,000 in USDC and $300,000 in XRP, respectively.

The Trump campaign’s fundraising also includes exclusive events for top-tier donors. For instance, the upcoming Bitcoin Conference 2024 in Nashville will include a private roundtable with Trump for backers donating $844,600.

This high-profile event, scheduled for July 27, also offers attendees the opportunity to photograph with Trump. Tickets are priced at $60,000 per person or $100,000 per couple.

Trump Fundraising Invitation. Source: Bloomberg

Trump’s newfound interest in the crypto industry has fueled speculation about his potential policies if re-elected. Some speculate that he might push for Bitcoin to become a strategic reserve asset for the US. Additionally, rumors suggest that Wyoming Senator Cynthia Lummis may introduce the Bitcoin Reserve Bill at the Nashville conference, further indicating a possible pro-crypto agenda.

Read more: How Can Blockchain Be Used for Voting in 2024?

Despite the enthusiastic support from the crypto community, Trump’s stance has been subject to controversy. Critics argue that he may be supporting the crypto industry due to political motives rather than a genuine endorsement. This skepticism highlights the ongoing debate about the role of crypto in political campaigns and broader economic policies.