Trump's Campaign Raises Rp53.2 Billion in Crypto Donations

Former US President Donald Trump's campaign successfully raised $3.3 million (approximately Rp53.2 billion) in cryptocurrency donations during the second quarter of 2024, thanks to his pro-crypto stance.

According to a Wall Street Journal report on Tuesday, July 16, 2024, around 100 individuals donated crypto to Trump’s campaign from May to the end of June 2024, after the campaign began accepting cryptocurrencies such as Bitcoin, Ethereum, Solana, Dogecoin, and Shiba Inu.

Most of these crypto donations came from executives in the US crypto industry, including Gemini Co-Founders Tyler and Cameron Winklevoss, who collectively donated about $2 million worth of Bitcoin. Additionally, Kraken Co-Founder Jesse Powell contributed $845,000 worth of Ethereum.

Other crypto executives who donated to Trump’s campaign in the second quarter included Ripple's Chief Legal Officer Stuart Alderoty, BitGo CEO Michael Belshe, and Messari CEO Ryan Selkis.

A small portion of the donations came from ordinary users. For instance, a pizza chain owner in Michigan donated $943 worth of Bitcoin, and a Marine Corps officer in California donated $676 worth of BTC.

Besides crypto donations, many also contributed funds through credit cards and other payment methods. Overall, Trump's campaign raised $331 million during the same donation period.

A Sweet Embrace for the Crypto Industry

It is not surprising to the crypto community that Trump has shifted his previously skeptical view of cryptocurrency to a more open stance. Trump has frequently made statements supporting crypto assets and has even committed to creating more crypto-friendly regulations.

Data from the crypto prediction market Polymarket on Wednesday, July 17, 2024, showed that Donald Trump has a 69% chance of winning the US presidential election in November, much higher than other candidates, including current President Joe Biden, who has about a 19% chance.

Trump has further demonstrated his commitment to supporting crypto by selecting Ohio Senator J.D. Vance as his running mate in the 2024 US presidential election. Vance is a well-known supporter of crypto assets and reportedly holds between $100,000 and $250,000 worth of Bitcoin on the Coinbase exchange.

conclusion

Donald Trump's campaign's successful fundraising in cryptocurrencies, amounting to $3.3 million in the second quarter of 2024, underscores the growing influence and acceptance of digital assets in political campaigns. This significant support from the US crypto industry, including notable figures like the Winklevoss twins and Jesse Powell, highlights the alignment of Trump's pro-crypto stance with the interests of the crypto community. The campaign’s ability to attract substantial donations from both high-profile industry leaders and ordinary users demonstrates the broadening appeal and legitimacy of cryptocurrencies as a viable means of political contribution.

Furthermore, Trump’s evolving stance towards cryptocurrencies, combined with his commitment to more favorable regulations, resonates with a significant portion of the electorate. The data from Polymarket indicating a 69% chance of Trump winning the upcoming election reflects this growing support. His selection of Senator J.D. Vance, a known crypto advocate, as his running mate further solidifies his position within the crypto community. This strategic embrace of the crypto industry could potentially influence the regulatory landscape in favor of digital assets, making it a pivotal issue in the 2024 US presidential election.

Read too : Analysts Predict Ethereum Will Outperform Bitcoin: Here’s Why!

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