Trump campaign raises over $4m in crypto 

Former President Donald Trump managed to raise over $4 million in cryptocurrency for his presidential campaign.

According to recent Federal Election Commission filings and a report by CNBC, crypto political donations came in the form of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and the U.S. dollar-pegged stablecoin USDC. Some donations came in the form of memecoins.

Trump’s campaign team quickly converted these crypto contributions into more stable USDC and kept some funds for strategic purposes.

The “Trump 47” joint fundraising committee, which was active from April 1 to June 30, reported contributions. Notably, 19 donors collectively donated more than $2.15 million in BTC, highlighting the growing trend among crypto enthusiasts to support political campaigns via digital currencies.

This significant growth in fundraising highlights a significant shift in campaign finance, reflecting the increasing acceptance and integration of digital assets in political contributions.

Trump’s crypto assets surpassed $10 million in late May.

Who donated cryptocurrency to Trump?

Prominent crypto investors like Gemini co-founders Tyler and Cameron Winklevoss made significant contributions, each donating over $1 million in BTC.

Other notable donations include $50,000 in Bitcoin from BitGo CEO Mike Belshe and nearly $845,000 in Ether from Kraken founder Jesse Powell.

Trump’s campaign introduced a fundraising page on May 21 that accepts donations in all cryptocurrencies available on the Coinbase platform.

Trump and crypto

Trump has been vocal about his pro-crypto sentiment throughout his campaign. Historically, Trump has had mixed stances on cryptocurrencies. In 2019, he voiced skepticism toward Bitcoin, calling it “very volatile.”

However, Trump said this election cycle that he would embrace crypto in his next presidential term.

“Crypto is leaving the US because of the hostility towards it. I don’t want that. If we’re going to embrace it, we’re going to have to allow them to be here,” he said at a recent rally.

Trump’s pro-crypto stance has led to an increase in digital currency contributions, increased his campaign budget and highlighted greater acceptance of cryptocurrencies in mainstream politics.

Other ways to make crypto political donations

Engage Raise launched a blockchain-based donation platform on July 22 that allows US politicians to receive crypto donations via Coinbase’s Base network.

Big news: Any US politician can now accept onchain donations @basis — click the link below to sign up and get started.

Much lower fees than credit cards, accept thousands of ERC20 donations, settle USD for the candidate quickly! picture.twitter.com/FTem0psQQu

— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) July 22, 2024

The network supports over 240 cryptocurrencies and credit card payments. Such platforms have increased the use of crypto in political activities. Notable users of the platform include Tom Emmer and Cynthia Lummis, and the focus is on neutral adoption.