The post Donald Trump Crypto Donations Surge to $7.5M Ahead of US Election 2024 appeared first on Coinpedia Fintech News
A political action committee supporting Donald Trump’s 2024 presidential bid has raised approximately $7.5 million in cryptocurrency donations. The funds were contributed by supporters of the Trump 47 Committee, who donated a mix of bitcoin, ether, XRP, and stablecoins like USDC, according to a recent Federal Election Commission filing.
Before the elections, the increase in Trump’s campaign funding raised eyebrows. Let’s see what’s fuelling this bullish momentum.
A Shift in Trump’s Crypto Stance
Remarkably, Trump has shifted from his prior doubts and adopted a pro-crypto posture for his campaign. His fundraising efforts have benefited greatly from this change, as the cryptocurrency business accounted for over half of the corporate contributions made during the election. Businesses like Ripple, Coinbase, and venture capital company Andreessen Horowitz have contributed significantly to the increase in donations, which have reached a 13-fold increase from the previous election cycle.
Major Crypto Donors Fuel Campaign
Several major figures in the cryptocurrency space have stepped up to back Trump. Bitcoin contributors like David Bailey, CEO of BTC Inc., led with a $498,000 donation, while Chainstone Labs CEO Bruce Fenton and Gary Cardone of Cardone Digital Ventures donated $60,000 and $840,000, respectively. Ripple’s legal chief, Stuart Alderoty, contributed $300,000 in XRP.
Meanwhile, Ripple’s co-founder, Chris Larsen, took a different route, donating $1 million worth of XRP to Future Forward, a super PAC supporting Vice President Kamala Harris. Despite aligning on certain crypto-related criticisms of SEC Chair Gary Gensler, Larsen expressed more confidence in Harris due to her ties to the innovation economy.
Crypto Community Rallies Around Trump
Trump’s pro-crypto stance has earned him substantial support, including from billionaire twins Tyler and Cameron Winklevoss, who collectively donated nearly $1.1 million. However, some donations were refunded after exceeding the maximum allowed.
With the election approaching, Trump continues to rely on contributions from the crypto community, using platforms like World Liberty Financial—a decentralized bank where customers can borrow, lend, and invest in crypto. Despite a challenging start to its token sale, the project has already sold over $10.2 million worth of tokens.
Harris Finds Support in the Crypto Space
While Trump enjoys growing backing from the crypto industry, Vice President Kamala Harris is also attracting support from major figures. In addition to Larsen’s donation, Uniswap’s legal chief, Marvin Ammori, has contributed to the Harris Action Fund, signaling a divide within the crypto community. Both sides continue to seek funding through digital tokens as they prepare for the upcoming election showdown.