Donald Trump raised $3 million in crypto for his re-election campaign in Q2
The Trump campaign raised $3M in crypto in Q2 2024, led by donations from Winklevoss and Powell. Trump 47 Committee reports over $118 million raised in crypto and fiat for Q2 2024 Kamala Harris raised $100 million in 24 hours after Biden announced he would not seek re-election.
Former President Donald Trump's re-election campaign received $3 million in digital asset donations for the second quarter of 2024, according to published campaign finance data.
This development marks a significant departure from Trump's 2021 characterization of Bitcoin as a “fraud.”
The fundraising boost comes as Donald Trump positions himself for another run at the White House, with the Trump 47 Committee reporting significant contributions from high-profile individuals in the cryptocurrency industry.
Donors include the Winklevoss twins, co-founders of Kraken and former CEO of Messari.
Leading the list of donors are Cameron and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini. The twins jointly pledged $2 million in Bitcoin on June 20.
Kraken co-founder Jesse Powell committed $1 million in Ether (ETH) on June 28.
However, Federal Election Commission (FEC) guidelines required a partial refund for funds exceeding the maximum individual contribution limit of $844,600. As a result, the Winklevoss twins' donation was partially refunded, and Powell's contribution exceeded $844,000.
Among other notable contributions, Messari's former CEO Ryan Selkis donated $50,000 in USD coins. Selkis stepped down from his role on July 19 after a series of controversial tweets.
Ripple's Chief Legal Officer Stuart Alderoy contributed $300,000 in XRP. While Alderroy has not publicly endorsed Trump, he has been a vocal critic of the Securities and Exchange Commission (SEC) under President Biden's administration.
In addition to these significant contributions, smaller donations also played a role. These include $500 in Bitcoin from a homebuilder in Alabama and various smaller amounts collected from retirees and self-employed individuals. BitGo CEO Michael Belsche added $50,000 in BTC to the campaign's coffers.
Donald Trump's campaign raised $118 million in Q2 2024
The Trump 47 Committee raised a total of $118 million in both cryptocurrency and fiat in Q2 2024, bringing the campaign's total fundraising for the year to over $142 million.
As Donald Trump seeks to strengthen his position in the Republican Party, the flow of money is at a critical moment. The campaign has announced its participation in the upcoming Bitcoin conference in Nashville on July 27, demonstrating its growing relationship with the crypto community.
Meanwhile, the political landscape changed dramatically when President Joe Biden announced that he would not seek re-election in favor of Vice President Kamala Harris as the presumptive Democratic nominee. Harris' campaign received an astounding $100 million in donations within 24 hours of Biden's announcement.
As the 2024 election cycle intensifies, the impact of cryptocurrency donations is becoming increasingly apparent. In particular, the political action committee (PAC), funded by industry giants like Coinbase and Ripple, has raised nearly $169 million since Fairshake's inception, supporting candidates and targeting anti-crypto politicians.
As Trump's campaign reaches its peak and Harris emerges as a formidable challenger, the role of digital assets in American politics continues to grow, reflecting broader trends in the integration of finance and technology.
