Trump Campaign Raises $4 Million in Bitcoin

Donald Trump's campaign has raised over $4 million in cryptocurrencies, with Bitcoin making up the bulk of the donations. This is a jump from the $3 million reported last week, reflecting growing support from the crypto community.

A recent report shows that Trump’s campaign has received donations in Bitcoin, Ethereum, Ripple’s XRP, and USDC. From April 1 to June 30, the “Trump 47” committee raised over $118 million. This fund supports Trump’s campaign, the Republican National Committee, and other affiliated groups.

Among the contributions, at least 19 donors from 12 states gave over $2.15 million in Bitcoin. These donors come from various backgrounds, including homemakers, military officers, and tech professionals. Brian Hughes, a Trump campaign aide, emphasized the importance of this funding, saying it shows strong support from the tech sector amid regulatory challenges from the current administration.

"Crypto innovators and others in tech are under attack from Kamala Harris and the Democrats. While the Biden-Harris Administration increases regulation and taxes, President Trump supports American leadership in emerging technologies," Hughes said.

In May, Trump announced his acceptance of crypto donations during a special event for holders of his “Mugshot Edition” NFTs at Mar-a-Lago. Following this, the campaign launched a fundraising page on Coinbase Commerce, allowing contributions in various cryptocurrencies like Bitcoin, Ethereum, Solana, USDC, XRP, Dogecoin, 0x, and Shiba Inu.

This move attracted high-profile donors from the crypto industry. Tyler and Cameron Winklevoss, co-founders of Gemini, each donated $1 million in Bitcoin, though they got partial refunds due to donation limits. Jesse Powell, co-founder of Kraken, gave nearly $845,000 in Ethereum. Other notable donors 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 also offers exclusive events for top-tier donors. The upcoming Bitcoin Conference 2024 in Nashville will feature a private roundtable with Trump for donors giving $844,600.

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

Despite strong support from the crypto community, Trump’s stance on cryptocurrency remains controversial. Critics argue his support might be politically motivated rather than genuine. This debate highlights the ongoing discussion about the role of crypto in political campaigns and broader economic policies.

In summary, Trump’s campaign has raised over $4 million in cryptocurrencies, mainly Bitcoin, thanks to significant contributions from high-profile figures in the crypto industry. This support shows the growing influence of cryptocurrency in political fundraising and hints at the potential impact of Trump’s policies on the crypto sector if he returns to office. As the debate over crypto in politics continues, Trump’s fundraising efforts demonstrate the increasing integration of digital assets into mainstream political strategies.