In a remarkable show of support, former President Donald Trump’s campaign has amassed a staggering $490 million in donations during the second quarter, thanks in part to significant contributions from key figures in the cryptocurrency industry. This financial boost underscores the growing influence of digital currencies in political fundraising.
Donald Trump, who recently secured the Republican Party’s official nomination, has increasingly embraced cryptocurrencies like bitcoin and ether. In a groundbreaking move this May, he became the first major presidential candidate to accept crypto donations. Data released this week offers a detailed look at the impact of this decision.
As of the end of June, Trump’s supporters had contributed $1.8 million in bitcoin and $900,000 in ether, the two most prominent cryptocurrencies. These donations, recorded in federal campaign filings by two of Trump’s joint fundraising committees, were largely converted into dollar-pegged stablecoins. Additionally, the campaign received smaller amounts of $300 in dogecoin and $100 in shiba inu coin, both of which pay homage to popular internet memes.
These crypto donations are just a fraction of the $490 million the Trump campaign reported raising in the second quarter. The funds, collected through the Trump 47 Committee and the Trump National Committee JFC, are distributed among various entities, including the Trump campaign, the Republican National Committee, and state GOP committees.
A significant portion of these cryptocurrency contributions came from a select group of industry leaders who have thrived in the burgeoning digital-asset market. Notably, Cameron and Tyler Winklevoss, co-founders of the crypto exchange Gemini, contributed a combined $1.6 million in bitcoin. Jesse Powell, co-founder of the Kraken exchange, donated $845,000 worth of ether, the second-largest cryptocurrency by market value.
While these high-profile donations stand out, the campaign also received contributions from everyday individuals, such as a Michigan pizzeria owner and a ticket-vending machine agent for the Long Island Rail Road, demonstrating the widespread appeal and accessibility of cryptocurrency donations.
Analysts predict that Trump’s campaign will see even more substantial contributions in future disclosures. This optimism is partly driven by recent events, including an attempted assassination on Trump at a Pennsylvania rally, which has galvanized support from prominent figures like Tesla CEO Elon Musk and hedge fund manager Bill Ackman.
The value of bitcoin surged by approximately 8% in the two days following the incident, reflecting the heightened interest and speculative investments from traders betting on a Trump victory. Bitcoin is currently trading around $64,000, continuing its strong performance this year.
Trump’s relationship with cryptocurrencies has evolved significantly over time. In 2019, he dismissed bitcoin and other digital currencies as being based on “thin air.” By 2021, he referred to bitcoin as a “scam against the dollar.” However, his stance shifted in 2022 when he launched his own line of non-fungible tokens (NFTs), featuring himself as a superhero. Last year, he introduced mug shot NFTs following his surrender in Georgia on charges related to attempts to overturn Joe Biden’s 2020 electoral victory in the state.
In recent months, Trump has intensified his efforts to attract crypto supporters, recognizing the financial potential of this growing community. In May, he hosted a gathering at his Florida residence and social club for holders of his mug shot NFTs. During the event, Trump inquired about attendees’ previous rally experiences and expressed enthusiasm for expanding his supporter base.
“That’s not that good. That means we’ve got a lot of potential,” Trump remarked, encouraging more involvement. When asked about accepting crypto donations, he confirmed his campaign’s openness to the idea. Within two weeks, the Trump campaign officially announced its acceptance of cryptocurrency contributions.
Looking ahead, Trump is set to headline the annual bitcoin conference in Nashville later this month, further cementing his commitment to the crypto community. Despite the recent attempt on his life, the conference’s organizer confirmed that Trump will attend, signaling his resilience and dedication to engaging with this influential sector.
The convergence of cryptocurrency and politics in Trump’s campaign highlights the evolving landscape of political fundraising and the growing role of digital assets in shaping the future of election campaigns.
