Gushiken Yona
Donald Trump’s recent efforts to attract cryptocurrency enthusiasts appear to be paying off, as he has raised over $4 million in Bitcoin and other cryptocurrencies.
Leading the charge in crypto donations to Trump’s campaign, Gemini exchange founders and billionaires Tyler and Cameron Winklevoss each contributed over $1 million worth of Bitcoin, exceeding federal limits and resulting in partial refunds. Their substantial investment highlights the growing influence of crypto billionaires in shaping political landscapes.
This wave of crypto support extends beyond the Winklevoss twins. Mike Belshe, CEO of BitGo, contributed $50,000 in Bitcoin, while Kraken founder Jesse Powell made a significant contribution of nearly $845,000 in Ether. Stuart Alderoty, chief legal officer of Ripple, donated $300,000 in XRP, showcasing a diverse range of cryptocurrencies supporting the campaign.
The crypto community’s engagement with Trump’s campaign reached new heights with former Messari CEO Ryan Selkis’s $50,000 donation in USDC, a stablecoin pegged to the U.S. dollar. This contribution, following Selkis’s recent resignation from Messari amid controversial remarks, underscores the passionate and sometimes volatile nature of crypto advocacy in the political arena.
Trump has a diversity of crypto donors, ranging from homemakers to military officers and various professionals, underscores the growing mainstream appeal of digital assets. The geographic spread of these donors, including individuals from battleground states, suggests a potential avenue for broader political engagement within the crypto community.
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Between May and June, approximately 100 individuals contributed crypto to Trump’s campaign, signaling a niche but influential movement. Notably, 19 donors contributed over $2.15 million in Bitcoin in the second quarter alone, highlighting the substantial financial backing from the crypto community.
Trump isnt a fan of crypto as he is now. In fact, he was a vocal critic of Bitcoin and other crypto assets in the past. In a tweet from July 2019, Trump declared, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”
He further expressed concerns about their potential to facilitate illegal activities, including drug trade and other unlawful behavior. In an interview with Fox News in June 2021, Trump reiterated his skepticism, referring to Bitcoin as “a scam” and emphasizing that he did not like it because it was competing against the U.S. dollar (Crypto Briefing).
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Despite his earlier reservations, Trump has recently softened his stance, acknowledging the increasing popularity and use of cryptocurrencies, which has helped him raise substantial funds for his political campaigns. He was also the first presidential candidate to accept cryptocurrency donations, which include Shiba Inu, among many others.
This week, tech magnate Elon Musk, who was earlier reported to be donating $45M per month for Trump’s campaign, categorically denied the claim, calling it a “fiction made up by the Wall Street Journal.”
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YONA GUSHIKEN
Yona brings a decade of experience covering gaming, tech, and blockchain news. As one of the few women in crypto journalism, her mission is to demystify complex technical subjects for a wider audience. Her work blends professional insight with engaging narratives, aiming to educate and entertain.
