Crypto Hits $1 Billion Milestone in 2024 U.S. Election Spending

The cryptocurrency industry’s involvement in the 2024 U.S. election has reportedly surpassed $1 billion. This includes political donations, crypto betting, PolitiFi tokens, and Republican presidential candidate Donald Trump’s NFT sales.

The crypto industry contributed over $190 million in political donations alone, according to a study by blockchain analytics firm Breadcrumbs. This amount far exceeds previous election cycles, with $98 million donated in 2022 and $15 million in 2020.

Source: Breadcrumbs

Crypto betting has been a significant factor behind this. More than $1 billion is said to have been wagered on the 2024 presidential election using the decentralized betting platform Polymarket, which is built on the Polygon blockchain.

PolitiFi tokens, a category of meme coins tied to political figures, have a market cap exceeding $400 million. Despite their volatility and association with scams, these tokens remain popular. Former President Donald Trump NFT’s have also generated substantial revenue, with sales totaling $9 million.

As mentioned, political donations contributed $190 million, followed by Polymarket Betting with $1.1 billion. Politifi Tokens were at $5 billion (market cap), followed by Trump’s NFTs worth $20 million (sales generated). Entrepreneurs Marc Andreessen and Ben Horowitz of Andreessen-Horowitz also each donated $24.9 million to PACs and candidates.

Even the Winklevoss brothers donated a combined $10.1 million, with significant contributions to both pro-Trump and other PACs. Ripple Labs officials shelled out $3.1 million, with co-founder Chris Larsen reportedly contributing $2.5 million primarily to Democrats. Other notable donors include Jesse Powell, who gave $1 million to Trump’s campaign, and Phil Potter, who donated $1.656 million.

Besides these, crypto companies have also made record donations. Coinbase contributed $50.5 million, while Ripple gave $49 million. Other companies like Jump Crypto, Paradigm, and Circle added significant amounts as well.

In addition, Pro-crypto PACs (Political Action Committees) have also raised over $170 million. The Fairshake Super PAC gave $161 million, particularly in support of candidates who favor cryptocurrency innovation. The Defend American Jobs PAC and Protect Progress PAC raised millions, supporting pro-crypto Republicans and Democrats, respectively.

So far, Donald Trump’s campaign has received over $4 million in cryptocurrency donations, with the Trump 47 Committee being the main recipient. An additional $25 million was reportedly raised at the 2024 Bitcoin Conference, bringing Republican presidential candidate’s total crypto donations to $29 million.

PolitiFi tokens linked to Trump are said to have a market cap of $12 billion as of this writing. Trump’s NFT sales alone have surpassed $20 million. Future releases are expected.

Furthermore, Polymarket, a decentralized betting platform, has seen $1.1 billion in crypto bets related to the 2024 presidential election. This includes wagers on the election winner, popular vote, and various other election-related outcomes.

Blockchain analyst James Delmore shared his insights on LinkedIn, noting that the influx of funds underscores the crypto industry’s recognition of the crucial role U.S. government policy plays in shaping its future.

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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