Trump PAC Raises $7.5 Million in Crypto Donations for 2024 Election

Trump's PAC has collected $7.5 million in crypto donations since June. The contributions include bitcoin, ether, XRP, and stablecoins tether and USDC. The funds were raised between July 1 and September 30.

As the 2024 election approaches, Trump has positioned himself as the pro-crypto candidate, marking a shift from his earlier stance during his presidency. In May, he became the first major presidential candidate to accept digital token donations.

The crypto industry has contributed nearly half of all corporate election funds to the race. Major contributors include Coinbase, Ripple, and venture firm Andreessen Horowitz. The industry's donations are 13 times higher than in the last presidential election.

At least 18 donors gave over $5.5 million in bitcoin, with another seven contributing $1.5 million in ether. Contributors hail from over 15 states, including battlegrounds like Puerto Rico.

David Bailey, CEO of BTC Inc., donated $498,000 in bitcoin. Bailey and other crypto enthusiasts converted Trump from a skeptic to an evangelist. This culminated in Trump headlining a major bitcoin conference in Nashville.

New donor Chase Herro co-founded World Liberty Financial, a decentralized bank. The platform launched its token sale, raising over $10.2 million, though short of its $300 million goal.

Prominent donors include Mike Belshe of BitGo, Brian Murray of Craft Ventures, and Trevor Traina of Kresus Labs. Ripple's Stuart Alderoty contributed $300,000 in XRP.

In contrast, Ripple co-founder Chris Larsen donated $1 million in XRP to a PAC supporting Kamala Harris. Larsen cited Harris's understanding of the innovation economy as a reason for his support.

Billionaire twins Tyler and Cameron Winklevoss have led pro-Trump crypto contributions, each donating nearly $1.1 million. Some funds were refunded due to exceeding maximum limits.