The cryptocurrency industry has been mentioned multiple times in election campaigns this year. While both parties have been battling it out, former president Donald Trump seemed to have the upper hand with the cryptocurrency crowd.
Trump seemed to have caught the Bitcoin bug a lot sooner than Kamala Harris. One of the prominent steps he took during this time was enabling cryptocurrency donations for his campaign.
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The Impact Of Cryptocurrency Donations On Trump’s Campaign
According to recent data, Donald Trump’s presidential campaign successfully raised a staggering $7.5 million in cryptocurrency donations. Major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, USDT, and USDC, were involved in the donations. It should be noted that this occurred in a brief time frame, from the beginning of July to the end of September 2024.
Details from the FEC report revealed that these contributions came from a wide range of donors. To be precise, they were from over 15 different states.
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Diving Deeper Into Donald Trump’s Cryptocurrency Donations
It looks like donations were flying in from everywhere. Reports by the nonprofit agency Public Citizen noted that the cryptocurrency market has contributed nearly half of all corporate funding going into the election. A variety of donors contributed to the total.
However, the majority of the commercial donations came from Coinbase, Ripple, and venture capital company Andreessen Horowitz.
The sector raised about 13 times as much as it did during the previous presidential election year. The filings also pointed out that Trump 47 received more than $5.5 million in Bitcoin from at least 18 donations. Seven further donors contributed around $1.5 million in ETH.
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