- Led by donations from Winklevoss and Powell, the Trump campaign raised $3 million in cryptocurrency in the second quarter of 2024.
- The Trump 47 Committee reported that more than $118 million was raised through cryptocurrencies and fiat currencies in the second quarter of 2024.
- Kamala Harris raised $100 million in 24 hours after Biden announced he would not seek re-election.
Former President Trump’s re-election campaign has received $3 million in digital asset donations in the second quarter of 2024, according to published campaign finance data.
The development marks a significant change from Trump’s 2021 characterization of Bitcoin as a “fraud.”
The fundraiser comes as Donald Trump prepares to win the White House again, with the Trump 47 committee reporting huge donations from prominent figures in the cryptocurrency industry.
The Winklevoss twins, Kraken co-founders and former Messari CEO are among the donors
At the top of the list of donors are Cameron Winklevoss and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini. On June 20, the twins jointly pledged to donate $2 million in Bitcoin.
Kraken co-founder Jesse Powell followed suit, pledging to donate $1 million in Ethereum (ETH) on June 28.
However, Federal Election Commission (FEC) guidelines require that donations above the individual contribution limit of $844,600 must be partially refunded. As a result, the Winklevoss twins’ donation was partially refunded, leaving Powell’s donation to exceed $844,000.
Among other notable donors, former Messari CEO Ryan Selkis donated $50,000 in U.S. dollar coins. Serkis resigned from his post on July 19 after a series of controversial tweets.
Ripple Chief Legal Officer Stuart Alderoy also donated $300,000 in XRP. While Oldroy has not publicly endorsed Trump, he has been an outspoken critic of the Securities and Exchange Commission (SEC) under President Joe Biden.
In addition to these major donations, small donations also make a difference. This includes $500 in Bitcoin from a housewife in Alabama, as well as various smaller amounts from retirees and self-employed individuals. BitGo CEO Michael Belshe added $50,000 in BTC to active vaults.
Donald Trump campaign raises $118 million in Q2 2024
The Trump 47 Committee reported that funds raised in crypto and fiat currencies totaled $118 million in the second quarter of 2024, bringing the campaign’s total fundraising this year to more than $142 million.
The influx of money comes at a critical time as Donald Trump seeks to solidify his standing within the Republican Party. His campaign announced its participation in the upcoming Bitcoin conference in Nashville on July 27, signaling his growing ties to the cryptocurrency community.
Meanwhile, the political landscape has shifted significantly as President Joe Biden announced he would not seek re-election and endorsed Vice President Kamala Harris as the presumptive Democratic nominee. Harris’ campaign received a staggering $100 million in donations within 24 hours of Biden’s announcement.
As the 2024 election cycle intensifies, the influence of cryptocurrency donations is becoming increasingly clear. Notably, Fairshake, a political action committee (PAC) funded by industry giants such as Coinbase and Ripple, has raised approximately $169 million since its inception, supporting candidates and targeting anti-crypto politicians.
As Trump’s campaign gains momentum and Harris emerges as a formidable contender, the role of digital assets in U.S. politics continues to evolve, reflecting a broader trend toward the integration of finance and technology.
