Crypto players are investing in the 2024 election, and Elon Musk is donating $45 million a month to pro-Trump super PACs

The 2024 election cycle has seen a notable involvement of the crypto industry in American politics.

Former President Donald Trump, now dubbed a "crypto candidate," has started accepting campaign contributions in various cryptocurrencies, including Bitcoin and Ether. This marks a stark shift from his previous criticism of Bitcoin as detrimental to the US dollar. Trump now expresses support for crypto, calling himself "pro-crypto."

President Joe Biden's campaign is also considering accepting cryptocurrency donations, reflecting a changing stance within the Democratic party. Some Democrats, once skeptical of cryptocurrencies like Senator Elizabeth Warren, are now distancing themselves from her viewpoint.

As political attitudes towards cryptocurrencies evolve, the industry anticipates potential benefits post-election. Consequently, individuals and entities associated with crypto firms are actively contributing millions to political campaigns and related causes.

The involvement extends to figures like Sam Bankman-Fried, a controversial crypto billionaire, who previously donated substantial sums to Democratic causes, enjoying celebrity status within the crypto community.

This election year, watch how crypto entities navigate and influence the political landscape with their significant financial contributions.

Elon Musk donates $45 million a month to pro-Trump super PAC

Elon Musk has said he plans to give $45m a month to a Super Pac focused on electing Donald Trump, starting in July, the Wall Street Journal has reported.

The tech billionaire, who endorsed Trump two days ago, has already donated what was described as “a sizable amount” to the America Pac, though the actual amount of the donation will not be made public in election filings until 15 July, Bloomberg reported.