Trump Raises $7.5 Million in Crypto Donations While Elon Musk Contributes $75 Million in Support

Trump’s Crypto Campaign Funding Skyrockets

Former President Donald Trump has raised approximately $7.5 million in cryptocurrency donations through his Trump 47 fundraising committee, strengthening his bid for the 2024 U.S. presidential election.

This filing, submitted on 15 October to the Federal Election Commission, covers donations from July to September, with cumulative contributions reflecting a surge in crypto-based donations.

Major tokens such as Bitcoin (BTC), Ether (ETH), and XRP, alongside stablecoins like Tether (USDT) and USD Coin (USDC), have fueled this funding.

How Did Trump Capture the Crypto Community?

Trump, once a vocal critic of cryptocurrency, has positioned himself as the pro-crypto candidate, a stark contrast to his stance during his presidency.

Back in May, he made history as the first major U.S. presidential candidate to accept donations in digital tokens, a move that won over a significant portion of the crypto community.

David Bailey, CEO of BTC media, played a critical role in this shift.

He and other Bitcoin enthusiasts helped convert Trump from a skeptic into a Bitcoin evangelist, culminating in Trump's headline appearance at the largest Bitcoin conference of the year in Nashville this past July.

Bailey himself contributed more than $498,000 in Bitcoin to Trump 47, according to the latest filings, and Trump claimed during his keynote speech that his campaign had raised $25 million from the crypto sector.

Though he did not specify the exact breakdown between fiat and digital currencies, the significant contributions from crypto industry leaders are clear.

Trump Family Ventures into Crypto with World Liberty Financial

Beyond fundraising, Trump’s family has ventured into the crypto space with the launch of their new project, World Liberty Financial.

Co-founded by Chase Herro, the platform is described as a decentralised bank, encouraging customers to borrow, lend, and invest in crypto.

However, the project’s initial token sale, launched earlier this week, faced several technical difficulties, including repeated website crashes.

Despite these issues, the sale has generated over $12.7 million in WLFI tokens, although this is far below the initial goal of $300 million.

Chase Herro is also a notable donor to Trump 47, contributing significant funds to support the former president’s campaign, further intertwining the Trump family with the crypto industry.

Who Are the Key Crypto Donors?

A diverse mix of prominent figures in the crypto industry has donated large sums to support Trump’s campaign.

Stuart Alderoty, Ripple’s chief legal officer, contributed $300,000 in XRP.

He was also seen at a Trump fundraiser hosted by venture capitalist David Sacks in San Francisco earlier this year.

Ripple co-founder Chris Larsen, however, seems to be at odds with his colleague Alderoty, donating $1 million worth of XRP to a pro-Kamala Harris PAC instead.

Larsen's backing of Harris highlights a divide in the industry, with some leaders putting their weight behind Trump while others support his political rivals.

Can Trump Rely on Crypto for Victory?

With just weeks left until the 2024 election, Trump is heavily relying on these crypto donations to fund his campaign.

The latest polling suggests a tight race, and the influx of cryptocurrency donations could provide a critical financial boost.

At least 18 donors gave more than $5.5 million in Bitcoin, and seven others contributed an additional $1.5 million in Ether.

Contributions have poured in from more than 15 U.S. states and territories, including battleground regions and Puerto Rico.

Additionally, the success of World Liberty Financial remains uncertain, but its launch adds another layer of intrigue to Trump’s pro-crypto positioning in the 2024 election.

How Has the Crypto Industry Become a Dominant Force in U.S. Politics?

The crypto industry’s influence in the 2024 election cycle is unprecedented.

Nearly half of the corporate money flowing into this election has come from the crypto sector, raising approximately 13 times more than it did during the last presidential election.

Much of this has come from companies like Coinbase and Ripple, with contributions from venture firm Andreessen Horowitz also playing a significant role.

Marc Andreessen and Ben Horowitz, co-founders of the firm, have donated $2.5 million each to another pro-Trump PAC, Right For America.

This PAC alone has raised $38.6 million, according to reports.

On the other hand, Future Forward, the PAC backing Vice President Kamala Harris, began accepting crypto donations this September, receiving contributions from industry leaders like Chris Larsen.

What Role Does Musk Play in Trump’s Campaign?

One of the most surprising contributors to Trump’s campaign is Elon Musk.

Filings released this week reveal that Musk has funnelled $75 million into a pro-Trump super PAC, America PAC, making him the exclusive donor for three months.

These donations, spread over July to September, have already been used to target voters in key states, focusing on those who have shown support for Trump but do not always vote consistently.

Musk’s contributions have cemented his place as one of the most influential figures in this election.

Trump has hinted at a possible cabinet position for Musk if he wins, suggesting the billionaire could be appointed Secretary of Cost-Cutting, adding intrigue to Musk’s deep involvement in the race.

Musk’s financial backing, combined with contributions from other crypto giants, places Trump in a strong position heading into the final weeks of the election.

What Lies Ahead for Crypto in U.S. Politics?

The upcoming election marks a pivotal moment for the role of cryptocurrency in U.S. politics.

As donations continue to pour in from crypto leaders on both sides, the industry’s influence is undeniable.

Billionaire twins Tyler and Cameron Winklevoss, who each donated nearly $1.1 million to Trump 47, are among the biggest contributors.

However, some of their donations were refunded due to exceeding the legal limit, highlighting the complex regulations surrounding campaign contributions.

As the legal battles faced by companies like Ripple and Uniswap continue, the decisions made by the next administration will have far-reaching consequences for the future of crypto in the United States.

While Ripple’s Alderoty supports Trump, his colleague Larsen backs Harris, illustrating the divided loyalties within the industry.

Regardless of the election outcome, the crypto sector’s involvement in U.S. politics is only set to grow.