Crypto is fueling Trump’s political comeback. A political committee supporting former President Donald Trump has received over $7.5 million in cryptocurrency donations since June. This includes Bitcoin, Ethereum, XRP, and stablecoins like Tether and USD Coin.
Trump Embraces Crypto
Trump, who was previously skeptical of crypto, has shifted his stance and is now a vocal supporter. He even accepted campaign donations in digital assets, becoming the first major presidential contender to do so.
Crypto Industry Backs Trump
The crypto industry is heavily backing Trump’s campaign. Nearly half of all corporate money flowing into the upcoming election comes from the crypto sector. Major players like Coinbase, Ripple, and Andreessen Horowitz are contributing significantly. This is a huge increase from the last election cycle.
Who’s Donating?
Several prominent figures in the crypto world are donating to Trump’s campaign. Some notable donors include:
- David Bailey: CEO of BTC Inc., contributed over $498,000 in Bitcoin.
- Mike Belshe: CEO of BitGo, donated nearly $100,000 in Bitcoin.
- Brian Murray: Partner at Craft Ventures, gave $6,560 in Bitcoin.
- Trevor Traina: Founder of Kresus Labs, donated over $25,000 in Ethereum.
- Bruce Fenton: CEO of Chainstone Labs, contributed $60,000 in Bitcoin.
- Gary Cardone: Founder of Cardone Digital Ventures, donated over $840,000 in Bitcoin.
- Stuart Alderoty: Chief Legal Officer at Ripple, contributed $300,000 in XRP.
Crypto Donations Divide Political Landscape
While the crypto industry is largely backing Trump, some prominent figures are supporting Democratic candidates. Ripple co-founder Chris Larsen donated $1 million worth of XRP tokens to a super PAC associated with Democratic campaigns. He believes Vice President Kamala Harris understands the innovation economy better than the Biden administration.
Trump’s New Crypto Project
Trump’s campaign has also launched a new crypto project called World Liberty Financial. This decentralized bank aims to facilitate borrowing, lending, and investing in cryptocurrencies. While the project has raised over $10.2 million, it faced technical issues during its launch.
