NewsletterHere’s How Much Donald Trump Has Raised In Crypto Donations
Highlights
- Donald Trump’s on-chain crypto donations record slow growth.
- However, other sources through centralized exchanges attract inflows.
- Crypto enthusiasts are optimistic about pro-industry laws as mainstream adoption ramps up.
Former U.S. President Donald Trump continues to attract crypto donations ahead of the upcoming elections. On-chain crypto donations are approximately $60,000 while other sources soar. These on-chain donations do not include donations through centralized crypto exchanges like Coinbase.
Donald Trump’s Onchain Crypto Donations Stalls
According to data from blockchain analytics firm, Breadcrumbs, on-chain crypto donations for Donald Trump’s campaign are worth $59,386. About 218 donors pulled the amount while inflows increased from other sources. James Delmore, a data analyst at Breadcrumbs noted that on-chain donations are not easy leading to a lot of inflows from crypto exchanges that are not regarded as on-chain donations.
“CryptoCryptocurrency transactions (including donations) that are recorded on a blockchain are known as ‘on-chain’ transactions. In contrast, transactions NOT recorded on a blockchain are called ‘off-chain’ transactions. Off-chain transactions typically occur through centralized entities, such as Coinbase, or other software platforms. currency transactions (including donations) that are recorded on a blockchain…”
The donations received so far are sent on Ethereum, Base, and Polygon with the accepting cryptocurrency being USDC. A breakdown of funds shows about $27,500 from Polygon, 20,000 from Ethereum, and $11,300 on Base. Meanwhile, Trump’s campaign has raised over $260 million including crypto donations. Traditional donations have outpaced digital assets but many view it as a huge step towards mainstream crypto adoptions.
In a related development, the Winklevoss twins announced a $2 million Bitcoin donation to Donald Trump adding that they will support that former President because of his pro-industry stance.
Crypto Becomes a Mainstream Issue
Trump’s campaign announced the acceptance of crypto donations in May sparking a frenzy after positioning himself as a pro-crypto candidate. The US crypto regulatory space in the last couple of years saw several lawsuits against firms with little lot no regulatory clarity.
However, months leading up to the elections have seen a major shift in Congress with attempts at pro-crypto laws.
Also Read: Hedge Funds To Exit Bitcoin And Short MicroStrategy, Warns Peter Schiff
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