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Highlights
- Crypto industry is heaping fortune on President Donald Trump
- The former President has received over $4 million in crypto donations thus far
- He is scheduled to speak at the Bitcoin Conference starting today
The crypto donation strategy adopted by Republican Presidential nominee Donald Trump may have paid off.
Donald Trump Crypto Donation is Growing
Per a CNBC report, Donald Trump has successfully raised more than $4 million in cryptocurrency. As of June 24, Trump’s crypto donation had not even amounted to $100,000. At the time, blockchain analytics firm, Breadcrumbs noted that on-chain crypto donations for Donald Trump’s campaign were worth only $59,386.
Most of the contributors gave Bitcoin (BTC), Ethereum (ETH), Ripple-associated XRP and the United States dollar-pegged stablecoin USDC. Precisely, over $2.15 million in Bitcoin came from 19 donors across 12 states. According to a Federal Election Commission filing, the donors’ professions ranged from homemaker, U.S. military officer, missionary, painter, sales rep for a pizza company and even a security technician with the State Department.
The Federal Election Commission filing showed that the donations also contained a mix of meme coins. Noteworthy, the filing is over 1,000 pages showing the total for the “Trump 47” joint fundraising committee from April 1 to June 30. Within this timeframe, the committee raised about $120 million with payouts regularly going to Trump’s campaign.
The Republican National Committee and other parties are beneficiaries of the funds.
Breakdown of Trump’s Crypto Donations
Cameron and Tyler Winklevoss, the sensational Gemini co-founders also contributed Bitcoin to the campaign of Donald Trump. Each of the brothers sent 15.47 BTC, valued at approximately $1 million at the time of the donation, to Trump’s campaign. Although, they got the excess returned because the contributions they made exceeded the maximum legal limit of $844,600. BitGO CEO Mike Belshe also gave $50,000 in BTC.
On the other hand, Kraken CEO and Founder Jesse Powell committed almost $1 million, primarily in Ethereum to Trump’s cause. When he disclosed his donation, he seized the opportunity to express his discontentment with the current U.S. administration’s approach to crypto regulation.
Powell voiced his displeasure against Senator Elizabeth Warren, and the SEC Chairman Gary Gensler. His decision to back Donald Trump financially stems from a belief that the former President’s policies will better support the crypto industry.
Ripple CLO Stuart Alderoty donated $300,000 in XRP while former Messari CEO Ryan Selkis gave $50,000 in USDC.
Trump is still scheduled to attend and speak at the upcoming Bitcoin Conference. He is headed for Tennessee to deliver his keynote speech on the crypto industry.
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