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Donations in the form of cryptocurrencies have significantly boosted the finances of former US President Donald J. Trump’s reelection campaign, giving him the nickname “The Crypto Candidate.” This year, Trump began to accept cryptocurrency payments, ushering in a new era of political fundraising.
The campaign’s cryptocurrency wallet had little activity at first. According to information from analytics company Breadcrumbs, by mid-June, Trump had received less than $60,000 in cryptocurrency contributions. By contrast, as of the end of May, traditional financial contributions to his campaign had totaled about $244 million.
The turning point came with a substantial $2 million donation from Gemini co-founders, the Winklevoss Twins. Cameron Winklevoss declared, “I also just donated $1 million in bitcoin (15.47 BTC) to Donald Trump and will be voting for him in November. Here’s the TL;DR — President Trump is: Pro-Bitcoin, Pro-Crypto, Pro-Business, And he will put an end to the Biden Administration’s war on crypto. Onward!”
Following this high-profile contribution, Trump’s campaign began to gain momentum in the crypto space. A recent CNBC report highlights that the campaign has now raised $4 million in crypto funds. According to a campaign aide, the contributions come from a mix of digital tokens, including bitcoin, ether, Ripple’s XRP, the U.S. dollar-pegged stablecoin USDC, and various memecoins, as noted in a Federal Election Commission filing.
This surge in digital asset donations marks a notable milestone for Trump’s re-election efforts, emphasizing the growing acceptance and influence of cryptocurrency in the political arena.