Donald Trump, who has re-entered the US Presidential race, is competing with Kamala Harris in this election and is ahead of Harris by a significant margin, according to current estimates.
Trump’s support for Bitcoin and cryptocurrencies plays a critical role in Trump’s rise to the top. Trump openly supports cryptocurrencies while also accepting Bitcoin and some altcoins as campaign donations. In this respect, Trump became the first major presidential candidate to accept donations in digital tokens in May.
At this point, while Trump has collected significant donations in cryptocurrency, the TRUMP 47 COMMITTEE supporting Trump has also collected $7.5 million worth of cryptocurrency donations.
According to CNBC, the Trump-supporting committee raised approximately $7.5 million in Bitcoin (BTC), Ethereum (ETH), XPR, Tether (USDT) and USD Coin (USDC) from July 1 to September 30.
Nearly half of all institutional money donated to elections came from the cryptocurrency industry, according to a recent report by watchdog group Public Citizen, on which CNBC based its report.
According to the report, the majority of this money came from donations from Coinbase, Ripple and venture firm Andreessen Horowitz, while significant donations also came from various institutions.
The report noted that the cryptocurrency industry donated nearly 13 times the amount it donated in the last presidential election year.
The report also stated that at least 18 donors donated more than $5.5 million in Bitcoin to Trump during the last election cycle, and seven people donated approximately $1.5 million in Ethereum.
Donations to Trump reportedly came from more than 15 states, including the American territory of Puerto Rico.
Finally, it was reported that David Bailey, CEO of media group Bitcoin Magazine, also donated more than $498,000 worth of Bitcoin to Trump.
*This is not investment advice.
