Trump’s Campaign Boosted by Wealthy Crypto Donors
Recent filings revealed that Trump’s presidential campaign received a significant boost from crypto donations, primarily from high-ranking executives in the industry.
Tiny Fraction From Ordinary Donors
- Only 0.3% of the total crypto donations to Trump’s campaign came from ordinary donors.
- Most donations were from prominent crypto executives.
Major Contributors
- Gemini co-founders Tyler and Cameron Winklevoss donated $2.02 million worth of Bitcoin.
- Kraken co-founder Jesse Powell gave $845,000 worth of Ethereum.
- Ripple’s Chief Legal Officer, Stuart Alderoty, gifted $300,000 worth of XRP.
Other Contributors
- BitGo CEO Michael Belshe donated $50,000 worth of BTC.
- Messari CEO Ryan Selkis gave $50,000 worth of USDC.
Ordinary Crypto Users
- Some regular crypto users, like a pizza shop owner and a Marine Corps officer, also made contributions to Trump’s campaign.
- However, the number of non-industry donors was minimal.
Implications and Analysis
- Political donations from crypto holders do not necessarily reflect voting patterns.
- US tax policy may influence donation decisions, as crypto donations are subject to capital gains taxes.
- The depths of the digital asset industry’s pockets are undeniable, despite debates about its electoral influence.
Hot Take 🚀
Political campaigns are increasingly tapping into the wealth of the crypto industry, showcasing its financial prowess, while the impact on voter behavior remains to be seen.
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