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Donald Trump raised £44m more than Joe Biden’s campaign in May and is now turning to cryptocurrencies | News from the United States
The Republican candidate once described Bitcoin as a “scam” but, in an abrupt U-turn, now says he wants to be the “president of cryptocurrencies.” Earlier this week, there were rumors that he had even flipped his own coin.
By Connor Sephton, news reporter @ConnorSephton
Friday 21 June 2024 07:14, UK
Donald Trump’s presidential campaign raised substantially more money than Joe Biden’s last month, new data shows.
The republican candidate received £111m in contributions in May, and tens of millions were sent after him condemned of falsification of company documents.
A New York jury found Trump guilty of hiding a “hush” payment to an adult film star Stormy Daniels – with one billionaire donating £39.5 million after the verdict was handed down.
Trump denounces the “rigged” trial and the “devil” judge.
Trump’s The campaign has refused to confirm how much money he has in the bank, prompting critics to suggest the embattled politician is spending heavily on legal fees.
In reverse, Mr. Biden raised £67m in May – around 40% less – and official documents show the Democrats have £167m available for the election battle.
Julie Chavez Rodriguez, who is managing Biden’s campaign, said: “The money we continue to raise is important, and it is helping the campaign build an operation that is invested in reaching and winning over the voters who will decide this election – in stark contrast with Trump’s PR stunts and photo ops that he pretends are a campaign.”
The latest data shows how the rules of American politics are changing. While a presidential candidate would have to withdraw from the race after being convicted of crimes, Trump’s verdict led to an increase in financial support.
Now he will likely use this money to increase advertising and try to attract voters in swing states as the November vote approaches.
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Fundraising figures for June have yet to emerge: last weekend a glitzy fundraiser attended by film stars and former president Barack Obama brought in more than £23 million for Democrats.
Billionaire Michael Bloomberg has also donated £15m to pro-Biden groups and formally backed the incumbent on Thursday.
Meanwhile, Trump has increasingly turned to cryptocurrencies in a bid to fill his campaign’s war chest.
He once described Bitcoin as a “scam” whose value is based on nothing, but now, in a sharp U-turn, he has declared that he wants to become the “president of cryptocurrencies” and support the industry.
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Trump is the first major candidate in a American elections to accept cryptocurrency donations – and earlier this week there were unfounded rumors that it had launched its own digital asset, driving up demand for “TrumpCoin.”
On Thursday, Cameron and Tyler Winklevoss – crypto billionaires best known for accusing Mark Zuckerberg of stealing his Facebook idea – donated £1.6 million in Bitcoin to Trump, describing him as “pro-Bitcoin, pro-crypto and pro-business “. .