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Trump Raises More Than $4 Million in Bitcoin and Other Cryptocurrencies
Republican presidential candidate and former President Donald J. Trump holds a campaign rally at Van Andel Arena in Grand Rapids, Michigan, on July 20, 2024.
Bill Pugliano | News Getty Images | Getty Images
NASHVILLE, Tenn. — Former President Donald Trump is headed to Tennessee this weekend to give a keynote speech at a major bitcoin conference. It looks like it will be in front of a supportive audience.
Trump, the Republican presidential nominee, has raised more than $4 million from a mix of digital tokens, a campaign aide told CNBC. Contributors have donated Bitcoin, etherRipple Exchange rate risk token, the stablecoin pegged to the US dollar USDC and various memecoins, according to a document filed with the Federal Election Commission.
The more than 1,000-page report shows totals for the joint fundraising committee “Trump 47” from April 1 to June 30. The committee raised more than $118 million during that period, with payments going to the Trump campaign, the Republican National Committee and other parties, according to the filing.
At least 19 donors have contributed more than 2.15 million bitcoin to the committee, the filing shows. The donors hail from 12 states, including some battlefields. Their professions include housewife, U.S. military officer, missionary, house painter, pizza sales representative and security technician at the State Department.
Cryptocurrency billionaire twins Tyler and Cameron Winklevoss led the charge, each contributing 15.57 bitcoin, or just over $1 million at the time of the donation. Since their contributions surpassed the $844,600 mark, records indicate the money has been partially refunded. Mike Belshe, CEO of digital asset security firm BitGo, contributed $50,000 in bitcoin.
Tyler Winklevoss, CEO and co-founder of Gemini Trust Co., left, and Cameron Winklevoss, chairman and co-founder of Gemini Trust Co., speak during the Bitcoin 2021 conference in Miami, Florida, U.S., Friday, June 4, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
In recent months, Trump has positioned himself as a pro-crypto candidate for president, a reversal from his previous stance during his time in the White House. Trump launched his latest non-fungible token collection on the Solana blockchain in April and has since begun increasingly bullish cryptocurrency comments. Along the way, he has gained the support of several influential investors in the tech and cryptocurrency space, including venture capitalists Marc Andreessen and Ben Horowitz.
Trump will be in Nashville on Saturday to deliver the keynote address at the Bitcoin Conference, which will be held at the Music City Center. He will also host a campaign fundraiser in the city that day, where tickets can go for up to $844,600 per person.
High-end tickets include a seat at a round table with Trump and are priced at the maximum donation amount allowed for individuals. the Trump Committee 47. On the lower level, a photo with the former president is available for $60,000 per person or $100,000 per couple, according to the invitation.
Trump campaign aide Brian Hughes said that most of the more than $4 million in cryptocurrency raised came in the form of bitcoin.
“Cryptocurrency innovators and others in the tech sector are under attack from Kamala Harris and the Democrats,” Hughes said, referring to the de facto Democratic nominee. “While the Biden-Harris administration stifles innovation with more regulation and higher taxes, President Trump is poised to encourage American leadership in this and other emerging technologies.”
Trump, the first major presidential candidate to accept donations in digital tokenscan receive contributions in a wide range of cryptocurrencies, including dogecoin, Shiba Inu coin, XRP, USDC, and ether.
Kraken founder and former CEO Jesse Powell has donated nearly $845,000 in ether. Stuart Alderotylegal representative of Rippledonated $300,000 in XRP tokens. Alderoty recently attended a fundraising event for Trump hosted by venture capitalist David Sacks in San Francisco.
Former Messari CEO Ryan Selkis, who discharged last week from the company he co-founded, after posting about “literal war” against Trump opponents, donated $50,000 in USDC.
So far, it appears that the Trump campaign is mostly converting these contributions immediately into USDC and then liquidating the donations. In some cases, however, the campaign has opted to keep the USDC.
Trump has personally pledged to defend the rights of those who choose to self-custody their coins, meaning they do not rely on a centralized entity like Monetary base and instead use crypto wallets, which are sometimes beyond the reach of the IRS.
Trump also vowed at the Libertarian National Convention in Washington in May to keep Sen. Elizabeth Warren, D-Mass., and “her henchmen” away from bitcoin holders. Warren is a vocal critic of cryptocurrencies.
Meanwhile, after a meeting at his Mar-a-Lago club in Florida with about a dozen bitcoin mining executives who pledged their support, Trump declared that all future bitcoins will be minted in the United States, should he return to the White House.
Trump has named Ohio Sen. J.D. Vance as his running mate, a move seen by many as a victory for the cryptocurrency industry. Vance has advocated for looser regulation of cryptocurrencies and revealed in 2022 that he personally holds Bitcoin.
The Biden White House has stepped up regulation of cryptocurrencies, and the SEC has stepped up its crackdown on the sector in recent years.