Trump’s Crypto Campaign Surges: $4 Million Raised in Bitcoin and Other Tokens

• Former U.S. President Donald Trump’s re-election campaign has raised over $4 million in crypto funds since it started accepting crypto donations. 
• A significant amount of this, $2 million, has been made by Gemini co-founders, the Winklevoss Twins

U.S. Presidential candidate Donald Trump, dubbed “The Crypto Candidate” has shown immersive support for this emerging asset class by accepting campaign contributions in various cryptocurrencies. Since Trump started accepting donations in crypto a few weeks ago, his fundraising campaign has made significant strides amassing over $4 million in digital assets.

As earlier reported on CNF, the Donald Trump 2024 campaign started accepting donations via Bitcoin and other digital assets early this year. Originally, there was little inflow as the response from crypto supporters was mild.

By mid-June, data analytics firm Breadcrumbs reported that Trump’s campaign had raised less than $60,000 in crypto contributions. In comparison, traditional financiers had contributed approximately $244 million by the end of May.

 The Winklevoss Twins Boost Crypto Fundraising with $2 Million Donation

Gemini co-founders, the Winklevoss Twins ignited the fundraiser frenzy with a $2 million donation that led crypto fundraising efforts to jump a notch higher. Tyler Winklevoss was the first to announce his contribution, stating that “I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldtrump and will be voting for him in November.”

Additionally, Cameron Winklevoss, one of the twins, publicly announced his $1 million Bitcoin donation expressing his support for Trump’s pro-crypto stance. “President Trump is pro-Bitcoin, pro-crypto, pro-business, and he will put an end to the Biden Administration’s war on crypto. Onward!”

Notably, both signaled strong backing of the former U.S. president as he heads to be elected after Joe Biden dropped out of the presidential race. 

The Inflow from the Gemini co-founders fueled a fundraising drive beyond Bitcoin, with other cryptocurrencies such as Ether, Ripple’s XRP, the U.S. dollar-pegged Stablecoin USDC, and various memecoins raised.  

Is the U.S. government Adopting Bitcoin?

At the time of writing, Bitcoin is exchanging hands at $67,168.22 marking a 5.03% surge in the last 24 hours. As Bitcoin’s price continues to show signs of recovery, the U.S. debt is on track to explode. Adding a staggering $1 trillion every 100 days, Bank of America analysts have sounded the alarm. 

In response, Tesla CEO Elon Musk has decided to add gasoline to the fire calling the dollar “headed for destruction” and the $35 trillion debt a potential “bankruptcy” for the U.S. These warnings have had analysts predicting a potential surge in Bitcoin’s price. 

With the possibility of Donald Trump taking the presidency taking shape, rumors have begun swirling that Trump could publicly declare his plan to create a US Bitcoin strategic reserve. This, combined with Bitcoin’s potential surge could mitigate the U.S. debt.