As an analyst with a background in both political science and finance, I find the recent developments surrounding Donald Trump’s embrace of cryptocurrency intriguing. In my years of observing political trends and financial markets, I have rarely seen such a convergence of these two worlds.
A committee backing Donald Trump’s presidency, specifically focused on political activities, has amassed approximately $7.5 million through digital currencies such as Bitcoin or Ethereum.
According to Business Insider, those who supported the Trump 47 PAC made contributions using a range of digital currencies such as Bitcoin (BTC), Ethereum (ETH), XRP (XRP), as well as stablecoins like USDC (USD Coin) and Tether (USDT).
The Trump 47 Committee Political Action Committee (PAC) is a collaborative fundraising group helping finance Donald Trump’s potential 2024 presidential bid. It operates in partnership with the Republican National Committee and has moved large sums of money to the RNC, as well as other political action committees aligned with Trump, to bolster campaign activities and legal expenses.
The filing covered donations from July 1 to September 30, but noted cumulative contributions. At least 18 donors gave over $5.5 million in Bitcoin, while seven provided $1.5 million in Ethereum.
By October 14th, it was estimated that Donald Trump had a 58% probability of securing the 2024 U.S. presidency in the eyes of Polymarket users. The total wagers on this event were rapidly approaching $2 billion.
On September 16th, Trump unveiled the World Liberty Financial platform, aiming to challenge conventional financial systems by providing a decentralized finance option as an alternative.
Trump’s embrace of the crypto crowd
During his latest election run, Trump hasn’t hesitated to voice a favorable opinion towards cryptocurrencies. However, it’s important to note that throughout history, his views on digital currencies have been inconsistent. In 2019, for instance, he voiced doubts about Bitcoin, characterizing it as highly unstable.
During this current election period, Trump has indicated his intention to support cryptocurrency during his next term. “Cryptocurrencies are leaving the U.S. due to their negative reception. I don’t want that. If we aim to accept it, we need to allow them to exist here,” he expressed at a recent rally.
On May 21st, I learned that the Trump campaign launched a fundraising platform accepting donations in various cryptocurrencies supported by Coinbase – giving crypto investors like myself an exciting opportunity to contribute to their cause using digital assets.
Read More
Sorry. No data so far.
2024-10-16 17:02