A political action group that backs Donald Trump for president has raised $7.5 million in cryptocurrency
Business Insider says that people who gave to the Trump 47 PAC used a range of digital currencies, such as Bitcoin, Ethereum, XRP, and stablecoins like USDC and Tether.
The Trump 47 Committee PAC is a joint fundraising group helping Donald Trump’s bid for president in 2024. It works with the Republican National Committee and has sent millions of dollars to the RNC and other political action groups with ties to Trump to help with campaign costs and legal fees.
The report included donations from July 1 to September 30 but also showed payments made over time. At least 18 donors gave over $5.5 million in Bitcoin, and seven gave $1.5 million in Ethereum.
Users on Polymarket gave Donald Trump a 58% chance of winning the 2024 U.S. presidential election as of October 14. Nearly $2 billion was bet on this outcome.
Trump started World Liberty Financial on September 16 to shake up traditional finance and provide an alternative called decentralized finance.
The way Trump has embraced the crypto crowd
On his most recent campaign trail, Trump has not been afraid to say that he supports crypto. Trump has had a range of opinions about Bitcoin in the past. He was skeptical of Bitcoin in 2019 and said it was “highly volatile.”
However, while running for office, Trump said he would support crypto during his next term as president. Crypto is leaving the U.S. because people don’t like it there. That’s not what I want. “If we want to accept it, we need to let them be here,” he said at a gathering not long ago.
The Trump campaign set up a fundraising page on May 21 that accepts donations in any cryptocurrency that can be used on the Coinbase website.