Funding for the U.S. Presidential Election 2024 from the crypto market has surged significantly, drawing attention from the public and politicians.
Impact of Cryptocurrencies on the 2024 Election
For the past few years, cryptocurrencies have played an important role in forming pro-crypto governments in many nations, including El Salvador. In the 2020 U.S. elections, Sam Bankman-Fried, the founder of now-bankrupt FTX, allegedly poured a substantial amount into the campaign and advertisement. Public Citizen watchdog recently highlighted in its report that $119 million was collectively spent by crypto firms in the U.S. election 2024. Coinbase, the centralized cryptocurrency exchange, and Ripple are topping the list with the highest donation. The total amount accumulated from the crypto space till the publishing of the report, $119 million, is comparatively huge compared to the previous elections. The report highlights that the majority of raised donations from the digital asset category has gone to a super PAC termed as Fairshake, which gathered more than $200 million, half directly received from crypto businesses, including exchanges and blockchain-based firms. The fossil fuel industry led all sectors in donations to the 2024 U.S. elections, with the crypto industry ranking second in total contributions. Brian Armstrong, the chief executive officer of Coinbase, said, “Money moves the needle. For better or worse, that’s how our system works.” Market watchers argue that the exchange is taking revenge for the bogus allegations of illicit activities and a lawsuit by the SEC.
Donald Trump and Cryptocurrencies
Donald Trump, the ex-president and leading contender in the 2024 U.S. presidential election, revealed his crypto holdings, raising speculation in the market. Before the election campaign, Trump had never disclosed his holdings and was considered the opponent of digital assets. In a recent statement, Trump noted that he strives to make the United States the crypto capital of the planet. Chuck Schumer, a well-known figure in the region, proclaimed that “the crypto is here to stay no matter what.” Trump has invested $1-5 million in digital assets, and the disclosure reveals that he owns a virtual Ethereum key and a crypto wallet and has gathered $300k by selling branded Bibles. Per the rules, a candidate contesting for elections must file their assets with the concerned authorities to conduct a fair election.
Other Market News
On August 21, 2024, X users noted that bad actors hacked McDonald’s Instagram account to advertise a cryptocurrency project based on the Solana blockchain. The promoted digital asset was designed by bad actors copying ‘GRIMACE,’ the character featured in McDonald’s advertisement and branding. Bitfarms Ltd, a leading cryptocurrency miner, declared the acquisition of Stronghold Digital Mining for $175 million; the deal is expected to be completed by the end of Q1, 2024. Tether, the issuer of USDT, revealed that it intends to launch a stablecoin pegged to the dirham of the United Arab Emirates. The announcement followed the surging popularity of digital assets globally, mainly in Dubai and other regions of the UAE.
The financial involvement of the crypto industry in the U.S. presidential election 2024 showcases the significance and growing influence of digital assets in the country's political and economic life.
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