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How Donald Trump Uses Cryptocurrencies in His Campaign

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2 hours ago

Donald Trump, who re-entered the US presidential race, is ahead of Kamala Harris. His support for cryptocurrencies plays a critical role in his success.

Role of Cryptocurrencies in Trump's Campaign

Trump openly endorses cryptocurrencies, which has boosted his popularity. In May, he became the first major presidential candidate to accept Bitcoin and altcoin donations. The TRUMP 47 COMMITTEE supporting Trump has raised $7.5 million in crypto.

Support from the Crypto Industry

According to CNBC, the TRUMP 47 COMMITTEE raised approximately $7.5 million in Bitcoin, Ethereum, XRP, Tether, and USD Coin from July 1 to September 30. A report by Public Citizen notes that nearly half of all institutional donations to elections came from the crypto industry, including contributions from Coinbase, Ripple, and Andreessen Horowitz.

Impact on Financial Contributions

The report states that the cryptocurrency industry donated nearly 13 times more than the last presidential election year. Donations came from over 15 states, including Puerto Rico. Noteworthy contributors include David Bailey, who donated more than $498,000 in Bitcoin to Trump.

Cryptocurrencies significantly influence Trump's campaign, potentially transforming traditional political campaign financing.

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