As the 2024 U.S. presidential elections approach, the rising interest in cryptocurrency donations draws attention.

Rise of Cryptocurrency Donations

This year's elections have seen cryptocurrency donations surpassing $190 million. According to CNBC, $130 million has been allocated to congressional and primary races. A group named Fairshake has focused its efforts on supporting candidates in key areas, ensuring that California remains a cryptocurrency hub.

Trump’s PAC and Contributions

A political action committee supporting former President Donald Trump has garnered approximately $7.5 million in crypto donations, utilizing Bitcoin, Ethereum, XRP, and USDC. Fairshake has been notably active, spending $29 million in September, with $20 million going to two political committees. Experts suggest that such investments could significantly influence election results.

Crypto Market's Influence on Elections

The crypto market has reacted positively to Trump's rising chances of winning. According to Polymarket, his winning probability was at 63.5%. During this period, Bitcoin nearly soared to $69,000. While altcoins also participated, the market faced significant resistance levels. Analysts suggest that the re-election of Trump might open further growth opportunities for the crypto industry.

Cryptocurrencies are playing an increasingly significant role in U.S. elections, with donations and policies closely monitored for market impact. It is expected that crypto donations will further influence future policy shaping.