Donald Trump’s presidential campaign caused a stir last month when it began accepting cryptocurrency donations.
That decision paid off: Tyler and Cameron Winklevoss, founders of cryptocurrency exchange Gemini, each donated 15.47 Bitcoin, worth about $1 million, to Trump’s campaign.
But Trump’s list of other cryptocurrency donors is somewhat limited.
According to one analysis According to blockchain data as of June 17 by blockchain analytics firm Breadcrumbs, Trump’s campaign has raised just under $60,000 in cryptocurrency from 218 donors.
Source: Breadcrumbs
According to Breadcrumbs data analyst James Delmore, the $59,385 amount only includes assets that can be tracked on Ethereum, Polygon, and Base, the blockchains the Trump campaign is using to accept donations .
“That’s right, $59,000 is nothing,” Delmore said, adding that the majority of crypto donations can be made on Coinbase’s orderbook. “Onchain donating is not easy.”
Trump’s fundraising ability
This small sum did not accurately reflect the former president’s fundraising prowess: Trump’s campaign raised more than $260 million, according to data of OpenSecrets as of April 30 and Notification details of the Trump campaign’s fundraising in May.
Source: OpenSecrets
Outside groups supporting Trump have raised more than $123 million.
Trump, who showed support for cryptocurrency last month, is not the first presidential candidate to endorse cryptocurrency.
Third-party presidential candidate Robert F. Kennedy, Jr. began accepting Bitcoin donations last year.
However, Trump is the first candidate from one of the country’s two largest political parties to adopt cryptocurrency, and President Joe Biden is considering becoming the second.
“This is the official start of crypto donations,” Delmore said.
To tally Trump’s onchain fundraising, Delmore donated $1 to Ethereum, Polygon and Base, then tracked that cryptocurrency flow to its final destination: the Coinbase deposit address.
And the pro-crypto political action committee FairShake has a war chest of about $100 million, file shows.
Source: FairShake
Other donations
But the former president’s $59,000 worth of cryptocurrency does not include donations made through Coinbase, the centralized exchange chosen to facilitate the campaign’s cryptocurrency donations. pandemic.
It also does not include donations made on recently added options Gemini and Anedot, a platform that allows people to donate using cryptocurrency.
‘Cryptocurrency army’
Less than two weeks after Trump positioned himself as a crypto candidate in the US presidential election, he began accepting cryptocurrency donations.
“Biden’s right-hand woman, Elizabeth Warren, said in an attack on crypto that she is building an ‘anti-crypto army’ to limit Americans’ rights to make financial choices their own.
MAGA supporters, now with a new crypto option, will build a crypto army to make history on November 5!”
How are cryptocurrencies donated?
Delmore described how the donations were processed: smart contracts on each blockchain used Uniswap, a decentralized cryptocurrency exchange, to swap donated cryptocurrency for stablecoin USDC.
As of June 17, 117 wallets had donated a total of 11,323.87 USDC to the Trump campaign on the Base blockchain.
Another 92 wallets donated 27,459.61 USDC to the Trump campaign on Polygon, and just 9 wallets on Ethereum donated 20,601.90 USDC.
Delmore attributed that to Ethereum’s notoriously high transaction fees, with his $1 donation incurring a $24 fee.
Itadori
According to DLnews
