Former President Donald Trump is making waves with his newfound love for the crypto industry, scoring big at the Bitcoin Conference in Nashville thanks to whales and industry leaders attending the conference.
Though the names of the crypto-donors remain a mystery, the Republican frontrunner is ramping up the pressure on Democratic nominee Kamala Harris, who is also enjoying notable success in her fundraising efforts.
Sources reveal that the Trump 2024 campaign secured a staggering $25 million at the Bitcoin Conference 2024 in Nashville, highlighting the crypto community’s growing enthusiasm for the former President’s re-election.
Industry leaders, major investors, and notable figures from the crypto and entertainment industries are rallying behind Trump, signaling momentum that could propel his campaign forward.
Trump’s Bitcoin 2024 conference headline marks his second-highest fundraiser across his three presidential campaigns.
With $25 million already in the coffers, the Trump campaign is well on its way to reaching its ambitious $100 million target by November, thanks to the influx of funds.
As the 2024 election cycle heats up, a network of high-dollar donors has emerged to support Donald Trump’s campaign.
According to recent filings , these top contributors have leveraged various channels to donate substantial sums, including organizational political action committees (PACs), individual members, employees, owners, and their families. Some organizations have also made direct contributions, including subsidiaries and affiliates.
Among the most notable donors are Timothy Mellon, who has contributed $75 million, and Uline Inc. and the Laura & Isaac Perlmutter Foundation, which have each donated $10 million. Other contributors include Bigelow Aerospace ($9.1 million), America First ($6 million), and McMahon Ventures ($5.3 million).
A review of campaign finance records reveals several other million-dollar donors, including Hendricks Holding Co, Energy Transfer L.P., and Crownquest Operating, each of which has contributed $5 million.
The Adelson Clinic for Drug Abuse Treatment & Research has also donated $5 million, while Southern Waste Systems and Book Capital Enterprises have given $4.6 million and $4.2 million, respectively.
Other key donors to Trump’s campaign include Sequoia Capital ($3.5 million), Rai Services Co ($3.5 million), and the Republican Jewish Coalition ($2.7 million). Dan Newlin Injury Attorneys, GH Palmer Assoc, and Flat Willow Farm have also made significant contributions, each donating over $2 million.
Rounding out the list of top donors are Continental Resources ($1.2 million) and Key Square Group ($1.1 million).
While Trump’s campaign is moving full steam ahead, Vice President Kamala Harris’ campaign isn’t far off either.
Vice President Kamala Harris has also shattered fundraising records , collecting over $200 million in just a week since announcing her 2024 presidential bid.
This impressive haul is four times the amount raised by the Biden re-election campaign in the entire month of April.
For comparison, Trump’s campaign raised nearly $112 million in June, according to Politico .
The Harris campaign noted that 66% of the contributions came from first-time donors. Additionally, since President Biden announced he would step down and endorse her as the Democratic nominee, the campaign has recruited over 170,000 new volunteers.
This surge in support is crucial for Harris, who has less than 100 days until voters head to the polls. To capitalize on this momentum, the campaign has also organized more than 2,000 events in swing states over the last weekend.
In a keynote address at the conference, Donald Trump made several bold promises, outlining his plans to shake up the regulatory landscape and demonstrate his support for the cryptocurrency industry.
Specifically, Trump vowed to take swift action upon his return to office, pledging to dismiss Gary Gensler, the current Chairman of the U.S. Securities and Exchange Commission (SEC), and commute the life sentence of Ross Ulbricht, the founder of the notorious Silk Road online marketplace.
Additionally, Trump augmented his pro-crypto promises by unveiling a novel proposal: establishing a Strategic National Bitcoin Stockpile.
The former President asserted that under his leadership, the U.S. would retain and leverage its existing Bitcoin holdings, valued at over $5 billion and accrued through legal seizures, to bolster the nation’s financial strategy and cement its position in the global economy.
He suggested that this move would secure the nation’s position as a major holder of Bitcoin on the global stage.
Trump’s stance on the crypto industry has significant implications for the future of digital asset regulation in the United States. His proposals suggest that, if re-elected, his administration might adopt a more permissive approach to cryptocurrency, potentially creating a more favorable environment for the growth and development of digital assets.
“This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world. […] There will be billions and billions of people brought into the crypto economy and stored their savings in Bitcoin. Those who say that Bitcoin is a threat to the dollar have the story exactly backward. I believe it is exactly backward. Bitcoin is not threatening the dollar,” Trump stated.
The crypto industry’s growing political influence can be attributed in part to the emergence of crypto-backed super PACs, such as Fairshake, which are pouring vast sums of money into the electoral landscape.
Fairshake is a pro-crypto super PAC launched in December 2023 that has already spent $14.4 million to support crypto-friendly candidates in the 2024 election cycle. It focuses on Democratic primaries but also backs candidates from the opposing party.
As of June, the super PAC had amassed nearly $120 million in donations, according to OpenSecrets .
Fairshake’s stated mission is to support candidates committed to transforming the U.S. into a hub for internet innovation and blockchain development.
The political committee has received significant donations from Coinbase ($46.5 million), Ripple ($45 million), and executives like Andreessen Horowitz ($44 million).
Fairshake is also affiliated with two other super PACs, Defend American Jobs and Protect Progress, which have spent millions supporting pro-crypto candidates from both parties. The three PACs collectively hold over $127.2 million.
Interestingly, the committee’s support for pro-crypto candidates isn’t limited to the Republican party. As of July 24, Fairshake had spent over $702,000 supporting Democrats like Steven Horsford and Wiley Nickel and $551,600 supporting Republicans like Young Kim and House Majority Whip Tom Emmer.
The political committee also supports pro-crypto congressional candidates across the political spectrum but has not yet indicated if it will support any presidential candidates.