As a researcher, I find it intriguing that Former U.S. President Donald Trump’s crypto donations have reached approximately $60,000 through on-chain transactions, with potentially more coming from centralized exchanges. The importance of this development lies in the fact that these on-chain donations represent a significant step towards mainstream cryptocurrency adoption.
Ex-U.S. President Donald Trump garners cryptocurrency contributions totaling around $60,000 via on-chain transactions for the upcoming elections. Additional funds from other sources exceed this amount. On-chain donations exclude gifts made through centralized crypto platforms such as Coinbase.
Donald Trump’s Onchain Crypto Donations Stalls
As a researcher studying cryptocurrency donations to political campaigns, I’ve come across some intriguing findings from the blockchain analytics firm, Breadcrumbs. Based on their data, I discovered that on-chain crypto contributions to Donald Trump’s campaign amounted to approximately $59,386. Around 218 individuals made these donations directly through the blockchain. However, it’s important to note that not all crypto inflows are considered on-chain donations. In fact, a significant portion comes from exchanges and other sources not classified as on-chain. James Delmore, a data analyst at Breadcrumbs, highlighted this complexity, explaining that on-chain donations can be challenging to track due to their decentralized nature, leading to a higher number of inflows from sources outside the blockchain.
As a crypto investor, I’d describe it this way: “On-chain transactions refer to cryptocurrency exchanges and donations documented on a blockchain. Conversely, off-chain transactions take place outside the blockchain system. These transactions often transpire through intermediaries like Coinbase or other software solutions.”
The contributions amassed thus far have been transferred to Ethereum, Binance Smart Chain (BSC), and Polygon networks, with USDC being the accepted cryptocurrency for donations. A distribution of funds reveals approximately $27,500 from Polygon, $20,000 on Ethereum, and $11,300 on BSC. Simultaneously, Trump’s campaign has surpassed $260 million in total fundraising, with digital assets contributing as well. Traditional donations still dominate but this development is seen as a significant stride towards mainstream crypto adoption.
In a recent announcement, the Winklevoss twins revealed their intention to donate $2 million in Bitcoin to Donald Trump. They explained their decision by citing Trump’s supportive stance towards the cryptocurrency industry.
Crypto Becomes a Mainstream Issue
In May, Trump’s presidential campaign made headlines by revealing its acceptance of cryptocurrency donations. This announcement ignited excitement among crypto enthusiasts as they viewed Trump as a pro-crypto candidate. However, the regulatory landscape for crypto in the United States has been uncertain in recent years, with few definitive rulings or guidelines.
In the months preceding the elections, there has been a significant change in Congress with efforts underway to pass crypto-friendly legislation.
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2024-06-24 20:45