Blockchain data analysis firm Breadcrumbs recently conducted a study showing that donations from traditional finance sources to Donald Trump’s 2024 Presidential campaign far exceed his crypto donations. As of June 17, 2024, the campaign had received $59,386 worth of crypto donations, compared to approximately $244 million from traditional finance donations by the end of May. The analysis did not include donations made off-chain, which are transactions not recorded on a blockchain, such as those made through centralized entities like Coinbase. Breadcrumbs noted that the Trump campaign accepts crypto donations through Commerce, Coinbase’s crypto payments service, with donations only accepted in USDC.
The analysis revealed that the Trump campaign has received approximately $20,000 from the Ethereum (ETH) network, $27,500 on Polygon (MATIC), and $11,300 on Base, totaling less than $60,000 in crypto donations. Breadcrumbs emphasized that these donations are separate from cryptocurrencies, memecoins, and NFTs created in support of Trump or owned personally by him. Trump has recently dubbed himself “The Crypto President” in an effort to attract digital asset supporters. Despite his efforts to appeal to the crypto community, Trump faced legal challenges, as he was convicted of 34 felonies by a jury of 12 New Yorkers last month.
It is important to note that not all crypto donations made to the Trump campaign are captured in the analysis if they are not recorded on-chain. Off-chain transactions are conducted through centralized platforms or other software systems, which do not involve blockchain recording. The recent $2 million donation from the Winklevoss twins was not included in the analysis. The Trump campaign’s acceptance of crypto donations through Commerce allows donors to use Ethereum, Polygon, and Base blockchains for contributions. However, the campaign wallet only accepts donations in USDC, requiring the conversion of other cryptocurrencies before donation.
The discrepancy between traditional finance donations and crypto donations highlights the ongoing debate around the role of digital assets in political fundraising. While traditional finance sources continue to dominate campaign contributions, crypto donations offer a new avenue for supporters to show their financial support. Trump’s campaign has embraced crypto donations through Coinbase’s Commerce service, allowing contributors to use different blockchains for transactions. Despite Trump’s efforts to position himself as a pro-crypto candidate, the analysis shows that traditional sources remain the primary funding mechanism for his campaign.
As digital assets gain prominence in mainstream discourse, it is crucial for political candidates to adapt to changing fundraising landscapes. Trump’s campaign’s acceptance of crypto donations through Coinbase’s platform demonstrates a willingness to engage with the crypto community. However, the analysis suggests that traditional finance sources still play a significant role in funding political campaigns. Moving forward, political candidates will need to navigate the complex intersection of traditional finance and digital assets to maximize their fundraising potential and appeal to a diverse set of supporters.
In conclusion, Breadcrumbs’ analysis sheds light on the dynamics of political fundraising in the digital age, where traditional finance sources continue to dominate contributions to political campaigns. The Trump campaign’s acceptance of crypto donations through Coinbase’s Commerce service reflects a growing recognition of digital assets in political fundraising. However, the analysis underscores the challenges of tracking crypto donations and highlights the importance of transparency in financial transactions. As the debate around the role of digital assets in politics continues, it is crucial for candidates to adapt to changing fundraising landscapes and engage with a diverse set of supporters to maximize their fundraising potential.
