Blockchain analytics company Breadcrumbs has reported that donations from traditional financial sources to Donald Trump’s 2024 Presidential campaign far exceed contributions from the crypto community.
As of June 17, 2024, the analysis conducted by Breadcrumbs shows that Trump’s re-election bid has received $59,386 in on-chain crypto donations. In comparison, the campaign has amassed approximately $244 million from traditional finance donors by the end of May.
It is important to note that the analysis was completed before news broke of a $2 million donation from the Winklevoss twins.
Breadcrumbs emphasizes that not all crypto transactions are recorded on-chain. Transactions that are recorded on a blockchain are referred to as “on-chain,” while those that are not recorded on a blockchain are known as “off-chain.” Off-chain transactions often take place through centralized entities like Coinbase or other software platforms, where they are recorded directly on the entity’s order books.
The Trump campaign is accepting donations through Commerce, Coinbase’s crypto payments service. Donors using the Coinbase Commerce service have the option to send funds using Ethereum, Polygon, and Base blockchains. However, the Trump campaign wallet only accepts donations in USDC, requiring conversion for other cryptocurrencies.
According to Breadcrumbs, the campaign has received around $20,000 from the Ethereum network, $27,500 from Polygon, and $11,300 from Base, totaling less than $60,000 in crypto donations.
It is important to differentiate between campaign donations and digital assets like cryptocurrencies, memecoins, and NFTs associated with or owned by Donald Trump personally, as they are separate entities.
Trump, who has recently dubbed himself “The Crypto President” in an effort to appeal to digital asset enthusiasts, was found guilty of 34 felonies by a New York jury last month.
Stay informed by subscribing to receive email alerts directly to your inbox. Follow us on X, Facebook, and Telegram for the latest updates.
Disclaimer: The opinions expressed on The Daily Hodl are not financial advice. Investors should conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
