Blockchain data analysis firm Breadcrumbs says that traditional finance donations to Donald Trump’s 2024 Presidential campaign far outpace his crypto donations.
The firm’s analysis of on-chain crypto donations made to Donald Trump’s re-election bid as of June 17, 2024, reveals the campaign has received $59,386 worth of funds.
“Meanwhile, Trump’s campaign has received approximately $244 million from traditional finance donations towards his campaign as of the end of May.”
The analysis was completed before today’s reported $2 million donation from the Winklevoss twins.
Breadcrumbs is careful to note that not all crypto transactions are recorded “on-chain.”
“Cryptocurrency transactions (including donations) that are recorded on a blockchain are known as ‘on-chain’ transactions. In contrast, transactions NOT recorded on a blockchain are called ‘off-chain’ transactions. Off-chain transactions typically occur through centralized entities, such as Coinbase, or through other software platforms. When off-chain transactions occur, they are recorded directly on the centralized entity’s order books or some other platform rather than the blockchain.
Therefore, any crypto donations to the Trump campaign that are not recorded on-chain are not tracked in this article.”
Breadcrumbs says Trump’s campaign is accepting donations through Commerce, Coinbase’s crypto payments service.
“Anyone making an on-chain donation through the Coinbase Commerce service has the option of using the Ethereum, Polygon and Base blockchains to send the money.”
However, the Trump campaign wallet only accepts donations in USDC, meaning all other cryptos would need to be converted before donation.
According to the blockchain analysis firm, the campaign has received approximately $20,000 from the Ethereum (ETH) network, $27,500 on Polygon (MATIC) and $11,300 on Base, reaching less than $60,000 in total.
“The campaign donations for candidate Donald Trump traced in this article are not to be confused with cryptocurrencies, memecoins and NFTs [non-fungible tokens] created in support of Donald Trump or owned by Donald Trump personally. Those digital assets are separate from campaign donations and are not included in the campaign donations.”
Trump has recently referred to himself as “The Crypto President” in an attempt to woo digital asset supporters. Last month, Trump was convicted of 34 felonies by a jury of 12 New Yorkers.
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Featured Image: Shutterstock/ZinetroN/Andy Chipus
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