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Analysis of Trump Crypto Campaign Data Reveals Less than $60,000 in On-Chain Donations: Report
Blockchain data analytics firm Breadcrumbs says traditional financial donations to Donald Trump’s 2024 presidential campaign far outnumber his cryptocurrency donations.
That of the company analyses of on-chain crypto donations made to Donald Trump’s re-election bid as of June 17, 2024, reveals that the campaign received $59,386 worth of funds.
“Meanwhile, the Trump campaign has received approximately $244 million from traditional finance donations to his campaign as of the end of May.”
The analysis was completed earlier today 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) 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 via centralized entities, such as Coinbase, or via other software platforms transactions occur off-chain, they are recorded directly on the centralized entity’s order books or on some other platform rather than on the blockchain.
Therefore, any cryptocurrency donations to the Trump campaign that are not recorded on-chain are not tracked in this article.”
Breadcrumbs says the Trump campaign is accepting donations through Commerce, Coinbase’s crypto payments service.
“Anyone who makes an on-chain donation through the Coinbase Commerce service has the option to use the Ethereum, Polygon, and Base blockchains to send the money.”
However, the Trump campaign wallet only accepts USDC donations, meaning all other cryptocurrencies will need to be converted before donating.
According to the blockchain analytics firm, the campaign received around $20,000 from Ethereum (ET), $27,500 on Polygon (MATIC) and $11,300 on Base, reaching less than $60,000 in total.
“Candidate Donald Trump’s campaign donations tracked in this article should not be confused with cryptocurrencies, memecoins, and NFTs [non-fungible tokens] created in support of Donald Trump or personally owned by Donald Trump. These digital assets are separate from campaign donations and are not included in campaign donations.”
Trump did it recently reported to himself as “The President of Cryptocurrencies” in an effort to woo digital asset advocates. Trump was convicted last month 34 crimes by a jury of 12 New Yorkers.
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