It’s election season in the US, and money is flowing through donations for Republicans and Democrats from all directions. While the cryptocurrency sector was a mute spectator in the 2012 and 2016 election cycles, it is a part of the 2024 elections.
Even Presidential candidates and politicians are now talking about cryptocurrencies, indicating that their future is promising. This has thrilled the sector, as top officials are acknowledging its existence and learning about blockchain technology.
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Cryptocurrency Donations and Political Impact
Leading Crypto Firms Contribute Millions
Several leading cryptocurrency firms, including Ripple, Coinbase, and Gemini, have donated millions to the 2024 US elections. Most of the funds have flown into nonpartisan groups and political action committees (PACs). The move could lead to crypto-friendly policies, and the sector will no longer remain in the shadows.
Record-Breaking Donations In 2024
In total, the cryptocurrency sector donated $190 million to the 2024 US elections, surpassing all other election cycles. In 2020, the industry donated only $15 million, and the flow is now more than 12 times the previous amount. However, the 2022 mid-term elections saw donations spike to $98 million.
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Politicians Begin To Acknowledge the Cryptocurrency Sector
Trump’s Pro-Cryptocurrency Stance
Presidential candidate Donald Trump was against Bitcoin during his term in the White House. However, Trump has changed his course and is pro-cryptocurrency, promising to make the US the blockchain technology leader.
Trump also launched several NFTs and ventures related to the cryptocurrency industry in 2024. His new venture will launch next week on Elon Musk’s X. Explore more details about the former president’s upcoming and most-anticipated venture.
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“We’re embracing the future with cryptocurrency and leaving the slow and outdated big banks behind,” said Trump. The presidential candidate will take on his Democratic rival, Kamala Harris, in November of this year. This could be a close race as Republicans and Democrats are eager to clinch the White House.