NFTs
Donald Trump’s Crypto Donations Top $3 Million, New NFT Coming
Former US President Donald Trump has hinted at a plan to launch his fourth non-fungible token (NFT) collection.
This move reflects Trump’s growing involvement in the Web3 space and marks a notable shift in his stance on digital currencies.
Trump’s surprising success with NFTs sparks new collecting plans
In a recent interview with Bloomberg, Trump revealed his intentions to launch the new NFT collection. He expressed surprise at the overwhelming response and success of his previous NFT ventures.
“I did things like NFTs and, you know, that kind of thing. And I noticed that 80% of the money was paid in crypto. It was amazing,” Trump stated.
Read more: 11 Most Expensive NFTs Ever Sold
Trump teased the prospect of a fourth collection during a gala dinner for his mugshot NFT holders at Mar-a-Lago in May. However, he had yet to specify the timeline and provide further details at that time.
From Trump the initial foray into NFTs began in December 2022 with the launch of its “Trump digital trading cards.” These collectibles quickly sold out, raising approximately 648 Ethereum (ETH), equivalent to approximately $785,000 at the time.
Trump’s venture into NFTs and crypto has not gone unnoticed in the industry. His campaign has garnered support from notable figures in the crypto spaceincluding Marc Andreessen and Ben Horowitz, co-founders of venture capital firm Andreessen Horowitz (a16z).
Horowitz expressed his support for Trump in his latest podcast episode. He cited Trump’s favorable policies towards the tech and startup ecosystem as a deciding factor.
“But the future of our business, the future of new technology and the future of America are literally at stake. So here we are. And for a little bit of technology, we think Donald Trump is really the right choice,” Horowitz said.
From pizza parlors to cryptocurrency moguls: Diverse donors fuel Trump’s campaign
This growing support has also translated into substantial financial support. The Wall Street Journal recently reported what Trump campaign raises $3 million in cryptocurrency donations during the second quarter. These contributions are part of the broader $331 million raised across multiple fundraising arms.
Two of Trump’s joint fundraising committees have recorded the donations, made primarily in Bitcoin and Ethereum, in federal campaign filings. The influx of crypto donations can be attributed to several prominent individuals within the digital asset industry.
For example, Cameron and Tyler Winklevoss, co-founders of the Gemini cryptocurrency exchange, collectively donated $1.6 million in Bitcoin. Additionally, Jesse Powell, co-founder of the Kraken exchange, contributed $845,000 worth of Ethereum.
In addition to these high-profile contributions, donations reflected support from everyday individuals. For example, a Michigan pizza shop owner and a ticket machine agent for the Long Island Rail Road were among the many who made smaller contributions in cryptocurrency.
Trump’s current stance on crypto represents a significant departure from his previous views. During his previous presidency, he was highly critical of Bitcoin and other digital currencies, labeling them “non-money” and “fraud.”
However, his recent actions and statements suggest a notable shift. BeInCrypto reported that in early June, Trump even stated that he wants all Bitcoin to be made in the US.
“If we don’t do this, China will take over, and China will get it — or someone else will. […] So you have to look at that—what I want, again, is what’s good for the country. So we have a good foundation. […] But I don’t want to be responsible for allowing another country to take over that sphere,” Trump explained his justification.
Read more: How to donate cryptocurrencies using the Giving Block
Despite Trump’s new support for cryptocurrency, not everyone in the industry agrees with his vision. Some experts argue that launching Bitcoin in the US could create jurisdictional risks, potentially compromising its decentralized nature. Additionally, there are questions about the sincerity of Trump’s support, with some seeing his actions as politically motivated rather than a genuine endorsement of the technology.
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