Crypto-related activities such as political donations, crypto betting, PolitiFi tokens, and NFT sales have surged, overshadowing the level of crypto participation seen in earlier elections.
Crypto Donations and Betting Soar in 2024 US Elections
Breadcrumbs, a blockchain analytics platform, reports that crypto donations to political campaigns have doubled since 2022. The industry has contributed more than $190 million, outpacing traditional sectors like oil and banking. Most crypto donations support Republican candidates, the Republican Party, or pro-crypto Democrats.
Top individual contributors include Marc Andreessen and Ben Horowitz, each donating about $24.9 million. The Winklevoss twins follow with $10.1 million. Ripple executives Chris Larsen, Brad Garlinghouse, and Stuart Alderoty have also contributed over $3 million. Other notable donors include Coinbase CEO Brian Armstrong and Kraken's Jesse Powell.
Corporate donors are also making their mark. Coinbase and Ripple, both facing SEC legal challenges, account for over 80% of the $120 million in corporate contributions. Other large donors include Jump Crypto, Andreessen Horowitz, and Circle.
Meanwhile, crypto betting has emerged as a major factor in the current involvement in elections. Polymarket, a decentralized betting platform, has facilitated over $1.1 billion in wagers on the 2024 presidential race. Bets cover various aspects, from the winner to debate specifics.
“Of the more than $1 billion in crypto bet on the election, $895 million is currently being bet on who will be the winner and another $200 million has been bet on who will win the popular vote. Other betting topics include what the popular vote margin will be, how many debates there will be and whether they will shake hands at the first debate,” Breadcrumbs stated.
Political tokens, or meme coins inspired by political figures, have exceeded a $440 million market cap. However, these tokens are highly volatile and prone to scams.
Breadcrumbs noted that Donald Trump-related tokens dominate the market with a $440 million cap. Kamala Harris has two notable meme coins with a $12 million market cap.
In addition, former President Trump has generated over $9 million in NFT sales. In August, he launched a new collection of NFTs, expanding his portfolio of digital collectibles.
“Donald Trump has released four separate series of NFTs. The first two series of Trump NFTs released generated sales of $9 million. Sales figures for the most recent NFT series have not been disclosed publicly,” Breadcrumbs stated.
This surge in crypto involvement highlights the industry's growing interest in shaping policy outcomes. With the election drawing closer, the intersection of crypto and politics continues to evolve, creating both opportunities and challenges for voters and regulators.
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