Crypto Industry Invests Over $1.2 Billion in 2024 US Election
The crypto industry's financial involvement in the 2024 US presidential race has surpassed $1.2 billion, with Polymarket being a major contributor, according to Breadcrumbs.
This election cycle has seen a dramatic rise in crypto-related financial activities, including political donations, decentralized betting, politifi tokens, and NFT sales. Political donations from the crypto space have surged to $190 million, a significant increase from the $98 million in 2022 and a tenfold rise from the $15 million in 2020.
Prominent donors include Marc Andreessen and Ben Horowitz, each giving $24.9 million to various PACs, and the Winklevoss twins, who contributed $10.1 million primarily to pro-crypto Republican candidates.
Ripple executives have also made notable contributions, totaling over $3 million, mostly to Democratic campaigns. Pro-crypto PACs like Fairshake have raised $161 million, indicating growing industry influence.
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Crypto betting has seen significant action as well, with Polymarket facilitating over $1.1 billion in bets on the election. This platform, which allows anonymous crypto wagers, has attracted nearly $900 million in bets on the presidential winner and $200 million on the popular vote.
Additionally, politifi tokens, created around political figures, have gained traction, reaching a market cap of $440 million, though some have been flagged as scams. Former President Trump has also engaged the crypto space with NFT sales, generating over $9 million from various collections, further blending the realms of politics and cryptocurrency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
