Record $1 billion in cryptocurrency involvement in 2024 US election

The 2024 US election is bringing an unprecedented level of cryptocurrency engagement, with over $1 billion being poured into the process. This is a significant increase compared to previous cycles.

Cryptocurrency-related activities such as political donations, cryptocurrency betting, PolitiFi tokens, and NFT sales have all skyrocketed, dwarfing the levels of cryptocurrency participation seen in prior elections.

Cryptocurrency donations and bets surge in 2024 US election

Breadcrumbs, a blockchain analytics platform, reports that cryptocurrency donations to political campaigns have doubled since 2022. The industry has contributed more than $190 million, surpassing traditional sectors like oil and banking. The majority of cryptocurrency donations support Republican candidates, the Republican Party, or pro-crypto Democrats.

The largest individual donors are Marc Andreessen and Ben Horowitz, who each gave about $24.9 million. The Winklevoss twins are in second place with $10.1 million. Ripple CEOs Chris Larsen, Brad Garlinghouse, and Stuart Alderoty have also given more than $3 million. Other notable donors include Coinbase CEO Brian Armstrong and Kraken’s Jesse Powell.

Read more: How to Give Cryptocurrency with Giving Block

Corporate donors are also making their mark. Coinbase and Ripple, both facing SEC legal challenges, account for more than 80% of the $120 million in corporate contributions. Other big donors include Jump Crypto, Andreessen Horowitz and Circle.

Meanwhile, crypto betting has become a major factor in the current election engagement. Polymarket, a decentralized betting platform, has facilitated more than $1.1 billion in bets on the 2024 presidential race. The bets cover everything from the winner to the details of the debate.

“Of the over $1 billion in cryptocurrency bets on the election, $895 million is currently being placed on who will be the winner, with another $200 million placed 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 in the first debate,” Breadcrumbs said.

Political tokens, or meme coins inspired by political figures, have surpassed a market capitalization of $440 million. However, these tokens are highly volatile and prone to fraud.

Breadcrumbs noted that Donald Trump-related tokens dominate the market with a market cap of $440 million. Kamala Harris has two notable meme coins with a market cap of $12 million.

Read more: How could blockchain technology be used in voting in 2024?

In addition, former President Trump has generated more than $9 million in NFT sales. In August, he launched a new NFT collection, expanding his portfolio of digital collectibles.

“Donald Trump has released four separate series of NFTs. The first two series of Trump NFTs released generated $9 million in sales. Sales figures for the latest series of NFTs have not been publicly disclosed,” Breadcrumbs said.

This surge in cryptocurrency engagement underscores the industry’s growing interest in shaping policy outcomes. As the election approaches, the intersection of cryptocurrencies and politics continues to evolve, creating both opportunities and challenges for voters and regulators.