Crypto donations and betting surge to $1 billion in US 2024 elections

The 2024 US elections have witnessed a dramatic increase in cryptocurrency involvement, with more than $1 billion invested in various political activities. 

This marks a significant shift from previous election cycles, reflecting a growing interest in influencing political outcomes through crypto.

Blockchain-based activities such as political donations, betting on decentralised platforms, PolitiFi tokens, and non-fungible token (NFT) sales have surged, overshadowing traditional sectors like oil and banking. 

According to Breadcrumbs, a blockchain analytics firm, crypto donations to political campaigns have more than doubled since 2022. 

Notably, the crypto industry has contributed over $190 million, supporting a range of candidates from pro-crypto Democrats to Republican campaigns.

Among the leading individual contributors are Marc Andreessen and Ben Horowitz, each donating approximately $24.9 million. 

Other significant donors include the Winklevoss twins, Ripple executives Chris Larsen, Brad Garlinghouse, and Stuart Alderoty, as well as Coinbase CEO Brian Armstrong. 

Corporate contributions have also played a key role, with companies like Coinbase and Ripple, both facing SEC challenges, accounting for over 80% of the $120 million in corporate donations.

Additionally, crypto betting has become a significant factor in the election landscape. 

The decentralised betting platform Polymarket has processed over $1.1 billion in wagers on the 2024 presidential race, covering various topics, including the winner and specifics of debates. 

According to Breadcrumbs, “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.”

Political tokens inspired by figures like Donald Trump and Kamala Harris have also gained popularity, although these assets are highly volatile and susceptible to scams. 

Former President Trump has notably generated over $9 million through NFT sales, expanding his portfolio with new digital collectibles.