When Crypto Donations Weigh On The American Election !

The link between the crypto industry and elections strengthens with each electoral cycle. Whether through massive donations or influence on economic policies, cryptocurrencies are establishing themselves as a key player in the political game. Specifically, for the 2024 presidential election, crypto donations are reaching unprecedented heights. The industry has already invested 119 million dollars to support pro-crypto candidates and influence the debate.

A flood of dollars for pro-crypto candidates

Could Trump win the election because of his pro-crypto policy? Time will tell. Meanwhile, the 2024 presidential election is becoming the crypto industry’s favorite playground, with donations amounting to 119 million dollars, surpassing all other sectors. This avalanche of greenbacks is mainly intended for candidates showing marked support for cryptocurrencies, a maneuver aimed at circumventing restrictive regulations.

Coinbase and Ripple, the sector heavyweights, have gone big on this strategy, injecting nearly all their contributions into pro-crypto super PACs.

These numbers are dizzying. To put things in perspective: 

• In 2020, only 5 million dollars were spent by the crypto industry;
• This year, crypto companies represent 48 % of all corporate donations, out of a total of 248 million dollars;
• Never has an industry weighed so heavily in a presidential election.

The aim of these donations is clear: to tip the balance in favor of candidates promising a favorable legislative framework for cryptocurrencies.

But this rise in power also raises questions, particularly about the risks this influence might pose to democracy. As Rick Claypool, research director at Public Citizen, pointed out:

« The sole purpose of these huge sums is to make the crypto industry impossible to ignore. »

This flood of money could well redefine the rules of the political game for years to come.

A political future shaped by bitcoin?

Beyond the raw numbers, the question arises: could this flood of dollars really change the course of the election? Since the “Citizens United” ruling liberalized political donations, no industry has used this new leeway as boldly as the crypto industry.

This strategy, both bold and risky, aims to place a pro-crypto candidate in the White House, in stark contrast to the Biden administration, which is notoriously hostile to this technology. And yet, bitcoin could become an international reserve currency.

However, the domino effect of this strategy could be wider than expected. Other large companies might follow the example of the crypto giants and inject massive funds into future elections, thereby upsetting the balance of power.

« Overturning Citizens United has never been more urgent », warns Claypool.

One thing is certain: crypto has made a spectacular entrance into the political arena, and its influence is only growing.

It remains to be seen whether this financial offensive can really influence American economic policies or whether it will encounter resistance. The outcome of the 2024 election will be a key indicator of the real impact of cryptocurrencies on American politics.

In early August, some analysts were already claiming that crypto is secretly influencing American elections. With 119 million dollars invested in the presidential election, this prediction seems more relevant than ever.