The cryptocurrency industry has seen unprecedented financial involvement in the 2024 US presidential election, with contributions and bets exceeding $1.2 billion, according to a recent report from Breadcrumbs. A vast portion of this amount, over $1.1 billion, is tied to the decentralized betting platform Polymarket.
Political donations from the crypto sector have skyrocketed to $190 million, nearly double the $98 million contributed in the 2022 election cycle and over 10 times the $15 million donated in 2020.
source：polymarket
Leading venture capitalists such as Marc Andreessen and Ben Horowitz have donated $24.9 million each to support a range of political action committees (PACs), backing both Republican and Democratic candidates.
Meanwhile, the Winklevoss twins have focused their efforts on pro-crypto Republican candidates, including Donald Trump, contributing $10.1 million.
Executives from Ripple, including Chris Larsen, Brad Garlinghouse, and Stuart Alderoty, have collectively donated over $3 million, with the majority of their funds directed towards Democratic candidates.
This has illustrated the cross-party nature of crypto's political influence.
Pro-crypto PACs have gained further momentum. The Fairshake PAC, which backs candidates pushing for the US to lead in crypto innovation, raised a record $161 million.
Other notable PACs, such as Defend American Jobs and Protect Progress, have also raised millions, supporting candidates across the political spectrum.
Polymarket, a decentralized betting platform, has facilitated more than $1.1 billion in wagers on the 2024 election, contributing to the industry's notable election presence.
Bets on everything from the overall winner to state-specific outcomes and margins of victory have been placed, with users taking advantage of the platform’s decentralised and anonymous nature.
While Polymarket is restricted to non-US users due to regulatory concerns, the report noted that $900 million of the bets placed are on the overall winner of the presidential race, with another $200 million wagered on the popular vote.
related reading：Trump assassination leads Polymarket to set new trading record amid political betting frenzy
Politifi tokens, meme coins linked to political figures, have emerged as another unexpected dimension of crypto's role in the election.
These tokens, which are not officially tied to any campaigns, now have a collective market capitalisation of $440 million. However, the report warns that many of these tokens, including Pepe Trump and DJT, may be scams due to their high volatility.
Former President Donald Trump has also ventured into the crypto world with NFT collections, earning over $9 million in sales.
These NFTs have further merged crypto culture with political campaigning, appealing to both investors and Trump supporters alike.
related reading：Kamala Harris' Odds Surge on Polymarket Following Debate with Trump
While the financial influence of cryptocurrency in the 2024 election demonstrates its increasing prominence, the volatility of politifi tokens and discrepancies between regulatory environments—such as Polymarket’s restriction in the US—highlight potential risks for investors.
The industry's significant involvement in political betting and donations raises questions about its long-term impact on the electoral process.
related reading：U.S. lawmakers urge U.S. Commodity Futures Trading Commission (CFTC) to ban polymarket platforms from 2024 election betting
Feixiaohao’s ongoing investigation underscores the precarious position of crypto platforms in China’s increasingly regulated environment. The platform’s future remains uncertain, casting a shadow over the prospects for similar entities operating in the country.
WenJunThe emergence of the digital RMB has also made overseas people believe that there is no hope for the recovery of China's cryptocurrency.
JinseFinanceTencent and Matrix Partners China lead a $15 million investment in Chainbase, an omnichain data network developer, with plans to launch its mainnet and governance token later this year.
ZeZhengBrock Pierce, a founding veteran of Tether, the issuer of USDT, has released a significant signal, suggesting that China will eventually open its cryptocurrency market. He is preparing to return to work in Hong Kong for the third time.
AlexHong Kong is on the verge of approving a bitcoin ETF, potentially attracting significant investment from mainland Chinese investors.
BerniceChina unveils blockchain initiative, partnering with universities and Conflux for Belt and Road projects. Despite crypto ban, China emphasizes blockchain's non-crypto applications for international cooperation. Conflux's token sees minimal movement, reflecting regulatory environment.
Xu LinChina intensifies its cryptocurrency crackdown, targeting Tether in forex transactions and imposing stricter legal measures.
AlexChina's crackdown on illegal cryptocurrency activities intensifies with Zhao Dong's seven-year prison sentence.
AlexCitizens have been trying to use crypto to avoid restrictions.
ClementThe Hong Kong government is aiming to become a fintech and crypto hub
Beincrypto
