Cryptocurrency contribution to 2024 U.S. election exceeds $1.2 billion, Polymarket political bets exceed $1.1 billion

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

Cryptocurrency political influence is bipartisan

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 closes $1.1 billion in 2024 election bets

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

Rise of Politifi Tokens and NFT Sales

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

polymarket betting could influence election results

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