Over recent years, Trump has shifted his stance to support cryptocurrencies, previously calling them a “scam”. Now, he has even started accepting crypto donations for his presidential campaign.
The world’s richest man now supports former United States President Donald Trump’s bid for the White House. According to a report by the Wall Street Journal, Elon Musk, the CEO of Tesla and SpaceX, is planning to contribute around $45 million per month to a newly formed super PAC supporting Trump. The WSJ states that “people familiar with the matter” revealed this to it. The quarterly financial report submitted to the Federal Election Commission (FEC) reveals that Musk had not donated to the group, named America PAC, as of June 30.
Notably, America PAC was established in late May this year. Between its formation and the end of June, America PAC raised $8.8 million and spent $7.8 million. This leaves it with just under $1 million in cash on hand.
Trump’s bid has already garnered contributions from several high-profile entrepreneurs. Palantir co-founder Joe Lonsdale and Gemini exchange co-founders Cameron and Tyler Winklevoss are among the notable donors to the America PAC. Moreover, former US ambassador to Canada Kelly Craft and her husband, Joe Craft, who is the CEO of coal producer Alliance Resource Partners, also support this super PAC.
According to multiple reports, Lonsdale contributed $1 million to America PAC through his company Lonsdale Enterprises. Additionally, a recent filing reveals that the Winklevoss twins each donated $250,000 to the super PAC.
Musk’s Support
Trump has recently secured enough delegates to officially become the Grand Old Party (GOP) nominee. He has also announced Ohio US Senator J.D. Vance as his vice presidential running mate.
Over recent years, Trump has shifted his stance to support cryptocurrencies, previously calling them a “scam”. Now, he has even started accepting crypto donations for his presidential campaign. This shift has helped him gain popularity within the crypto community.
Musk is a big name in the crypto world. He has influenced the prices of several meme coins, including the recent rally of Dogwifhat (WIF) in June. The billionaire recently endorsed Trump on X. This support came shortly after Trump survived an assassination attempt at a campaign rally on July 13. His recent plan to donate $45 million to the super PAC solidifies Trump’s presence in the community.
Meanwhile, PoliFi meme coins are seeing a surge as recent polls indicate increasing chances of Trump’s victory over Joe Biden. For instance, the MAGA token has risen by over 35% in the past week. Similarly, the Never Surrender (TRUMP) token has soared more than 145% over the same period. The broader cryptocurrency market has also seen major growth, with Bitcoin climbing back to the $64,000 level.
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