Mr Viral
Donald Trump’s crypto platform has faced technical setbacks and seen few token sales (just 4.21%).
However, crypto donations for Trump’s campaign are pouring in, with Trump 47, his political action committee (PAC) raising ~$287M year-to-date.
In addition, Kamala Harris’ recent announcement might be why $BTC spiked ~10% this week.
The performance of Donald Trump’s family-run crypto platform has been less than stellar. It encountered tech setbacks and very few token sales (just 4.21%) post-launch.
Despite the lackluster performance, financial support for Trump keeps coming. A pro-Trump committee has raised $287M in crypto donations since October last year.
Kamala Harris’ latest pledge to improve the regulation of digital assets has also impacted the crypto landscape. It might even be why $BTC suddenly spiked 10% this week.
Just 4.21% $WLFI Snatched Up Post-Launch
World Liberty Financial released 20B governance tokens (20% of its total token supply) on Tuesday at 1.5 cents apiece, available to buy in $ETH, $USDC, $USDT, or $WETH.
However, not many crypto investors and Trump supporters seem to be bothered about having voting rights on the platform’s future trajectory.
Despite the project having 100K signups ahead of the token launch and targeting $300M $WLFI sales, just $9M of the governance coin was purchased on the first day.
Since then, only 842M tokens have been acquired, accounting for just 4.21% of the tokens up for grabs.
The platform’s sluggish start (which integrates Aave for Ethereum-based utility) may have a knock-on effect and further deter potential buyers.
Amid all the fanfare and anticipation of the token’s launch, World Liberty Financial’s website crashed for hours, perhaps owing to high demand.
Over 100K prospective buyers were reportedly on $WLFI’s allowlist for pre-approved token access ahead of the general public.
Pro-Trump Committee Raises ~$287M in Donations
Despite the crypto platform’s flop, Trump 47 has raised ~$287M year-to-date, $1.45M of which was accumulated between July and September.
The capital goes toward bolstering the former president’s campaign in a bid to help him reclaim the presidential seat on November 5.
Over the past three months, the PAC has received hefty amounts of $BTC, $ETH, $XPR, $USDT, and $USDC.
BTC Media Group’s CEO David Bailey ($498K $BTC), Ripple’s legal chief officer Stuart Alderoty ($300K $XRP), and Gemini’s co-founders Tyler and Cameron ($1.1M) are the biggest backers.
Chase Herro (one of World Liberty Financial’s co-founders) and Mike Belshe (BitGo’s CEO) also donated around $100K $BTC combined.
Additional contributors include Gary Cardone of Cardone Digital Ventures, Bruce Fenton of Chainstone Labs, and Trevor Traina of Kresus Labs.
Harris’ Crypto Announcement Triggers Controversy
And then there’s Kamala Harris’ crypto stance. On Monday, she vowed to create a regulatory framework for digital assets that supports black men and other market participants – albeit not without backlash.
Nonetheless, since her announcement, $BTC climbed by ~10%, from a ~$62K low to a ~$68K high.
Crypto-Politics – A Tough Nut to Crack?
The dichotomy surrounding Trump’s crypto platform, fundraising efforts, and Harris’ digital asset regulations highlight the complexities of merging politics and crypto.
The stark contrast between World Liberty Financial’s performance and Trump 47’s crypto donations shows the industry is a skewed playing field.
If Harris wins the presidency, her advocacy for a crypto regulatory framework might stabilize the market and boost $BTC further.
However, on Polymarket, Trump is currently leading the presidential race with 59.9% of votes.
References
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