Trump’s Bitcoin Debt: Huge Donation Now Owed

Trump’s Campaign Accepts Crypto Donations, Winklevoss Twins Make a Big Move

Bitcoin Bonanza Exceeds Legal Limit

The Winklevoss twins, founders of Gemini, recently made a significant donation to Donald Trump’s presidential campaign in the form of bitcoin. Unfortunately, their contribution exceeded the maximum allowed amount under federal law, resulting in a refund.

On June 20, the twins tweeted about their donation, following a tumultuous period for Gemini. The company had previously settled allegations of misconduct with US and New York state financial regulators in February.

It’s unclear whether the Trump campaign returned the donation in bitcoin, converted it to its dollar value, or opted for a different cryptocurrency, such as $TRUMP.

Pro-Crypto Campaign Deemed a Marketing Stunt?

Trump’s campaign had announced that it would accept donations in eight different cryptocurrencies, including bitcoin and Dogecoin. The campaign’s decision to allow crypto donations raised questions about its motives. Was it an attempt to attract more donations, or was it simply a marketing stunt?

On-chain data from Breadcrumbs reveals that Trump’s campaign received only $59,000 in crypto donations between May 21 and June 17. This includes trackable assets on the Ethereum, Polygon, and Base blockchains. Excluded from these figures are contributions made through centralized exchanges like Coinbase and Gemini, which are recorded “off-chain” in the exchanges’ order books.

The Fate of the Winklevoss Twins’ Donated Bitcoins

According to Bloomberg, the donated bitcoin will be distributed among Trump’s campaign, the lead political action committee, the Republican National Committee, and 42 state Republican Party committees.

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