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Crypto ‘beats’ Big Oil – Is it finally mainstream after $119M contributions?
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- Crypto industry is edging ahead of other corporations to influence U.S elections
- PolitiFi narratives have received huge boosts ahead of the elections
The cryptocurrency industry has poured $119 million into PACs to influence the 2024 U.S Presidential elections, positioning itself as the leading corporate spender. In fact, nearly half, or 48%, of the all corporate contributions this year totaling $274 million, have come from crypto-related entities.
A recent report also highlighted how these corporations are leveraging the Supreme Court’s 2010 Citizens United ruling to dominate election spending. In doing so, they are even surpassing traditional sectors like Big Oil.
Source: OpenSecrets.org
Coinbase, Ripple, and Jump top the spending charts
Among the big spenders, Coinbase, Ripple, and Jump Crypto stand out, collectively contributing around $114 million to shape the 2024 elections.
In fact, their spending over the last three election cycles represents 15% of all corporate donations since the Citizens United decision. Only Koch Industries has outspent the crypto industry over the last 14 years.
Source: OpenSource.org
The unprecedented financial involvement from these crypto companies is making cryptocurrency a central issue in this election cycle. Simply said, it is now setting a new standard for corporate influence in politics.
Kamala Harris changing her position on crypto?
Initially, VP Harris advocated for a 45% long-term capital gains tax, the highest since 1922, along with a 25% tax on unrealized gains for the wealthy. She has since adjusted her position though.
In fact, by recognizing the crypto community’s significant role in this election, she has pledged support for policies that foster the growth of Bitcoin and digital assets in the United States.
Donald Trump’s latest odds
Despite the Vice President’s pivot on crypto, Donald Trump remains ahead in the polls, holding a 51% lead compared to Harris’s 48%. It must be said, however, that the Former President’s lead over his opposing candidates has narrowed of late.
As far as the crypto-community is concerned, so far, it is largely backing Trump. Many anticipate that his presidency could further drive cryptocurrency adoption in the United States.
Source: Polymarket
PolitiFi narrative in crypto explodes
As far as political cryptocurrencies are concerned, the MAGA-themed memecoin tied to Trump’s narrative surged by 50% in just 24 hours. It is expected to appreciate even more as the election date draws nearer.
This project is a significant player in the PolitiFi narrative, especially with only 76 days left until the election. If Trump wins, the crypto’s value could see further gains, with potential targets of $10, $17 (its all-time high), and even $40.
Source: Dexscreener
