- Trump’s crypto holdings reflected his significant belief in the sector
- Former President’s Polymarket odds exceeded 60% chances of winning, at press time
Donald Trump has been quite vocal about his support for digital currencies lately, but how much does he truly support them?
Well, according to the latest datasets from Arkham Intelligence, the former President is very supportive after all. In fact, on 18 October, his crypto holdings were valued at upwards of $7.89 million.
Source: Arkham Intelligence
Interestingly, over 65% of his current crypto portfolio consists of memecoins, with Trump-inspired tokens making up a major portion of his assets.
His largest holding includes the MAGA (TRUMP) token – Valued at $3.15 million.
Trump for crypto?
While his portfolio reflected confidence, the Republican candidate hasn’t always been a fan of cryptocurrencies. And yet, his position has shifted since and now, his election policies are viewed as being quite favorable for the crypto sector.
In May, Trump became the first major-party Presidential candidate to accept cryptocurrency donations. Additionally, a Political Action Committee (PAC) backing former U.S. President Donald Trump’s presidential campaign raised $7.5 million in cryptocurrency contributions.
According to a filing on 15 October by the Federal Election Commission, the PAC received donations in BTC, Ether, XRP, and stablecoins such as Tether and USD Coin between July and September.
How will crypto influence the election?
The “Crypto Voting Bloc National Survey” by the Digital Chamber found that one in seven likely voters, or about 16% (26 million people), considers crypto a key issue. They are more likely to support pro-crypto candidates.
Also, approximately 40% of Black voters indicated that crypto is a crucial factor in determining their choice for the 2024 elections.
Supporters of both Trump and Vice President Kamala Harris believe that their respective candidates are more supportive of cryptos, than the opposing candidate.
The survey also suggested that supporting the crypto industry should be at least a medium-level priority for the President and the U.S Congress.
Interestingly, those most familiar with crypto hold more positive views. And, Americans with greater knowledge of crypto tend to trust the government more too.
Trump vs. Harris: Who is leading?
Meanwhile, his pro-crypto position has certainly helped Trump’s prospects in this election. With only 18 days left, the former President is leading with around 22 points.
According to the 2024 Election Forecast on Polymarket, Trump has a 60.7% chance of winning, while Harris trails behind with a 38.9% chance.
As the clock ticks, only time will tell how the future of the United States and crypto will unfold.
Source: Polymarket
