Donald Trump significantly outperforms Joe Biden in fundraising for May and explores cryptocurrency options | US News
New figures reveal that Donald Trump’s presidential campaign raised significantly more funds than Joe Biden’s campaign last month.
In May, the Republican candidate received £111m in contributions, with a large portion coming in after he was convicted of falsifying business records.
Following the verdict, a New York jury found Trump guilty of concealing a “hush money” payment to adult film star Stormy Daniels, resulting in a billionaire donating £39.5m.
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Trump’s campaign has declined to disclose its current cash reserves, leading critics to speculate that the politician is allocating substantial funds towards legal expenses.
In contrast, Mr. Biden raised £67m in May, approximately 40% less than Trump, with Democratic records showing £167m available for the election campaign.
Julie Chavez Rodriguez, who oversees Biden’s campaign, stated: “The funds we are continuously raising are crucial in developing a strategic campaign that invests in engaging and winning crucial voters, which stands in stark contrast to Trump’s superficial campaign activities.”
The recent data illustrates a shift in US political norms, where a presidential candidate’s felony conviction would have traditionally ended their campaign; however, Trump’s situation sparked a surge in financial backing.
He is likely to utilize these funds for increased advertising efforts in swing states as the November election approaches.
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Fundraising data for June is still pending, with a recent fundraiser attended by celebrities and former president Barack Obama gathering over £23m for the Democrats.
Billionaire Michael Bloomberg contributed £15m to pro-Biden organizations and publicly endorsed the incumbent president last Thursday.
Meanwhile, Trump has started embracing cryptocurrencies to bolster his campaign finances.
Despite previously criticizing Bitcoin as a “scam” and lacking intrinsic value, Trump has reversed his stance and expressed support for the digital currency industry, aiming to become the “crypto president.”
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Trump has become the first major US election candidate to accept cryptocurrency donations, with rumors circulating this week about his launch of a digital asset named “TrumpCoin,” causing a surge in demand.
Cameron and Tyler Winklevoss, crypto billionaires known for their legal dispute with Mark Zuckerberg, donated £1.6m in Bitcoin to Trump, citing his favorable stance towards Bitcoin, cryptocurrency, and business.
