Ted Cruz launched his presidential campaign on Monday with a fantastic speech at Liberty University, and his campaign raised $1 million in just over 24 hours. Within three days of his official announcement, Cruz’s campaign had raised $2 million.  The Washington Post reports:

Sen. Ted Cruz’s presidential campaign had a goal after it officially launched Monday: raise $1 million in a week.

Turns out it only took a few hours.

The Texas Republican’s campaign says it met its fundraising goal at 2:30 a.m. Tuesday — just a little more than 24 hours after he announced via Twitter that he would be running for president. Cruz made a formal announcement Monday morning at Liberty University in Lynchburg, Va.

As of Thursday night the campaign has raised $2 million, about $500,000 of which came from large-money bundlers. The rest came from online donations.

This is quite remarkable given that the donations are pouring in from average Americans who respond to Cruz’s message of adherence to the Constitution, a limited federal government, a strong economy, substantial tax and other needed reforms, and a coherent foreign policy that foregrounds America’s interests.   He touches on each of these points in his first full-length campaign ad:

His appeal to the grassroots is evident in his ability to fund raise so effectively online; the Cruz campaign hopes to raise $40 million to $50 million by next March.

By contrast, Jeb Bush is reportedly busy with private fund-raisers and meet-and-greets, raising over $1 million in a single day.  From The New York Times:

Although not yet an official presidential candidate, Mr. Bush has had at least seven private fund-raisers and meet-and-greets in the Washington area, raising more than $1.3 million for his political action committee in a single day last month, and he has scheduled another one in April.

The fact that Bush has not yet announced his candidacy and is building his war chest at this rate is unsurprising given his support from the GOP establishment and its deep-pocketed donors, but it does suggest that Cruz has an uphill battle in the fund-raising arena and will need the ongoing financial support of the grassroots.