Former US President Donald J. Trump announced that his campaign would accept donations in Bitcoin and various cryptocurrencies, marking a milestone as the first major party presidential candidate to use this strategy. Fund raising. The announcement was made via an official campaign press release.
The Trump campaign’s new fundraising initiative incorporates the use of popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), and Shiba Inu (SHIB). These can now be donated through Coinbase Commerce, a service that allows merchants to accept multiple cryptocurrencies directly into a user-controlled wallet.
Trump now accepts crypto. pic.twitter.com/RaaMpafqNV
– Balaji (@balajis) May 21, 2024
Trump goes all-in on Bitcoin and crypto
According to the campaign’s press release, the move adds “to President Trump’s already groundbreaking digital fundraising effort (and) marks the first time a major party presidential candidate has adopted the cryptocurrency for his donations. This initiative is not only an expansion of the campaign’s digital fundraising operation, but also a strong political statement in support of the role of Bitcoin and crypto in improving financial freedom and innovation .
The campaign contrasts its embrace of cryptocurrency with the positions of leading Democratic opponents, particularly President Joe Biden and Senator Elizabeth Warren, who have expressed significant skepticism about the usefulness and regulation of digital currencies. The press release specifically calls out the senator Warren’s efforts to restrict the crypto industry, which she has often described as a “dark system” in need of stricter regulation.
“Biden surrogate Elizabeth Warren said in an attack on cryptocurrency that she is building an “anti-crypto army” to restrict Americans’ right to make their own financial choices. MAGA supporters, now with a new cryptocurrency option, will build a cryptocurrency army to lead the campaign to victory on November 5th! ”, says the press release.
David Bailey, CEO of Bitcoin Magazine, which developed Bitcoin agenda with the Trump campaigncommented via X, emphasizing the importance of this decision: “This is just the beginning of the Trump news. »
He added: “Maximize individual contribution to Trump, make sure you pay in bitcoin or crypto. We have his attention right now. Many decisions are made. We want to validate this movement with impressive figures and move it forward… Everything is on the table at the moment. If 3,000 people max out their individual contribution over the next 48 hours (which is about $10 million), Trump is going to be blown away.
The Trump campaign clarified that all crypto contributions will strictly adhere to Federal Election Commission (FEC) regulations. These donations will be reported as in-kind contributions, similar to stock donations, providing a transparent framework for how these funds will be accounted for. Donors are directed to a specific page on the official Trump campaign website where they can transact through Coinbase Commerce, choosing from a wide range of crypto options.
The strategic move comes at a critical time as the Trump campaign’s finances have shown robust growth, even surpassing President Biden’s fundraising totals in April, according to reports. However, Biden’s campaign still maintains a larger cash reserve. By opening the campaign to crypto donations, Trump is not only diversifying his fundraising options, but he is potentially exploiting crypto voters who are single-issue voters.
Although the Trump campaign claims to be the first major party candidate to accept cryptocurrencies, it is important to note that other political figures have also engaged in crypto. Robert F. Kennedy Jr.., running an independent presidential campaign, and Senator Rand Paul during his 2015 presidential campaign, have both accepted Bitcoin. However, the scale and variety of cryptocurrencies now accepted by the Trump campaign have set a new precedent in terms of the scope of digital assets involved.
At press time, BTC was trading at $69,617.
Featured image from WBEZ, chart from TradingView.com
