The Trump campaign declared on Tuesday that it will begin to accept payments in cryptocurrencies, presenting the action as a show of support for those who oppose “socialistic government control” of the financial systems in the United States.
According to a news release from his campaign, supporters of the late president Donald Trump can make donations with “any cryptocurrency accepted through the Coinbase Commerce product.”
With this declaration, Sen. Elizabeth Warren of Massachusetts, an outspoken opponent of cryptocurrencies who has advocated for strict regulations on the fledgling sector, is linked to President Joe Biden, who is seeking reelection against Trump.
The campaign cited a reelection advertisement that Elizabeth Warren placed on X in March 2023, saying, “Biden surrogate Elizabeth Warren said in an attack on cryptocurrency that she was building a ‘anti-crypto army’ to restrict Americans’ right to make their own financial choices.”
‘MAGA supporters, now with a new cryptocurrency option, will build a crypto army moving the campaign to victory on November 5th!” the campaign stated.
The action creates a fresh avenue for potential funding for the Trump campaign, which, while outraising the Democratic incumbent in April, still trails Biden in cash on hand.
Donations of cryptocurrency will be recognized as in-kind contributions, similar to stock gifts. After then, the campaign has the option of keeping the digital money or liquidating it.
“Contribution limits and disclosure requirements for crypto donations will follow Federal Election Commission regulations,” the Trump campaign stated.
Pew Research Center research from April 2023 indicates that Trump’s embrace of cryptocurrency is simply the most recent in a series of attempts to court the community, which leans more male and younger.
For example, Trump offered a limited edition of NFT trading cards in December that could be purchased using cryptocurrencies.
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He gave his NFT backers a fancy dinner at the Mar-a-Lago club earlier this month.
There, according to Politico, Trump advised supporters of cryptocurrencies to “better vote” for him because the Biden administration is “against” cryptocurrencies.
Meanwhile, Biden’s campaign has reflected the mistrust that his administration has shown for cryptocurrencies and their proponents.
Biden’s staff informed supporters in a fundraising text that “cryptocurrency executives and oil barons are coming out of the woodwork for Trump” just hours before the Trump campaign began courting cryptocurrency donations.
According to the campaign’s announcement on Tuesday, Trump is the “first major party nominee” to accept cryptocurrency contributions. However, Trump’s nomination is not official until July.
Furthermore, he is hardly the first presidential contender to take payments in cryptocurrencies.
In May 2023, Robert F. Kennedy Jr., who is launching an unlikely independent presidential campaign, declared that he will take bitcoin contributions. Bitcoin donations were accepted by Sen. Rand Paul, R-Ky., for his own presidential campaign in 2015.
