Former US President Donald J. Trump announced that his campaign will accept donations in Bitcoin and various cryptocurrencies, marking a milestone as the first major party presidential candidate to use this fundraising strategy. 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). They 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 cryptocurrencies. pic.twitter.com/RaaMpafqNV
– Balaji (@balaji) May 21, 2024
Trump is investing all in Bitcoin and cryptocurrencies
According to the campaign's press release, the move adds “to President Trump's already groundbreaking digital fundraising (and) marks the first time a major party's presidential candidate has embraced cryptocurrency for donations.” This initiative is not only an expansion of the campaign's digital fundraising operation but also a strong political statement in favor of the role of Bitcoin and cryptocurrencies in promoting financial freedom and innovation.
The campaign contrasts its embrace of cryptocurrencies with the positions of key Democratic opponents, especially President Joe Biden and Senator Elizabeth Warren, who have expressed significant doubts about the usefulness and regulation of digital currencies. The press release specifically refers to Senator Warren's efforts to curb the cryptocurrency sector, which she has often described as a “murky system” that needs more stringent regulation.
Biden's surrogate, Elizabeth Warren, said in an attack on cryptocurrencies that she was building an “anti-crypto army” to restrict Americans' right to make their own financial choices. MAGA supporters, who now have a new cryptocurrency option, will build a cryptocurrency army to take the campaign to victory on November 5th!”, the press release states.
“Just the beginning of the Trump news,” David Bailey, CEO of Bitcoin Magazine, who developed the Bitcoin agenda with the Trump campaign, commented via X, highlighting the significance of the move.
He added: “Trump's maximum individual contribution, make sure to pay in Bitcoin or cryptocurrencies. We have his attention now. Many decisions are being made. We want to validate this move with impressive numbers and keep him moving… Everything is on the table now. 3,000 people will arrive.” Their maximum individual contribution over the next 48 hours (up to roughly $10 million) will stun Trump.
The Trump campaign has made it clear that all cryptocurrency contributions will strictly adhere to Federal Election Commission (FEC) regulations. These donations will be reported as in-kind contributions, similar to stock gifts, providing a transparent framework for how these funds are accounted for. Donors are directed to a specific page on the Trump campaign's official website where they can complete their transactions through Coinbase Commerce, choosing from a wide range of cryptocurrency options.
The strategic move comes at a critical time as Trump's campaign finances have shown strong growth, even surpassing President Biden's fundraising totals in April, according to reports. However, the Biden campaign still has a larger reserve of cash on hand. By opening the campaign to cryptocurrency donations, Trump is not only diversifying his fundraising options, but potentially tapping into cryptocurrency voters who are single-issue voters.
While 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 dabbled in cryptocurrencies. Both Robert F. Kennedy Jr., running an independent presidential campaign, and Senator Rand Paul in his 2015 presidential campaign have accepted Bitcoin. However, the range and diversity of cryptocurrencies now accepted by the Trump campaign sets a new precedent in terms of the breadth of digital assets involved.
At press time, Bitcoin was trading at $69,617.
Featured image from WBEZ, chart from TradingView.com
