Trump campaign now accepting cryptocurrency donations

Former US President Donald Trump announced on Tuesday that his campaign will start accepting cryptocurrency donations. The move is seen as a show of solidarity with opponents of what they view as “socialistic government control” over the U.S. financial markets.

Supporters of Trump can now donate using any cryptocurrency accepted through the Coinbase Commerce product, according to a press release from the campaign. This announcement comes as President Joe Biden is running for re-election against Trump, and it ties Biden with Sen. Elizabeth Warren, a vocal critic of cryptocurrency.

The Trump campaign referenced an attack on cryptocurrency by Elizabeth Warren, in which she mentioned building an “anti-crypto army” to restrict Americans’ financial choices. The campaign stated that MAGA supporters, now with a new cryptocurrency option, will build a crypto army moving the campaign to victory on November 5th.

This move opens up a new source of potential funds for the Trump campaign, which still lags behind Biden in cash on hand. Crypto donations will be reported as in-kind contributions, similar to gifts of stock, and will follow Federal Election Commission regulations for contribution limits and disclosure requirements.

This announcement is just the latest in a series of efforts by Trump to court the crypto community, which tends to skew younger and more male according to polling data from the Pew Research Center. Trump has previously sold NFT trading cards for cryptocurrency and hosted a dinner at the Mar-a-Lago club for his NFT backers.

In contrast, Biden’s campaign has shown skepticism toward cryptocurrency and its leaders. Hours before the Trump campaign started accepting crypto donations, Biden’s team sent a fundraising text warning supporters that “cryptocurrency executives and oil barons are coming out of the woodwork for Trump.”

While the Trump campaign touted Trump as the “first major party nominee” to embrace crypto donations, it’s worth noting that he is not the official nominee until July. Additionally, he is not the first presidential candidate to accept cryptocurrency donations, with Robert F. Kennedy Jr. and Sen. Rand Paul having accepted bitcoin donations for their campaigns in the past.

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