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Trump accepts cryptocurrency donations and plans to “build a crypto army”

This initiative aims to capitalize on the growing popularity of cryptocurrencies among supporters and their potential to fund political campaigns.

Date: 2024-05-22 Author: Łukasz Michałek
Trump accepts cryptocurrency donations and plans to “build a crypto army”

Donald Trump has reportedly become the first presumptive Republican presidential candidate to accept cryptocurrencies as official campaign contributions.

The former U.S. president launched a cryptocurrency fundraising page on Tuesday, for eligible donors to make contributions using the Coinbase Commerce product. The move comes weeks after he announced himself as a crypto-backed candidate at the Mar-a-Lago gala.

The donation portal currently accepts Bitcoin, (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC) and Ox (ZRX).

Cryptocurrency donations are subject to standard donation disclosure requirements imposed by the Federal Election Commission (FEC). However, it is unclear whether the former president will keep the assets or whether he intends to sell them to finance his campaign.

The statement said the move is “part of a seismic shift toward freedom.” The statement “reflects Trump’s commitment to an agenda that values freedom over socialist government control,” the statement – it added.

Coinbase spokeswoman Julia Krieger told the Associated Press that the platform is open to all candidates this election season. “Crypto is unbiased and moves money forward because it’s cheaper and faster,” she added.

Interestingly, Donald Trump is not the first presidential candidate to accept cryptocurrency donations.

Robert F. Kennedy Jr. of We The People announced in May 2023 that his campaign would accept donations in BTC. And Republican Senator Rand Paul accepted donations in BTC in his 2015 campaign.

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Building a “crypto army”

With the new cryptocurrency donation option, Trump’s supporters plan to build a “crypto army” to fight the “anti-crypto army” that Massachusetts Senator Elizabeth Warren campaigned on.

Although Trump has yet to propose any specific pro-crypto policies, his supporters are already accepting positive votes in favor of the nascent asset class. This is likely due to the fact that the Biden administration has taken an anti-crypto stance in the past.

The Biden administration has taken a cautious approach to cryptocurrencies. For example, in 2022. Biden signed an executive order aimed at developing digital assets responsibly. The order called on government agencies to study the risks and benefits of cryptocurrencies, with a focus on consumer protection, financial stability and CBDC.

Trump’s skepticism toward cryptocurrencies

Donald Trump has expressed some skepticism about cryptocurrencies while in office. In 2019, he said he was “not a fan of Bitcoin and cryptocurrencies.” He has been a strong supporter of the U.S. dollar, calling it the “only real currency” in the United States.

“[Crypto] is not money, and its value is highly volatile and based on air. Unregulated crypto assets can facilitate illegal behavior, including drug trafficking and other illegal activities.

However, an official filing that circulated in October 2023 revealed that Trump had $250,000 to $500,000 worth of digital assets and that he held most of his assets in Ethereum.

Earlier this year, the former president said he would never allow the creation of a CBDC, calling it a “dangerous threat to freedom.”

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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