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Trump crypto donations: Better ‘financial choices’ or ‘another cow to milk’?

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Donal Trump makes a divisive shift, starts accepting Bitcoin as election donations.

Trump crypto donations: Better 'financial choices' or 'another cow to milk'?

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  • Donald Trump has started accepting crypto donations for his 2024 presidential campaign.
  • Cryptocurrencies see an increased importance in the political discourse.

As anticipation builds for the United States presidential elections of 2024, former President Donald Trump has made a bold move.

On the 21st of May, Trump’s presidential campaign launched a fundraising page, enabling federally permissible donors to contribute using cryptocurrency through Coinbase Commerce.

This move stands in stark contrast to his opponent, President Joe Biden, who has been known to advocate for stricter crypto regulations.

Trump’s bold move

The announcement highlighted the reasons behind this decision and read,

“Today’s announcement reflects President Trump’s commitment to an agenda that values freedom over socialistic government control.”

Providing further insight into the Trump campaign’s intentions, the announcement emphasized,

“Biden surrogate Elizabeth Warren said in an attack on cryptocurrency that she was 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 crypto army moving the campaign to victory on November 5th!”

The remark on the ‘anti-crypto army’ was made in line with Warren’s re-election ad in March 2023.

Donald Trump donations are a paradigm shift 

These recent developments underscore a notable shift in the political landscape: in previous election cycles, cryptocurrency held little sway.

However, heightened regulatory scrutiny by the Securities and Exchange Commission (SEC) targeting numerous crypto firms has ignited a debate among voters.

This newfound attention has pushed cryptocurrency into the forefront of political debate and campaign tactics, making it a big deal in the 2024 elections.

These developments beg the question: Will Trump’s recent actions reduce Biden’s chances of winning the election?

Trump’s various pro-crypto stance 

Trump has actively embraced cryptocurrency, including selling limited-run NFT trading cards for cryptocurrency in December 2023 and hosting a lavish dinner for his NFT buyers at the Mar-a-Lago club earlier in May.

In contrast, Biden’s campaign reflects his administration’s cautious stance towards cryptocurrency and its proponents.

Well, Trump is not the first to accept crypto donations. Back in 2015, Sen. Rand Paul accepted Bitcoin donations for his presidential campaign.

Additionally, Robert F. Kennedy Jr., also announced in May 2023 that his independent presidential bid would accept bitcoin donations.

However, despite Trump’s efforts to gain traction in the presidential race, David Hoffman, co-founder of Bankless, argues that his pro-crypto stance is nothing more than a joke.

Hoffman's tweet on Trump

Source: David Hoffman/X

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Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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