Trump Embraces Crypto Donations, Plans to “Build a Crypto Army”

In a groundbreaking move, former U.S. President Donald Trump has become the first presumptive Republican presidential nominee to accept cryptocurrencies for official campaign donations. The launch of a crypto fundraising page on Tuesday marks a significant shift in the political landscape, thrusting crypto into the heart of the 2024 campaign.

Crypto Donations: A Seismic Shift

The crypto donation portal, powered by Coinbase Commerce, now accepts a range of digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC), and Ox (ZRX). Eligible donors can contribute using these cryptocurrencies, subject to standard contribution disclosure requirements from the Federal Election Commission (FEC).

Trump’s move is more than just a fundraising tactic; it represents a seismic shift toward freedom. By embracing crypto donations, he underscores his commitment to an agenda that values individual liberty over government control. Julia Krieger, a Coinbase spokeswoman, emphasized that crypto is nonpartisan and facilitates faster, cheaper transactions—a sentiment echoed by many in the crypto community.

Building a “Crypto Army”

With this new crypto donation option, Trump supporters are rallying to build a “crypto army.” Their goal? To counter the “anti-crypto army” championed by Massachusetts Senator Elizabeth Warren. While Trump has yet to propose specific pro-crypto policies, his supporters are already amplifying positive voices in favor of this nascent asset class. The backdrop of Biden’s administration taking a cautious stance on cryptocurrencies further fuels their enthusiasm.

Biden’s Approach to Cryptos

President Joe Biden’s administration has approached cryptocurrencies with caution. In 2022, Biden signed an Executive Order directing government agencies to examine the risks and benefits of digital assets. The focus was on consumer protection, financial stability, and central bank digital currencies (CBDCs). While Biden’s stance aims for responsible development, it contrasts with the growing crypto enthusiasm among Trump’s supporters.

Trump’s Historical Stance on Cryptos

During his tenure in office, Trump expressed skepticism about cryptocurrencies. In 2019, he publicly stated that he was “not a fan of Bitcoin and cryptocurrency,” emphasizing his support for the U.S. Dollar as the “only real currency” in the country. His view characterized cryptos as volatile and based on thin air. However, his recent embrace of crypto donations signals a shift in perspective, aligning with the broader trend of digital asset adoption.