Donald Trump Campaign vows to make the Bitcoin and Crypto army defeat Biden.
NEW: 🇺🇸 Trump campaign vows to build a Bitcoin and crypto army: CNBC
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Biden supporter Elizabeth Warren criticized crypto by saying she was forming an ‘anti-crypto army’ to limit Americans’ ability to control their own money, as stated in a reelection ad she shared in March 2023.
In response, the Trump campaign announced that its supporters would rally behind a new crypto donation option and build a bitcoin and crypto army that would be aiming for victory on November 5th.
Trump Campaign Embraces Crypto Donations
On Tuesday, May 21, the Trump campaign revealed its plans to start accepting cryptocurrency contributions, portraying this decision as a stand against what they describe as “socialistic government control” over U.S. financial markets.
Supporters of former President Donald Trump now have the option to donate via “any cryptocurrency accepted through the Coinbase Commerce product,” according to the campaign’s press release.
The announcement connects President Joe Biden, who is seeking re-election, with Sen. Elizabeth Warren, D-Mass., a prominent critic of the cryptocurrency industry known for her regulatory push.
“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,” the campaign mentioned, referencing a reelection ad Warren posted on X in March 2023.
With this new cryptocurrency option, the campaign claims, “MAGA supporters will build a crypto army moving the campaign to victory on November 5th!”
Although the Trump campaign has raised more funds than Biden in April, it still trails in overall cash on hand. The new crypto donations will be reported as in-kind contributions, similar to gifts of stock, allowing the campaign to either liquidate or hold onto the digital currency.
“Contribution limits and disclosure requirements for crypto donations will follow Federal Election Commission regulations,” the campaign stated.
This move is part of Trump’s ongoing efforts to engage the crypto community, which, according to April 2023 polling from Pew Research Center, tends to be younger and more male. For instance, in December, Trump sold NFT trading cards that were purchasable in cryptocurrency. Additionally, he hosted a dinner for NFT backers at Mar-a-Lago earlier this month, urging crypto supporters to vote for him due to the Biden administration’s anti-crypto stance, as reported by Politico.
Conversely, Biden’s campaign has remained skeptical about cryptocurrency. Just hours before Trump’s announcement, Biden’s team sent a text warning supporters that “cryptocurrency executives and oil barons are coming out of the woodwork for Trump.”
The Biden campaign did not respond immediately to CNBC’s inquiry regarding their stance on accepting crypto donations.
While Tuesday’s announcement branded Trump as the “first major party nominee” to embrace crypto donations, it should be noted that Trump is not the official nominee until July.
Moreover, other presidential candidates like Robert F. Kennedy Jr. and Sen. Rand Paul have previously accepted cryptocurrency donations. Kennedy announced in May 2023 that his campaign would accept Bitcoin, and Paul did the same during his 2015 presidential run.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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