Presidential candidate Donald Trump's campaign announced on Tuesday that it will start accepting donations in cryptocurrency.
This move is seen as an attempt to mobilize a strong support base in the form of a "crypto army" in the lead-up to Election Day.
Donald Trump to Accept Cryptocurrency Donations
According to AP News, the Trump campaign has introduced a new fundraising page that allows donors to contribute to its political committees using various crypto assets accepted through the Coinbase cryptocurrency exchange.
The statement highlights Trump's stance on cryptocurrencies and resonates with a key demographic of tech-savvy, young male voters who are showing growing interest in digital assets. A surprising development emerged as Trump's defense wrapped up in his hush-money case in New York.
Cryptocurrencies are a digital asset that can be traded online, independent of traditional banking systems.
The Trump campaign has decided to embrace a variety of widely-used cryptocurrencies, such as Bitcoin, Ether, and US Dollar Coin. Additionally, they are also accepting smaller-value coins that have gained popularity among Internet personalities, like Shiba Inu Coin and Dogecoin.
The campaign announced that supporters of the movement will now have the option to use a new cryptocurrency, further strengthening their efforts to achieve victory on November 5.
The move presents an opportunity for the Trump campaign to access additional funds. Despite outpacing the Democratic incumbent in fundraising during April, the campaign still trails behind Biden in terms of available cash.
Crypto donations will be treated similarly to stock gifts, as in-kind contributions. The campaign has the option to either sell off the digital currency or hold onto it.
The Trump campaign stated that the regulations for crypto donations will adhere to the Federal Election Commission guidelines, including contribution limits and disclosure requirements.
Trump Seeks Crypto Community's Support
The adoption of cryptocurrency is the most recent move by Trump to appeal to the crypto community, which is predominantly composed of younger males, as indicated by a survey conducted by Pew Research Center in April 2023.
In December, there was news about Trump selling a limited run of NFT trading cards that were available for purchase using cryptocurrency.
In a display of opulence, he recently organized an extravagant dinner for his NFT supporters at the prestigious Mar-a-Lago club.
During the event, Trump urged his supporters in the crypto community to cast their votes in his favor, claiming that the Biden administration holds a negative stance towards cryptocurrency.
Biden's campaign, on the other hand, has reflected his administration's cautious stance towards cryptocurrency and those who lead it.
Prior to the Trump campaign's recent focus on attracting crypto donors, Biden's team reached out to supporters with a fundraising text, cautioning them about the influx of cryptocurrency executives and oil barons supporting Trump, CNBC reported.
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