Connect with us

Hi, what are you looking for?

Investing

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

Donald Trump has reportedly become the first presumptive Republican presidential nominee to accept cryptos for official campaign donations.

The former US President on Tuesday, launched a crypto fundraising page for eligible donors to contribute using the Coinbase Commerce product. The move comes weeks after he declared as the candidate for cryptocurrency at Mar-a-Lago gala that thrust crypto into the 2024 campaign.

Per the crypto donation portal, crypto assets including Bitcoin, (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC) and Ox (ZRX) are accepted currently.

Crypto donations are subject to standard contribution disclosure requirements from the Federal Election Commission (FEC). That said, it isn’t clear whether the Trump campaign will hold onto the crypto or plans to sell it.

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

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

Interestingly, the likely GOP flag bearer in the upcoming US elections, isn’t the first presidential candidate to accept cryptocurrency donations.

Robert F. Kennedy Jr. from ‘We The People,’ announced in May 2023 that his campaign would accept BTC donations. Republican Senator Rand Paul, accepted BTC donations in its 2015 campaign.

Building a ‘Crypto Army’

With the new crypto donation option, Trump supporters are planning to build a ‘crypto army’ to fight with the “anti-crypto army” that Massachusetts Senator Elizabeth Warren has campaigned on.

Although Trump is yet to propose any concrete pro-crypto policies, his supporters are already accepting the positive voices in favor of the nascent asset class. This is possibly due to Biden’s administration taking the anti-crypto stance in the past.

The Biden administration has taken a cautious approach to cryptos. For instance, in 2022, Biden signed an Executive Order, which aims to develop digital assets in a responsible manner. The Order called on government agencies to examine the risks and benefits of cryptocurrencies, with a focus on consumer protection, financial stability and CBDCs.

Trump’s Skepticism on Cryptos

Donald Trump, while in office, has expressed some skepticism about cryptos. In 2019, he said that he was “not a fan of Bitcoin and cryptocurrency.” He strongly supported the US Dollars, calling it the “only real currency” in the US.

“[Cryptos] are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

However, an official filing that circulated in October 2023 revealed that Trump holds between $250,000 to $500,000 in digital assets, and that he held a majority of assets in Ethereum.

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

The post Trump Embraces Crypto Donations, Plans to “Build a Crypto Army” appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

    Editor's Pick

    For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

    Editor's Pick

    On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...

    Editor's Pick

    In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...



    Disclaimer: impactofincome.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 impactofincome.com