In a strategic move former President of the United States Donald J. Trump announced that his presidential campaign will accept donations in various cryptocurrencies. Supporters Trump campaign can now deposit money using popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE).
Trump’s campaign includes donations of Bitcoin and Dogecoin
In the official statement published on May 21, the Trump presidential campaign announced the launch of an official fundraising website where federally approved donors can support the campaign using cryptocurrencies. The statement revealed that only cryptocurrencies accepted through Coinbase Commerce products can be transferred.
Trump’s recent decision to adopt cryptocurrencies donations are seen as a strategic and political move that will significantly change the way supporters can contribute to the campaign in anticipation of the next elections will be held on November 5. Additionally, it would make Trump’s campaign the first-ever major party presidential candidate to accept cryptocurrencies as donations.
Some of the products supporters can employ to donate include: Bitcoin, Bitcoin Cash, Litecoin, XRP, DAI, Tether USD and many other cryptocurrencies. This development is a positive step forward for the cryptocurrency industry as it encourages greater recognition and adoption of digital currencies for real-world applications.
Additionally, it highlights the growing mainstream acceptance of cryptocurrencies, positioning the Trump campaign at the forefront of contemporary financial trends and signaling former US president’s support for cryptocurrencies and blockchain technology.
Trump surrogate, Vivek Ramaswamy, Also revealed in an interview with Fox Business News that cryptocurrencies now symbolize an alternative financial service from a financial system that has been corrupted by Federal Reserve (FED) for the last 20 years.
He revealed that cryptocurrencies serve as an “opt-out” that holds fiat currencies, particularly the US dollar (USD), accountable and encourages greater transparency and accountability in financial systems.
Policy implications for Trump’s crypto support
In an official statement, the Trump campaign highlighted the former US president’s ongoing efforts to reduce government regulation and promote innovation in the financial sector.
Most recently, Trump has emerged as supporter of cryptocurrencies despite their previous aversion to these digital resources. The campaign revealed that the former US president is currently working to minimize government influence in financial decision-making.
Additionally, Ramaswamy revealed in the above-mentioned interview that Trump was strongly opposed to the Federal Reserve developing the so-called Central Bank Digital Currencies (CBDC)highlighting the financial constraints and privacy risks these assets would pose to US citizens.
The campaign also highlighted Senator Elizabeth Warrennegative stance on cryptocurrencies, noting its intention to create anti-crypto army impose more regulatory restrictions on the growing industry. In response, the Trump campaign suggested creating one its own crypto army to support Trump’s campaign bidusing cryptocurrencies as a symbol of financial freedom.
Featured image created with Dall.E, chart from Tradingview.com
