Donald Trump has made headlines once again by becoming the first presumptive Republican presidential nominee to accept cryptocurrency donations for his official campaign. In a bold move, the former US President launched a crypto fundraising page on Tuesday, allowing eligible donors to contribute using the popular Coinbase Commerce product. This announcement comes just weeks after Trump declared his candidacy for cryptocurrency at the Mar-a-Lago gala, effectively thrusting crypto into the spotlight for the 2024 campaign.
The crypto donation portal currently accepts a variety of crypto assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC), and Ox (ZRX). However, it remains unclear whether the Trump campaign plans to hold onto these crypto assets or sell them.
In a statement, Trump’s team emphasized that this move is part of a larger shift toward freedom. They believe that accepting crypto donations reflects Trump’s commitment to an agenda that values individual freedom over government control. Julia Krieger, a Coinbase spokeswoman, reinforced this sentiment by stating that cryptocurrency is nonpartisan and promotes financial progress due to its cost-effectiveness and speed.
Interestingly, Trump is not the first presidential candidate to accept cryptocurrency donations. In May 2023, Robert F. Kennedy Jr. from the ‘We The People’ campaign announced that they would accept BTC donations. Additionally, Republican Senator Rand Paul accepted BTC donations during his 2015 campaign.
With the introduction of the new crypto donation option, Trump supporters are rallying to build a “crypto army” to combat what they deem as the “anti-crypto army” led by Massachusetts Senator Elizabeth Warren. Although Trump has not proposed any specific pro-crypto policies, his supporters are encouraged by his openness to the positive voices advocating for this emerging asset class. This enthusiasm may be due, in part, to the Biden administration’s historically skeptical stance on cryptocurrencies.
The Biden administration has approached cryptocurrencies cautiously, as demonstrated by the signing of an Executive Order in 2022. This Order aimed to develop digital assets responsibly and called for government agencies to assess the risks and benefits of cryptocurrencies, with a particular focus on consumer protection, financial stability, and central bank digital currencies (CBDCs).
While in office, Donald Trump expressed skepticism about cryptocurrencies, stating in 2019 that he was not a fan of Bitcoin and cryptocurrency. He staunchly supported the US Dollar, referring to it as the only real currency in the country. Trump believed that cryptocurrencies were not real money, their value was highly volatile, and they facilitated illegal activities such as drug trade.
However, an official filing in October 2023 revealed that Trump actually held between $250,000 to $500,000 in digital assets, with Ethereum being the majority of his holdings. Earlier this year, the former President made it clear that he would never support the creation of a CBDC, deeming it a dangerous threat to freedom.
As the 2024 campaign unfolds, it will be interesting to see how Trump’s embrace of cryptocurrencies and the formation of a “crypto army” will influence the political landscape and shape discussions around the future of digital assets.