Biden’s Campaign Team Considers Accepting Crypto Donations to Demonstrate Support: Report
The re-election team of US President Joe Biden is reportedly exploring the idea of accepting cryptocurrency donations for the upcoming election campaign.
Sources close to the campaign team have revealed that discussions are underway with various crypto businesses to potentially accept crypto donations through Coinbase Commerce. The aim behind this move is to demonstrate that the Biden administration is not against the crypto industry.
One insider working with politicians mentioned that the team is actively engaging with crypto-related issues and is seeking to show support for the industry by exploring quick wins.
In a recent development, Biden’s campaign team had called for financial support to match the donations received by his Republican counterpart. A viral screenshot showed Biden’s team cautioning supporters about the substantial donations received by Trump’s campaign.
Acknowledging that Trump’s campaign was surpassing his own in fundraising, Biden confessed that crypto executives were backing Trump’s efforts.
Reports indicate that those close to Biden are urging the campaign team to prioritize understanding and engaging with the crypto community to avoid losing the election. While crypto donations are still in the early stages of consideration, Biden’s team is actively contemplating the possibility.
On the other hand, Donald Trump, the presumptive Republican presidential nominee, has already embraced crypto donations for his campaign. His fundraising page now accepts donations in various cryptocurrencies including Bitcoin (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC), and Ox (ZRX).
Trump has publicly expressed his support for cryptocurrency, even going as far as to declare himself a “crypto president” during a recent fundraising event in San Francisco. Additionally, he has promised to grant a presidential pardon to Ross Ulbricht, the founder of Silk Road, if he is re-elected.
Both campaigns are making significant strides in engaging with the crypto community, signaling a shift in traditional fundraising methods in the political landscape.