Donald Trump's presidential campaign announced on Tuesday that it will start taking bitcoin donations in an attempt to assemble what it refers to as a "crypto army" in the run-up to Election Day. (Photo : by David Dee Delgado/Getty Images)
Donald Trump's presidential campaign announced on Tuesday that it will start taking bitcoin donations in an attempt to assemble what it refers to as a "crypto army" in the run-up to Election Day.
Through the Coinbase cryptocurrency exchange, "any federally permissible donor the ability to give" to the Trump campaign's political organizations using any cryptocurrency asset accepted, the campaign has developed a fundraising page.
The announcement appeals to a core demographic of young male voters who are more prone to experiment with digital assets and supports Trump's claim that he is a crypto-friendly candidate. It happened as Trump's legal defense in his New York hush money lawsuit was coming to an end.
Digital assets known as cryptocurrencies can be exchanged online without the help of the international financial system.
In addition to well-known cryptocurrencies like Bitcoin, Ether, and US Dollar Coin, Trump's campaign also accepts lesser-known coins like Dogecoin and Shiba Inu Coin, which are frequently used by online celebrities.
The latter two, which are traded on marketplaces as DOGE and SHIB, are regarded as favorites of billionaire Elon Musk, among others.
It's unclear what kind of costs the Trump campaign could have to pay to liquidate the cryptocurrency and if it will sell it right away or hang onto it. Despite the campaign's assurances that it will abide by US election rules, it might be challenging to verify the source of funding due to cryptocurrency anonymity.
Trump's Cryptocurrency Earnings and Campaign Finance Dynamics in the 2024 Election
Through the non-fungible token initiatives for his Trump Digital Trading Cards and his August release of the MAGA coin, Trump has already earned millions of dollars in cryptocurrencies.
Although current campaign finance regulations in certain states prohibit cryptocurrency payments in state elections, the Federal Election Commission permits committees to accept Bitcoin contributions.
According to a 2014 commission advisory opinion, political committees should assess contributions based on the market value of bitcoin at the time of receipt because it is legally defined as "money or anything of value."
Donations in Bitcoin are presently being accepted for independent candidate Robert F. Kennedy Jr.'s presidential campaign.
Regarding hard currency, Biden and the Democratic National Committee said on Monday that they had raised over $51 million in April-a far cry from the $76 million that Trump and the Republican Party claimed to have raised during the same period.
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