en
Back to the list

Biden Crypto Donations Aim To Fight Against “Crypto President”

source-logo  coincu.com 13 June 2024 04:36, UTC

Key Points:

  • U.S. President Joe Biden’s campaign plans to accept crypto donations via Coinbase Commerce.
  • Trump, the Republican Nominee for the 2024 elections, branded himself as a “crypto president” at a San Francisco fundraising event.
Biden crypto donations will potentially launch via Coinbase Commerce, aiming to attract crypto-minded voters and wealthy pro-crypto donors.

According to The Block, the campaign of U.S. President Joe Biden plans to accept donations in cryptocurrencies via Coinbase Commerce, a payments service that accepts dozens of different digital currencies.

Biden Crypto Donations as a Strategy to Attract Voters

Some forecasts by Capitol Hill experts indicate elections are likely to be decided by a slim margin, so the campaign team wants to attract votes from crypto-minded voters.

The Biden team could also be trying to bolster its war chest with some much-required money from rich pro-crypto campaign donors, sources who cannot be named because of the sensitivity of such a move told the media.

Still, one person familiar with discussions between politicians and crypto executives described them all as well-versed in crypto issues, looking for ways to show quick and easy support for the industry.

“They want to create the impression with the crypto community that they are a friend, not an enemy,” the person said.

Trump Declares Himself as a “Crypto President”

On May 22, Coincu reported that Donald Trump’s presidential campaign was to start accepting donations in a string of cryptocurrencies commencing with BTC, ETH, and LTC. The announcement still included a blow at President Biden, tying him up with Senator Elizabeth Warren, one of the most vehement critics of cryptocurrencies.

Warren has pushed for an “anti-crypto army” to prevent the use of digital currencies, whereas Trump’s campaign now wants to fight back by building its own “crypto army.” US Senator Cynthia Lummis came out the next day to say that a “pro-crypto army” is now developing in Congress.

Fast-forward to June 8, and former President Donald Trump—who became the Republican Nominee for the 2024 elections—billed himself at a San Francisco fundraising event for some of his favourite technology projects as a “crypto president,” according to Reuters. It reported that the event helped net Trump $12 million for his coffers.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
coincu.com