Gushiken Yona
U.S. President Joe Biden’s campaign is reportedly planning to accept cryptocurrency donations, signaling a groundbreaking shift in political fundraising. This announcement follows closely on the heels of his rival, presumptive 2024 Republican nominee Donald Trump, who recently declared his intention for all remaining Bitcoin to be mined in the United States.
Biden’s team is in discussions with cryptocurrency industry players to enable donations through Coinbase Commerce, a platform that facilitates merchant acceptance of various cryptocurrencies, The Block, reported. This move follows Trump’s campaign, which has already begun accepting digital currency contributions, including Shiba Inu, through the same service.
The development is significant for the broader cryptocurrency market. The acceptance of digital currencies in political campaigns legitimizes their use in mainstream financial activities. It signals growing acceptance and integration of digital assets across various sectors, including politics, potentially leading to increased adoption and stability in the crypto market.
The news followed a late-night post made by Trump on his social media platform Truth Social, Wednesday, where he declared, “We want all the remaining Bitcoin to be MADE IN THE USA!!!” He emphasized that Bitcoin mining could be the nation’s last line of defense against a Central Bank Digital Currency (CBDC). Trump has been vocal against the concept of a digital dollar issued by the Federal Reserve, branding it a “dangerous threat to freedom” and promising to block its creation if re-elected.
Trump argued that mining the remaining Bitcoin in the U.S. would contribute to the country’s “energy dominance,” though this assertion is controversial given that Bitcoin mining consumes significant amounts of energy rather than producing it. He also criticized Biden’s administration, accusing it of harboring hostility toward the crypto industry. Trump claimed that Biden’s “hatred of Bitcoin” only aids U.S. adversaries like China and Russia, as well as the “Radical Communist Left.”
Last week, Trump announced that his campaign has raised nearly $400 million in the weeks following a recent high-profile legal verdict. This substantial fundraising total marks one of the largest post-verdict hauls in recent political history and underscores Trump’s enduring influence over the Republican base.
However, how much Trump’s campaign has raised from crypto donations, including Shiba Inu, is not known. The inclusion of these modern donation methods undeniably showcases the campaign’s adaptability and appeal to a younger, tech-savvy demographic.
The inclusion of digital currencies in the political arena not only broadens the scope of campaign contributions but also aligns with the evolving financial landscape. This move could encourage other political entities to consider similar strategies, further integrating digital currencies into everyday financial practices and highlighting their growing relevance in contemporary society.
