Trump Accepts Bitcoin for 2024 Campaign Donations, First Major Candidate to Embrace Cryptocurrencies
US President Donald Trump has made a significant move in the 2024 election race by accepting Bitcoin and other cryptocurrencies for campaign donations. This is the first time a major candidate has embraced digital currencies in this manner.
Trump's campaign has partnered with Coinbase, a leading cryptocurrency exchange, to facilitate these donations. The campaign will convert cryptocurrency donations directly into US dollars, adhering to Federal Election Commission guidelines.
Trump's openness to Bitcoin is not new. He previously engaged with NFT buyers and criticized President Biden's anti-crypto stance. Now, he aims to increase Bitcoin's market capitalization by trillions of USD, according to David Bailey, CEO of Bitcoin Magazine. The campaign is also working with Bailey to develop a political agenda for Bitcoin and cryptocurrencies.
Biden's campaign, however, has taken a different approach. It has accused Trump of receiving support from Bitcoin industry leaders, trying to gain voter support by highlighting this contrast. Meanwhile, polls show Trump currently ahead by 1.3 percentage points, with 41.3 percent support compared to Biden's 40 percent.
Trump's acceptance of cryptocurrency donations signals a significant shift in political fundraising. It demonstrates his support for new technologies and could draw further support from the crypto community. Meanwhile, Biden's anti-crypto stance may face political backlash, as the Bitcoin industry continues to grow and gain mainstream acceptance.
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