Trump Campaign Accepts Crypto as Bitcoin Hits $70,000

Bitcoin is trading at $70,000, slightly down from the previous day. Former President Donald Trump’s presidential campaign has begun accepting cryptocurrency donations, welcoming contributions in Bitcoin, Ether, and other digital currencies. This move follows his recent announcement at a Mar-a-Lago gala, where he declared himself the crypto candidate. Trump is now the first major party candidate to embrace crypto donations.

Donald Trump’s 2024 Campaign Welcomes Cryptocurrency Contributions

Trump’s campaign has announced plans to “build a crypto army” to counter the “anti-crypto army” led by Senator Elizabeth Warren. Although Trump has yet to detail specific crypto policies, his supporters see this as a positive shift. This approach marks a clear divergence from the Biden administration’s anti-crypto stance. By accepting crypto donations, Trump aims to leverage the growing significance of digital currencies in the 2024 campaign.

Supporters believe this strategy could attract a significant segment of the crypto community, which has felt neglected by current policies. Trump’s embrace of cryptocurrency is viewed as a strategic move to gain support and distinguish himself from his political rivals.

The Trump Campaign will accept donations in Bitcoin, Shiba Inu, Dogecoin, Ethereum Ether, USD Stablecoin, Solana SOL, and Ripple XRP. This broad acceptance of various cryptocurrencies underscores Trump’s commitment to the digital asset sector. Donors can follow instructions on Trump’s website and are then directed to a Coinbase Commerce page, with options for MetaMask and Coinbase Wallet, among other self-custodial wallets.

Trump’s engagement with digital assets has been expanding, beginning with the launch of Trump Trading Cards, Polygon-based NFTs, in late 2022. A Mar-a-Lago event for these NFT holders, who spent thousands of dollars to attend, ultimately spurred Trump’s recent pro-crypto remarks.

Related: Bitcoin Surges to $71,000 with Stable Funding Rate

Rising Political Pressure on Crypto Skeptics

Trump’s endorsement of cryptocurrencies could significantly impact the digital asset market. Analysts have observed increased political pressure at the U.S. Securities and Exchange Commission, raising the chances for approval of spot Ethereum ETFs this month. Meanwhile, a Solana-based meme coin named Doland Tremp, inspired by Trump, has seen impressive weekly gains. As crypto becomes a central political issue in America, the token surged 150% over the past week to $1.30, according to CoinGecko.

With Trump’s pro-crypto stance taking shape, a politically connected crypto executive suggested that skeptics on Capitol Hill, such as Elizabeth Warren, would feel the heat. Trump’s position is perceived as a counter to the current administration’s policies, potentially altering the political dynamics surrounding digital assets.