Donald Trump’s campaign announced on Tuesday that it will now accept donations in digital currency, making it the latest move by candidates in recent elections to embrace digital coins and appeal to crypto enthusiasts. The former president highlighted that his initiative is the first crypto donation plan from a major party nominee.
Funds donated to Trump in crypto will be reported as in-kind contributions, similar to donating stock. These digital coins are likely to be quickly converted to cash, with the Trump campaign pledging to comply with federal election laws and regulations. Eligible donors will be able to use Coinbase Commerce, which supports “hundreds of currencies.”
The launch coincides with Trump making strides in closing the fundraising gap with President Joe Biden. On Monday, Trump’s campaign and the Republican National Committee reported raising $76 million in April, approximately $10 million more than their March totals and about $25 million more than the $51 million raised by Biden and the Democratic National Committee last month, which was a decrease from over $90 million in March.
Trump’s embrace of the crypto sector also includes the launch of Trump-themed NFT trading cards, which could be purchased using cryptocurrency. This positions Trump as a contender for the title of the 2024 crypto candidate, setting up a rivalry with independent candidate Robert F. Kennedy Jr. Kennedy who has already embraced the sector, accepting crypto donations and promoting an array of ideas, including having the U.S. government buy bitcoin and placing the entire U.S. budget on the blockchain. Kennedy has actively courted the crypto vote, hosting bitcoin-themed community events.
In contrast, President Biden has taken a more cautious approach, with limited comments on cryptocurrency. The SEC under Biden-nominee Gary Gensler has been viewed as an adversarial force by the crypto sector, especially following a series of enforcement actions in 2023. Trump has sought to cast Biden as an enemy of crypto, even holding a dinner for his NFT backers in Florida where he urged them to vote for him.
In Tuesday’s announcement, the Trump campaign also linked Biden with Senator Elizabeth Warren, noting that the Democratic Senator from Massachusetts aims to “restrict Americans’ right to make their own financial choices.” Warren has emerged as a leading crypto critic, advocating for more oversight and highlighting the sector’s energy consumption.
Trump’s campaign is accepting a range of popular cryptocurrencies, including Bitcoin, Ether, and US Dollar Coin, as well as lower-value coins favored by internet personalities, such as Shiba Inu Coin and Dogecoin.
