Donald Trump’s Crypto Move In US Election 2024

Donald Trump's Strategic Move In the US Election

What’s The News

All the candidates are putting in maximum effort for their campaigns for the US presidential election to be held in November. Current president and Democratic Party candidate Joe Biden is using safety and work record as his main tools in his campaign to secure victory. 

Meanwhile, potential Republican candidate Donald Trump has made a bold move by announcing that he will accept cryptocurrency donations for his election campaign thereby changing the entire direction of the US election. 

According to information collected by CoinGabbar, a notice was issued yesterday stating that the Trump 2024 Campaign has launched a fundraising page using the Coinbase Commerce product, allowing eligible individuals to donate in crypto. The website features logos of cryptocurrencies like Bitcoin, Ether, Dogecoin, Shiba Inu, XRP, USD Coin, Solana, and ZRX.  According to the information, Elon Musk is considering Shiba Inu and Dogecoin as the better investment option.

It's worth noting that Donald Trump recently held a dinner for those who bought NFTs featuring his mugshot from the time he surrendered at the Georgia jail. During this event, he asked his supporters to donate to his campaign in cryptocurrency.

The president's support is a big boost for the US crypto industry which has ramped up lobbying efforts and has spent millions on the upcoming 2024 elections. This has become a new focus area for Trump to continue bashing Biden. He also disagreed with the administration’s stance on the matter, pointing out that SEC Chair Gary Gensler has been aggressively antagonistic towards crypto companies for failing to register with the agency. “The Democrats are very much against it,” Trump stated.

Cryptocurrency Becomes The Center Of Attraction Amid US Election

Cryptocurrency has become the center point of the US presidential election. The two parties have different views on cryptocurrency. Democratic Party candidate and current President Joe Biden has never shown support for cryptocurrency.  Actions and investigations by the SEC against crypto exchanges during his tenure indicate that he does not consider cryptocurrency favorable. 

On the other hand, potential Republican candidate Donald Trump has shown a positive attitude toward crypto since the beginning of his campaign. He has also deemed the SEC investigations into crypto exchanges as wrong. Trump aims to directly connect with the crypto community by accepting cryptocurrencies as donations for his campaign. 

For your information, about 50% of the young population in the US are crypto investors. Trump's target is to connect with this demographic directly. If the crypto community supports Trump in the presidential election, his victory could be assured. Meanwhile, Joe Biden's indifferent attitude towards crypto continues to widen the gap between him and the crypto community, which could be a significant disadvantage for him in the election.

Also Read: First-Ever Standalone Crypto Legislation By The U.S.