The presidential fundraising campaign of former US President Donald Trump now allows donations through cryptocurrency, indicating a sharp deviation from the current administration’s perspective on digital currencies. This crypto-embracing move aligns with Trump’s ongoing objective to reduce governmental influence over financial decisions.
The new online platform for the campaign accepts up to eight different types of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDC, XRP, Dogecoin (DOGE), 0x (ZRX), and Shiba Inu (SHIBA). Contributors can follow federal contribution limits and disclosure regulations set by the Federal Election Commission.
The campaign’s alignment with cryptocurrency is further emphasized through the reference to MAGA, a Trump-themed meme coin, underscoring its embracement of the digital asset. While the campaign has claimed to be the “first major party nominee” to take crypto donations, it’s important to note that Trump is not yet the official nominee and Senator Rand Paul accepted Bitcoin donations as early as 2015.
This action follows Trump’s earlier assurance to supporters at a Mar-a-Lago event where he promised a less stringent regulatory approach towards the crypto market as compared to the current administration. Despite being skeptical about cryptocurrency in his previous tenure, Trump’s potential return suggests a positive outlook for the industry.
Analysts suggest that a less stringent regulatory environment under a possible Trump administration could potentially drive foreign official treasury buyers to alternative financial assets such as Bitcoin, pushing its price to go up.