|
Getting your Trinity Audio player ready...
|
In an attempt to assemble what it refers to as a “crypto army” in the run-up to Election Day, Donald Trump’s presidential campaign announced on Tuesday that it will start taking bitcoin donations.
Through the Coinbase cryptocurrency exchange, “any federally permissible donor the ability to give” to the Trump campaign’s political organizations using any cryptocurrency asset accepted, the campaign has developed a fundraising page.
The announcement appeals to a core demographic of young male voters who are more prone to experiment with digital assets and supports Trump’s message that he is a crypto-friendly candidate. It happened as Trump’s legal defense in his New York hush money lawsuit was coming to an end.
Digital assets known as cryptocurrencies can be exchanged online without the help of the international financial system.
In addition to the well-known cryptocurrencies like Bitcoin, Ether, and US Dollar Coin, Trump’s campaign also accepts lesser-known coins like Dogecoin and Shiba Inu Coin that are frequently used by online celebrities.
The latter two, which are traded on marketplaces as DOGE and SHIB, are regarded as favorites of billionaire Elon Musk, among others.
It’s unclear what kind of costs the Trump campaign could have to pay to liquidate the cryptocurrency and whether it will sell it right away or hang onto it. Despite the campaign’s assurances that it will abide by US election laws, it might be challenging to verify the source of funding due to cryptocurrency anonymity.
Through the non-fungible token projects for his Trump Digital Trading Cards and his August release of the MAGA coin, Trump has already earned millions of dollars in cryptocurrencies.
A Coinbase spokesperson, Julia Krieger, told The Associated Press that “crypto is nonpartisan and moves money forward because it’s cheaper and faster.” She also mentioned that any politicians are welcome to use the Coinbase platform during this election season.
