IMPORTANT POINTS:
- Trump becomes the first major party candidate to accept cryptocurrency donations.
- He announced his support for cryptocurrencies during an event at Mar-a-Lago.
- The Biden administration has adopted an anti-crypto stance, which contrasts with Trump’s approach.
The Republican Party’s likely standard-bearer in the upcoming US presidential election signaled his support for cryptocurrencies at an event at Mar-a-Lago earlier this month.
Start of cryptocurrency acceptance
Donald J. Trump’s presidential campaign began accepting cryptocurrency donations on Tuesday, fulfilling the presumptive Republican nominee’s promise to be the first major party candidate to adopt Bitcoin, Ether and other digital currencies. This movement marks a milestone in the campaign.
The move comes weeks after the former president declared himself the cryptocurrency candidate at a gala at Mar-a-Lago that put cryptocurrencies at the center of the 2024 campaign. Without a doubt, this has generated great expectations among cryptocurrency investors.
Construction of a “Crypto Army”
The Trump campaign said in a statement that it will “build a crypto army” to combat the infamous “anti-crypto army” that Massachusetts Senator Elizabeth Warren has promoted in her campaign. Furthermore, this strategy seeks to consolidate its support base among cryptocurrency enthusiasts.
Although Trump has not yet proposed concrete policies on cryptocurrencies, supporters of his position accept the positive signals as sufficient. This is largely because Joe Biden’s administration has taken a strongly anti-crypto stance in the past. Therefore, the contrast with Trump’s position is evident.
Impact on Democrats
The emergence of cryptocurrencies as a genuine campaign issue could be changing Democrats’ calculus, as evidenced by the House Democratic leadership’s decision in the past 24 hours not to lobby its members against an upcoming bill. of law on crypto policies. Thus, Trump’s strategy could influence the crypto policy of both parties.
