- President Joe Biden Apparently Considering Accepting Bitcoin Donations for His Campaign
- Reportedly exploring a Coinbase Commerce integration to receive cryptocurrencies
- Trump started accepting cryptocurrency donations for his campaign last month
- Now, given Trump’s change in position, the Democrat would also seek to be receptive to cryptocurrencies
Digital currencies continue to be a recurring theme in the US presidential elections.
Joe Biden, current president and candidate for the Democratic Party, would be exploring the possibility of adopting cryptocurrencies as a financing mechanism for his electoral campaign, as reported by The Block this Thursday, citing familiar sources.
According to the report, the US president’s campaign plans to use Coinbase Commerce, a payments service from the eponymous exchange that allows merchants to accept dozens of cryptocurrencies, to accept donations; a move that likely comes in an attempt to catch the attention of crypto investors and attract voters interested in such assets.
His campaign rival, convicted former president Donald Trump, already announced a few weeks ago the incorporation of digital currencies as an accepted donation method in his campaign. The Republican has also been emphatic in his renewed support for the cryptocurrency sector, making promises to voters to protect the industry if he is re-elected in November.
Sources who spoke to The Block suggested that Biden’s team may want to show a friendlier stance on cryptocurrencies given that the election is expected to be decided by very narrow margins. Bitcoin and cryptocurrency voters could prove decisive.
Biden wants to be more receptive to Bitcoin
The Democrats have not shown a particularly positive attitude towards digital currencies in the past. In fact, he has been widely criticized by the industry for his administration’s harsh approach.
A few weeks ago, Biden rejected a bipartisan push to repeal SAB 121, a controversial legislative measure issued by the Securities and Exchange Commission (SEC) that essentially prevents banks from custody cryptocurrencies and that sector advocates have criticized for hindering the industry growth in the US
However, the politician seems to be making efforts to show a more progressive stance. According to a previous report from that same news outlet, which is also based on statements from knowledgeable sources, Biden would be seeking guidance on “the crypto community and crypto policy in the future.”
While the acceptance of cryptocurrency as a campaign donation is still in the “exploratory” stages, according to the report, the consideration suggests that Biden increasingly recognizes the impact that cryptocurrency issues could have on a presidential race that is likely will be close.
Billionaire Mark Cuban recently suggested that Biden’s indifference toward cryptocurrencies could give Trump the presidency, and recent polls give Trump a double-digit lead among cryptocurrency holders.
Trump referred to himself as the “crypto president” at a recent campaign fundraiser and also said he wants all remaining bitcoins to be “made in the USA” in a message in which he also expressed his support. to Bitcoin miners residing in the country.
