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Biden’s Campaign Team Mulls Crypto Donations to ‘Show They’re Not Enemy’: Report

The re-election team of President Joe Biden in the United States is reportedly mulling over the idea of accepting cryptocurrency donations for the upcoming election campaign.

Sources close to the campaign, as reported by The Block, have indicated ongoing discussions with crypto businesses regarding the potential acceptance of donations through Coinbase Commerce.

One insider, associated with political circles, shared with the publication the intention to demonstrate openness rather than hostility towards the crypto space. They expressed a desire to address crypto-related concerns and showcase support for the industry through immediate actions.

In May, Biden’s campaign had issued a plea for financial support, citing the need to match the fundraising efforts of their Republican counterparts. In a widely circulated screenshot, the campaign seemed to caution followers about the substantial donations flowing into the Trump campaign.

Acknowledging that Trump’s campaign was outpacing theirs in terms of fundraising, Biden attributed this, in part, to support from cryptocurrency executives.

Insiders revealed that some of Biden’s close associates are strongly advocating for the campaign to prioritize understanding and engaging with the crypto community, warning of potential electoral consequences if they fail to do so. However, it’s emphasized that the acceptance of crypto donations is still in the exploratory phase, with Biden’s team deliberating on the matter.

Trump’s Crypto Donation Embrace and Promise

Last month, Donald Trump, the presumptive Republican presidential nominee, launched his election campaign donation platform, now accepting contributions through a crypto fundraising page. This page facilitates donations in various cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC), and Ox (ZRX).

The former US President reportedly voiced his staunch support for cryptocurrency, declaring his aspiration to become a “crypto president” at a recent fundraising event in San Francisco.

In another move earlier this month, Trump pledged to extend a presidential pardon to Ross Ulbricht, the founder of Silk Road, if he secures re-election.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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