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Trump Embraces Crypto Donations, Plans to “Build a Crypto Army”

Allegedly, Donald Trump has made history as the inaugural presumptive Republican presidential nominee to embrace cryptocurrencies for official campaign contributions.

The former US President unveiled a crypto fundraising platform on Tuesday, allowing eligible donors to contribute via Coinbase Commerce. This move follows his declaration as the cryptocurrency candidate at a Mar-a-Lago gala, injecting crypto into the 2024 campaign discourse.

The crypto donation portal currently accepts various digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC), and Ox (ZRX).

It’s worth noting that crypto donations are subject to standard contribution disclosure regulations by the Federal Election Commission (FEC). However, it remains unclear whether the Trump campaign intends to retain the cryptocurrencies or plans to liquidate them.

The statement further emphasized that this move signifies a “seismic shift toward freedom.” It asserted that the announcement reflects Trump’s dedication to an agenda prioritizing freedom over government control.

Julia Krieger, a spokeswoman for Coinbase, informed The Associated Press that the platform is available to all candidates during this election season. “Crypto transcends partisan lines and facilitates financial progress due to its cost-effectiveness and speed,” she elaborated.

Interestingly, the presumed GOP nominee for the upcoming US elections is not the first presidential candidate to embrace cryptocurrency donations. Robert F. Kennedy Jr. of ‘We The People’ declared in May 2023 that his campaign would welcome BTC contributions. Additionally, Republican Senator Rand Paul accepted BTC donations during his 2015 campaign.

Building a ‘Crypto Army’

With the introduction of the new crypto donation option, supporters of Trump are gearing up to assemble a ‘crypto army’ to counter the “anti-crypto army” spearheaded by Massachusetts Senator Elizabeth Warren.

While Trump has yet to outline specific pro-crypto policies, his supporters are already rallying behind the positive discourse surrounding this emerging asset class. This enthusiasm may stem from the Biden administration’s previous anti-crypto stance.

The Biden administration has adopted a cautious approach towards cryptocurrencies. For example, in 2022, President Biden signed an Executive Order aimed at fostering the responsible development of digital assets. The Order tasked government agencies with assessing the risks and benefits associated with cryptocurrencies, prioritizing consumer protection, financial stability, and the exploration of central bank digital currencies (CBDCs).

Trump’s Skepticism on Cryptos

During his tenure in office, Donald Trump exhibited skepticism towards cryptocurrencies. In 2019, he openly declared himself “not a fan of Bitcoin and cryptocurrency,” staunchly advocating for the US Dollar as the sole legitimate currency in the United States.

He expressed concerns about cryptocurrencies, stating that they are not recognized as money, possess highly volatile values, and are based on speculative grounds. Trump also highlighted the potential for unregulated crypto assets to facilitate illegal activities such as drug trafficking.

However, revelations emerged in October 2023 from an official filing indicating that Trump holds a substantial amount of digital assets, estimated to be between $250,000 to $500,000, with Ethereum comprising the majority of his holdings.

Earlier this year, the former President reiterated his opposition to central bank digital currencies (CBDCs), denouncing them as a “dangerous threat to freedom” and affirming his stance against their creation.

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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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