Biden’s campaign considers crypto donations via Coinbase, following Trump’s lead, to engage a growing crypto-focused voter base.
Crypto-backed Super PACs have amassed $100M, highlighting the significant financial influence of the crypto community.
Biden’s potential move to accept crypto donations comes after vetoing a crypto-friendly bill, signaling a complex stance on the industry.
President Joe Biden’s campaign is reportedly considering accepting political donations in bitcoin & crypto donations. Discussions with cryptocurrency exchange Coinbase aim to facilitate this new funding approach, sources familiar with the matter have revealed. This strategic move comes shortly after former President Donald Trump began accepting Bitcoin donations for his 2024 campaign, highlighting a growing trend among political candidates to engage with the cryptocurrency community.
JUST IN – Joe Biden might soon start accepting bitcoin & crypto donations via Coinbase pic.twitter.com/hPnaxTCyTC
— Altcoin Daily (@AltcoinDailyio) June 12, 2024
Engaging the Crypto Demographic
The Biden campaign’s interest in cryptocurrency donations is seen as an effort to connect with a significant and increasingly influential voter demographic. With the 2024 presidential election expected to be highly competitive, engaging pro-cryptocurrency voters could provide a crucial edge. Reports indicate that crypto-backed Super PACs have amassed a $100 million caset, showcasing the financial clout within this community.
Coinbase Commerce in Focus
Central to Biden’s potential move is Coinbase Commerce, a service enabling merchants to accept various cryptocurrencies. This platform already powers digital currency contributions for Donald Trump’s campaign, which started accepting such donations last month. By leveraging Coinbase’s services, Biden’s campaign could streamline the process of accepting and managing cryptocurrency donations.
Timing and Industry Reactions
The timing of this is particularly noteworthy, coming on the heels of President Biden’s veto of a bipartisan bill aimed at overturning the SEC’s crypto custody rules. This decision drew criticism from the crypto community, which viewed it as a setback for industry growth in the United States. The potential acceptance of crypto donations by Biden’s campaign could be interpreted as an attempt to balance this stance, showing a willingness to engage with the crypto sector despite regulatory hurdles.
Election Dynamics
As the election approaches, the role of cryptocurrency in campaign financing is becoming increasingly prominent. Trump’s recent pro-cryptocurrency stance shows a move from skepticism to enthusiasm, reflecting a broader trend of political adaptation to emerging financial technologies. For Biden, embracing crypto donations could help mitigate any perceived disconnect with younger, tech-savvy voters who prioritize digital innovation and financial decentralization.
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