Trump has reportedly become the first US presidential candidate to accept Bitcoin Lightning Network payments for campaign donations, accepting a minimum cryptocurrency donation of $500. I have to say, he really knows how to stir things up.

 

The Trump campaign is understood to have partnered with OpenNode, a leading Bitcoin and Lightning Network infrastructure provider, to facilitate these donations. Supporters can now donate to Trump’s 2024 presidential campaign using Bitcoin via the Lightning Network, a technology designed to enable fast and low-cost transactions.

 

In fact, the Trump team is not only using the Bitcoin Lightning Network to raise funds. As early as May 11 this year, the Trump campaign team claimed that donations could be made using any cryptocurrency accepted by Coinbase Commerce products, including Bitcoin, Ethereum, DOGE and other cryptocurrencies.

 

Last week, Trump was convicted of 34 felony charges by a New York court. However, this unexpectedly triggered voters to support him with small amounts of money. Within 24 hours after President Trump was found guilty, the Trump campaign received $53 million in donations and has raised $200 million so far, sparking support from crypto fans. The Biden campaign only raised $51 million in the entire month of April.

 

Trump's son Eric Trump later said, "These donors showed up out of nowhere and wanted to support someone who they felt was cheated by the system."

During a speech at a Libertarian Party convention over the weekend, Trump emphasized his commitment to creating a Bitcoin-friendly environment in the United States, saying he would “make sure that the future of cryptocurrency and Bitcoin is made in America,” adding that he would “support the self-custody rights of 50 million cryptocurrency holders.”

 

Trump's support for Bitcoin extends beyond campaign contributions. In the same speech, President Trump made a historic promise to commute the sentence of Silk Road founder and early Bitcoin pioneer Ross Ulbricht to time served if elected president. "He's served 11 years," he said. "We're going to get him home."

 

Becoming the first president in U.S. history to accept Bitcoin campaign donations underscores Trump's overall strategy to appeal to the nation's more than 50 million cryptocurrency enthusiasts and investors. By aligning himself with the Bitcoin community, the leading presidential candidate further positions himself as a forward-thinking leader who embraces technological advancement and financial freedom.

 

Just the day before yesterday, current US President Joe Biden vetoed a pro-Bitcoin legislation (SAB121 Act), which refers to the SEC's requirement that digital asset custodians treat their digital assets as liabilities and calculate them at fair value on the balance sheet. Simply put, if a bank helps a customer deposit $1 billion in Bitcoin, the bank must also have $1 billion in cash. This legislation would have been a big win for Bitcoin and further demonstrated his unwillingness to support the Bitcoin industry. The bill vetoed by Biden would allow strictly regulated financial companies to custody Bitcoin and other cryptocurrencies.

 

Cryptocurrency could change political fundraising

Trump’s decision to accept Bitcoin Lightning payments as campaign contributions marks a notable shift in how cryptocurrencies are being integrated into mainstream political campaigns. It also reflects Trump’s commitment to advancing the future of Bitcoin in the United States.

The move could revolutionize political fundraising, potentially attracting individuals who are dissatisfied with the traditional financial system and are looking for alternatives that embody freedom and decentralization. Traditionally, campaign donations have been made primarily in cash or bank transfers, and the acceptance of cryptocurrencies could attract a young, tech-savvy crowd and demonstrate a forward-thinking approach to financial innovation.

 

Additionally, there are considerations for ensuring that these donations comply with election financing regulations and maintain transparency throughout the process. Overall, Trump's acceptance of Bitcoin Lightning Network payment donations is an innovative move that highlights the growing relevance of cryptocurrencies in the economic and political spheres. We can observe whether other political candidates will adopt similar strategies next and how this development will affect future campaign fundraising efforts. #BTC突破7万大关 #btc #eth #doge $BTC $ETH $BTC