Cryptocurrency becomes a new bargaining chip in the US election: Trump accepts token donations, Biden recruits Meme mana

Five years ago in 2019, then-US President Trump tweeted that he does not like Bitcoin and other cryptocurrencies because they are not currencies, their value is highly volatile and they have no real basis. In 2021, he called Bitcoin a scam in a media interview after leaving office.

Five years later, with his fundraising numbers falling behind Bidens, Trump opened a cryptocurrency donation website on May 22 to officially accept cryptocurrency donations. In his statement, he said he would lead his cryptocurrency army to push the campaign to victory on November 5 (election day).

Focusing on the election, communities of color and young people were the key to Bidens victory in the 2020 election. Institutional polls show that these two groups currently have higher cryptocurrency ownership rates than other groups, but now there is a view that it has become increasingly challenging for Biden to win their votes.

Trump officially opens crypto donation window, supports 8 digital currencies

On May 22, Trumps campaign team launched the website page https://www.donaldjtrump.com/crypto, where interested and qualified donors can donate to Trumps joint fundraising committee through Coinbase. Trumps team said in a website statement that Trump is the first major party presidential candidate to accept digital currency.

In this statement, Trump displayed his campaign rhetoric: In attacking cryptocurrencies, Biden surrogate Elizabeth Warren said she is building an Anti-Crypto Army to limit Americans rights to make their own financial choices. Now, MAGA supporters with new crypto options will build a Crypto Army to carry the campaign to victory on November 5th!

The newly opened website page shows that the Trump team accepts donations in 8 tokens, namely: Bitcoin, ETH, Doge, Shiba Inu, XRP, USDC, SOL and 0x (ZRX).

Earlier this month, Trump announced that he would accept cryptocurrency donations. According to the rules, the Federal Election Commission approved political action committees (PACs) to accept cryptocurrency donations in 2014, determining that crypto donations fall within the scope of the Federal Election Campaign Act, which defines donations as any contribution of value made by any person to influence an election for federal office.

Meanwhile, Trump appears to be closing in on incumbent President Joe Bidens lead in fundraising. Trumps campaign and the Republican National Committee reported on May 20 that they raised $76 million in April, about $10 million more than their March total and about $25 million more than the $51 million Biden and the Democratic National Committee reported raising in April. Bidens March total, however, was over $90 million.

Data from the U.S. Federal Election Commission shows that during this election cycle, Bidens team has raised $183 million, and as of the end of April, Bidens team had $84.5 million in cash; Trumps team has raised $124 million, and as of the end of April, Trumps team had $48 million in cash.

Trump has been conflicted about cryptocurrencies in the past, but he is showing off his weapons against Biden

During his presidency, he said he didnt like Bitcoin and other cryptocurrencies, but now his attitude towards the crypto industry has taken a 180-degree turn.

In June 2021, Trump, who left office, expressed skepticism about Bitcoin, calling it a scam on Fox News and saying he preferred the U.S. dollar as a global currency. However, during the campaign, rivals Vivek Ramaswamy and Ron DeSantis made statements about central bank digital currencies (CBDCs). Trump announced at a campaign event in January 2024 that he would never allow a CBDC to be created in the United States.

Back on July 11, 2019, then-President Trump slammed Facebooks plan to create a digital currency called Libra, saying it had little status or reliability.

In a series of tweets on the evening of July 11, 2019, Trump said he was “not a fan of Bitcoin and other cryptocurrencies because they are not money, their value is highly volatile, and have no basis in reality.” He also added that “unregulated crypto assets” can facilitate the drug trade and other illegal activity…

Nevertheless, five years later, Trumps attitude has changed 180 degrees, and he has invested in cryptocurrencies with practical actions. According to Forbes estimates, about $3 million of his current $7 billion net worth is in cryptocurrencies. He launched a set of NFT trading cards in December 2022. In recent months, he has frequently shown goodwill to the crypto industry, hosting a dinner for cryptocurrency supporters at Mar-a-Lago earlier this month and warning them that its better to vote for him or they will face more regulatory measures from the Biden administration.

“It’s really remarkable that he’s done a 180-degree turn on cryptocurrency in the years since he left office,” Cody Carbone, chief policy officer at the Digital Chamber, a cryptocurrency advocacy group, recently told Politico.

At a Fox News conference this year, South Carolina Senator Tim Scott, who appeared with Trump, asked host Laura Ingraham whether the next logical step would be for him to embrace Bitcoin, given that it is decentralized, out of government control, and that many young people are particularly interested in it.

Trump said: I always like a currency. I call it a currency. I like the dollar, but a lot of people are using (Bitcoin), and frankly, its becoming more and more difficult to ignore… You may have to do some regulation, but a lot of people are embracing it. And more and more, I see people wanting to pay with Bitcoin, and youre going to see some interesting things, so I can accept it, either way.

At present, partly influenced by Trumps position, in order to win over crypto voters and swing states, the Democratic Partys attitude towards cryptocurrencies and the industry has loosened .

Just as Trump announced his acceptance of crypto donations, the views of politicians from both parties in the United States on cryptocurrencies are colliding fiercely in terms of regulation. On May 23, according to CoinDesk, the U.S. House of Representatives passed the 21st Century Financial Innovation and Technology Act (FIT 21) by 279 votes to 136. 71 Democrats and 208 Republicans voted in favor, and 3 Republicans and 133 Democrats voted against. The bill will then be submitted to the Senate for a vote. The FIT 21 bill, which is mainly driven by Republicans in the House of Representatives, will establish a regulatory system for the U.S. crypto market and set up consumer protection. The legislation will transfer regulatory power over digital currencies from the Securities and Exchange Commission (SEC) to the more industry-friendly Commodity Futures Trading Commission (CFTC). And it will more clearly define the standards that make crypto tokens securities or commodities.

The crypto industry has lobbied heavily for the bill. U.S. President Biden has announced that he will not veto the bill. In addition, the Biden administration issued a statement calling on Congress to work together on a comprehensive and balanced regulatory framework for digital assets.

The competition between the two candidates has become increasingly fierce. On May 22, the Washington Times reported that Bidens re-election campaign is hiring a meme manager to manage Internet content and memes (including memes) as the team is having difficulty attracting Generation Z voters. The job posting on Daybook shows that this position will be responsible for the campaigns online content, including the production and management of memes.

What is the current election situation? In early May, a poll released by DCG and The Harris Poll showed that more than 20% of voters in six key swing states considered cryptocurrency an important issue. Another nationwide survey of registered voters commissioned by crypto công ty Paradigm found that cryptocurrency ownership is higher among people of color and young people, groups that were key voters who helped Biden win in 2020 but are now becoming challenging for him.

The Paradigm survey found that cryptocurrency holders prefer Trump over Biden this year, 48% to 39%, with 13% undecided.

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