July 24, 2024

Joe Biden may accept cryptocurrency campaign donations through Coinbase

Image for article titled Joe Biden may accept crypto campaign donations through Coinbase, following Donald Trump

Photo: Guglielmo Mangiapane (Reuters)

It looks like President Biden’s re-election campaign is mirroring the Trump campaign by considering accepting Bitcoin and cryptocurrency donations.

The Biden campaign is considering accepting cryptocurrency donations through Coinbase Commerce, the same payment service that allows contributions to Trump’s campaign, The Block reports. With this move, the Biden team aims to attract young crypto-focused voters. Citing a source, the report said that the Biden campaign aims to show support for the crypto industry.

In this election year, when crypto has become a political topic, Republican presidential candidate Donald Trump has emerged as a strong Bitcoin supporter — contrary to his stance just a few years ago.

He has previously denounced Bitcoin as “a scam against the U.S. dollar.” He has also called cryptocurrency “a disaster waiting to happen” and said he is “not a fan of it.” But now, Trump says he is “good” with it.

Last month, he declared himself the pro-crypto candidate. His campaign also now accepts donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies. Earlier this week, Trump declared that he wants all remaining Bitcoin to be made in the U.S.

Trump’s shift on cryptocurrency puts him in opposition to some Democrats, who have traditionally opposed it. Sen. Elizabeth Warren, D-Mass., has pushed for more crypto regulation. But this year, some Democrats are singing a more pro-cryptocurrency tune, distancing themselves from Warren on the issue.

The House last month passed a crypto bill that aims to regulate the industry at large.

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