Trump accepts donations in 8 cryptocurrencies to rally crypto community votes, while Biden seeks to hire a Meme manager
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Trump accepts donations in 8 cryptocurrencies to rally crypto community votes, while Biden seeks to hire a Meme manager
Trump officially launched a cryptocurrency donation website on May 22, formally accepting crypto donations.
Navigating Web3 tides with focused insightsBy Weilin
Five years ago in 2019, then-President Donald Trump tweeted that he "doesn't like Bitcoin and other cryptocurrencies because they're not money, their value is highly volatile and has no underlying support." In 2021, after leaving office, he called Bitcoin a "scam" during a media interview.
Five years later, trailing President Biden in fundraising for the upcoming election, Trump officially opened a cryptocurrency donation portal on May 22, accepting crypto donations. In a statement, he declared his intention to lead his "crypto army" to "push the campaign toward victory on November 5"—the date of the general election.
Focusing on voter sentiment, minority communities and younger voters were key to Biden’s 2020 victory. Institutional polls show these two demographics currently have higher cryptocurrency ownership rates than others. However, there's growing concern about whether Biden can still count on their support.
Trump officially opens crypto donation channel, supports eight digital currencies
On May 22, Trump’s campaign launched the website https://www.donaldjtrump.com/crypto, allowing qualified donors to contribute via Coinbase to Trump’s joint fundraising committee. In a site statement, Trump’s team claimed he is the first "major party presidential candidate" to accept digital currency donations.
In the statement, Trump delivered his characteristic rallying cry: "Elizabeth Warren, Biden’s agent, said she was building an 'anti-crypto army' to restrict Americans’ rights to make their own financial choices. Now, with this new crypto option, MAGA supporters will build a crypto army to push our campaign toward victory on November 5!"
The newly launched page shows that Trump’s campaign accepts donations in eight tokens: Bitcoin, ETH, Doge, Shiba Inu, XRP, USDC, SOL, and 0x (ZRX).
Earlier this month, Trump announced he would begin accepting cryptocurrency donations. According to rules, the Federal Election Commission (FEC) approved political action committees (PACs) to accept crypto donations back in 2014, classifying such contributions under the Federal Election Campaign Act as “anything of value given for the purpose of influencing a federal election.”
Meanwhile, in fundraising, Trump appears to be closing the gap with incumbent President Biden. On May 20, Trump’s campaign and the Republican National Committee reported raising $76 million in April—about $10 million more than their March total and roughly $25 million more than the $51 million raised by Biden and the Democratic National Committee during the same period. However, Biden’s team raised over $90 million in March alone.
According to FEC data, in this election cycle, Biden’s team has raised $183 million and had $84.5 million in cash on hand by the end of April. Trump’s team has raised $124 million and held $48 million in cash reserves at the same time.
Trump’s past stance on crypto was contradictory—but now he wields it as a weapon against Biden
While president, he stated he "doesn’t like Bitcoin and other cryptocurrencies." Now, his attitude toward the crypto industry has made a complete 180-degree turn.
In June 2021, after leaving office, Trump expressed skepticism about Bitcoin, calling it a "scam" in an interview with Fox News, saying he preferred the U.S. dollar as the global currency. Yet during his 2024 campaign, amid rivals Vivek Ramaswamy and Ron DeSantis making comments about central bank digital currencies (CBDCs), Trump declared at a January campaign event that he would never allow a CBDC to be created in the United States.
Going back to July 11, 2019, then-President Trump criticized Facebook’s plan to create a digital currency called Libra, calling it “not reliable or trustworthy.”
Later that evening, in a series of tweets, Trump said he “doesn’t like Bitcoin and other cryptocurrencies because they are not money, their value is highly volatile and has no underlying support.” He added, “unregulated crypto assets could facilitate drug trafficking and other illegal activities”...
Despite all this, five years later, Trump has completely reversed his position—and backed it up with real investments. According to Forbes, approximately $3 million of his current $7 billion net worth is in cryptocurrency. He launched a set of NFT "trading cards" in December 2022. In recent months, he has repeatedly reached out to the crypto community, hosting a dinner for crypto supporters at Mar-a-Lago earlier this month, warning them they should “better vote for him,” or face increased regulatory actions under a potential Biden administration.
“It’s remarkable how much his views on cryptocurrency have changed 180 degrees since leaving office,” Cody Carbone, chief policy officer at The Digital Chamber, a crypto advocacy group, recently told Politico.
At a recent Fox News event where South Carolina Senator Tim Scott appeared alongside Trump, host Laura Ingraham asked whether the logical next step might be for Trump to embrace Bitcoin—given its decentralized nature beyond government control and its popularity among young people.
Trump responded: “I’ve always liked a currency. I call it currency. I like the dollar. But many people are using [Bitcoin], and frankly, it’s becoming harder and harder to ignore... You may need some regulation, but many people are embracing it. And increasingly, I see people wanting to pay with Bitcoin—you’re going to see some interesting things. So I can live with it, either way.”
Partly influenced by Trump’s shifting stance, Democrats have begun softening their approach toward cryptocurrencies and the industry in an effort to win over crypto-owning voters and swing states.
Just as Trump announced acceptance of crypto donations, political views on cryptocurrency between the two major parties are clashing fiercely. On May 23, CoinDesk reported that the U.S. House of Representatives passed the FIT21 Act (Financial Innovation and Technology for the 21st Century Act) by a vote of 279 to 136. The bill was supported by 208 Republicans and 71 Democrats, while opposed by 3 Republicans and 133 Democrats. It will now move to the Senate for consideration. Primarily driven by House Republicans, the FIT21 Act aims to establish a regulatory framework for the U.S. crypto market, enhance consumer protections, shift oversight of digital assets from the Securities and Exchange Commission (SEC) to the more industry-friendly Commodity Futures Trading Commission (CFTC), and more clearly define standards determining whether crypto tokens are securities or commodities.
The crypto industry has heavily lobbied for this legislation. President Biden has announced he will not veto the bill. Additionally, the Biden administration issued a statement urging Congress to cooperate on a “comprehensive and balanced regulatory framework for digital assets.”
The competition between the two candidates is intensifying. On May 22, the Washington Times reported that due to difficulties attracting Gen Z voters, Biden’s re-election campaign is hiring a “meme manager” to oversee internet content and memes (including viral images). A job posting on Daybook indicates the role will manage online campaign content, including meme creation and distribution.
What’s the current electoral landscape? In early May, a poll jointly conducted by DCG and The Harris Poll found that in six key swing states, over 20% of voters consider cryptocurrency an important issue. Another nationwide survey of registered voters commissioned by crypto firm Paradigm revealed that cryptocurrency ownership is higher among minorities and younger voters—the very groups that helped deliver Biden’s 2020 victory but now present increasing challenges for his re-election bid.
Paradigm’s survey also found that this year, crypto holders favor Trump over Biden by 48% to 39%, with 13% undecided.
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