The Trump campaign made a significant announcement on Tuesday by stating that they would be accepting cryptocurrency donations. This move is a first for a major party presidential nominee and reflects Trump’s agenda of valuing freedom over government control.
The campaign announced that supporters can donate using any cryptocurrency accepted through Coinbase Commerce. They also assured that all cryptocurrency contributions would comply with Federal Election Commission regulations, including contribution limits and disclosure requirements.
The campaign referenced Senator Elizabeth Warren, a surrogate for President Joe Biden, who has been vocal about her opposition to cryptocurrencies. In response to Warren’s stance, the Trump campaign declared that MAGA supporters, now with a new cryptocurrency option, would build a crypto army to move the campaign to victory.
During a Mar-a-Lago gala, Trump declared himself as the “crypto’s candidate,” highlighting his support for digital currencies in the upcoming 2024 campaign. He had previously sold limited NFT trading cards that could be purchased with cryptocurrency and hosted a dinner for his NFT backers at his Mar-a-Lago club to reinforce his pro-crypto stance.
Following the announcement that Donald Trump’s campaign would accept cryptocurrency donations, the price of the TRUMP token increased by 14%. An analysis of the top 10 on-chain TRUMP buyers revealed that most addresses had low average ROI and win rates, with the top sellers being highly successful. The leading address, who bought TRUMP early, had realized over 1,600% in gains, indicating a trend of sellers gradually taking profits to reduce exposure.
The Trump campaign’s decision to accept cryptocurrency donations marks a significant shift in presidential campaign fundraising tactics. This move not only aligns with Trump’s agenda of valuing freedom but also demonstrates his support for digital currencies and blockchain technology. The market impact of this decision, as seen in the rise of the TRUMP token price, highlights the growing influence of cryptocurrency in the political landscape.
