Media: Biden Team Negotiates on Accepting Crypto Donations
Date: 2024-06-13 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The campaign headquarters of current US President Joseph Biden is working to create a system for accepting donations in cryptocurrencies. Biden's team is actively negotiating with Coinbase Commerce and other cryptocurrency platforms to implement this plan.
Goals and Motives
The main goal of the initiative is to provide cryptocurrency industry players and digital asset owners with the opportunity to support the Democratic candidate. As such, Biden's team is looking to build relationships with the crypto community and show its commitment to engaging with this fast-growing industry.
Source Statement
"They are highlighting the issues surrounding cryptocurrency and trying to find quick solutions to show that they support the industry. They want to demonstrate that they are not the enemy," a source close to the situation told The Block.
Examples of Competitors
It is worth noting that Biden's political opponent, former US President Donald Trump, is already accepting crypto donations through the Coinbase Commerce platform. Trump opened cryptocurrency donations a few weeks ago and has a significant cryptocurrency portfolio, valued at $15 million according to Arkham Intelligence. His assets include PoliFi memcoins, Ethereum, USDC, and 210 billion Trog tokens (TROG).
Analysts believe that the Biden team is seeking to force Trump to compete for the votes of digital asset owners. Dragonfly managing partner Haseeb Qureshi noted that this could lead to a softening of the Biden administration's policy towards the crypto industry.
Appeal to the Experts
Journalists report that the president’s team is actively turning to experts from the cryptocurrency sector for advice. Biden and his representatives are seeking advice from experts on the crypto community and future crypto policy.
The initiative to accept crypto donations is an important step for Biden's team as it seeks to forge closer ties with the cryptocurrency industry. This strategy could play a key role in the election campaign, especially as interest in cryptocurrencies grows among voters.
We previously reported that the BODEN memecoin grew by 16% amid the recognition of Biden’s son as guilty in a weapons acquisition case.
