Trump campaign starts taking cryptocurrency donations, vows to build a ‘crypto army’

He victory campaign announced Tuesday that it will begin accepting cryptocurrency donations, presenting the measure as one of solidarity with the opponents of "socialist government control" on the American financial markets.

Supporters of the former president donald trump You can donate using “any cryptocurrency accepted through the Coinbase Commerce product,” his campaign said in a press release.

The announcement links the President Joe Bidenwho is running for re-election against Trump, with Sen. Elizabeth Warren, D-Mass., an outspoken critic of cryptocurrencies who has pushed to clamp down on the nascent industry.

"Biden surrogate Elizabeth Warren said in an attack on cryptocurrencies that she was building an 'anti-cryptocurrency army' to restrict Americans' right to make their own financial decisions," the campaign said, referring to an ad from re-election. Warren posted on X in March 2023.

"MAGA supporters, now with a new cryptocurrency option, will build a cryptocurrency army that will lead the campaign to victory on November 5th!" the campaign said.

The move opens up a new source of potential funds for Trump's campaign, which still trails Biden in cash on hand even as he outraised the incumbent Democrat in April.

Crypto donations will be reported as in-kind contributions, just like stock donations. The campaign can then decide to liquidate the digital currency or keep it.

"Contribution limits and disclosure requirements for crypto donations will follow Federal Election Commission regulations," the Trump campaign said.

Cryptocurrency acceptance is just the latest in a series of efforts by Trump to court the crypto community, which tends to be biased. younger and more masculineaccording to an April 2023 survey from the Pew Research Center.

In December, Trump sold a limited run of NFT trading cards that could be purchased with cryptocurrencies, for example.

Earlier this month, it hosted a lavish dinner for its NFT backers at the Mar-a-Lago club.

There, Trump told cryptocurrency supporters that they "better vote" for him, because the Biden administration is "against" cryptocurrencies, Politico reported.

Meanwhile, Biden's campaign has reflected his administration's skepticism toward cryptocurrencies and their leaders.

Hours before the Trump campaign began catering to cryptocurrency donors, Biden's team sent out a fundraising text warning his supporters that "cryptocurrency executives and oil barons are coming out of the woodwork for Trump."

The Biden campaign did not immediately respond when asked by CNBC for its opinion on accepting crypto donations.

The Trump campaign's Tuesday announcement featured Trump as the "first major party candidate" to accept crypto donations. But Trump will not be the official candidate until July.

And he is not the first presidential candidate to accept donations in cryptocurrencies.

Robert F. Kennedy Jr., who is preparing a long-range independent presidential bid, announced in May 2023 that his campaign would accept bitcoin donations. Sen. Rand Paul, R-Ky., expressed his opinion bitcoin donations for his own presidential campaign in 2015.