Proving once again that eventually everyone comes around, the Biden team is the last party to start accepting cryptocurrency donations for their presidential campaign.
According to Block's sources, the current administration will be working with Coinbase to accept crypto donations from their supporters, in an attempt to appeal to an ever expanding pro-crypto voter base.
If true, it's a rather surprising move.
Given the current administration's overall anti-crypto stance, it seems unlikely that the "crypto bros" would be giving them any donations. After all, Biden has left the crypto industry disappointed, over and over again.
Under the Biden administration, a number of anti-crypto measures have been taken, including:
- Proposing a 30% tax on all crypto miners
- Vetoing crypto custody bills
- Accusing crypto exchanges of selling unregistered securities
On the other hand, candidate Robert Kennedy has been a crypto advocate since the beginning of his campaign, declaring that not only does he want to put the entire US budget on blockchain, but that he also wants to start backing the US dollar with Bitcoin.
Trump has since followed Kennedy's lead on both Bitcoin and crypto. The Donald announced at a political rally in early May that he's "fine with it (crypto)", and shortly thereafter started accepting crypto donations for his campaign.
Trump has since stepped it up a notch, posting to Truth Social that all new Bitcoins should be produced in the United States, and that Bitcoin mining could be our last line of defense against a Central Bank Digital Currency (CBDC).
This move by the democratic party to accept crypto donations would seem to contradict the actions of certain members of their organization, who have been pushing to make the self-custody of crypto assets illegal in America. As nic carter pointed out on X, the current administration's stance towards crypto has been hostile, to say the least.
https://x.com/nic__carter/status/1801074544649658682
In any case, if Block's sources turn out to be accurate, all three major parties vying for the US presidency will now be appealing to an ever growing cohort of voters - those who support cryptocurrency, and the emergence of a new financial system.
Crypto vs. Traditional Nation State
Ultimately, we have to ask ourselves the question, "can you root for both your country and cryptocurrency at the same time"? By its nature, crypto takes power away from the state and transfers it to the individual.
As crypto continues to gain more adoption around the world, we will likely see the break-up of larger countries into smaller communities, whose economies will eventually be powered by borderless cryptocurrency tokens.
If you learned something new from this article, be sure to check out my other posts on crypto and finance here on the HIVE blockchain. You can also follow me on InLeo for more frequent updates.
Until next time...
Resources
MSN Article [1]
The Block Article [2]
Biden Bitcoin Image [3]
Trumps Truth Social Post [4]