Biden would be analyzing accepting Bitcoin and other cryptocurrencies as a donation mechanism for his election campaign through Coinbase, according to reports.
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- President Joe Biden Apparently Considering Accepting Bitcoin Donations for His Campaign
- Reportedly exploring a Coinbase Commerce integration to receive cryptocurrencies
- Trump began accepting cryptocurrency donations for his campaign last month
- Now, given Trump’s change in position, the Democrat would also seek to be receptive to cryptocurrencies
Digital currencies continue to be a recurring theme in the US presidential elections.
Joe Biden, current president and candidate for the Democratic Party, would be exploring the possibility of adopting cryptocurrencies as a financing mechanism for his electoral campaign, according to a report The Block this Thursday citing familiar sources.
According to the report, the US president’s campaign plans to employ Coinbase Commerce, a payments service from the eponymous exchange that allows merchants to accept dozens of cryptocurrencies, to accept donations; a move that likely comes in an attempt to attract the attention of crypto investors and attract voters interested in such assets.
His campaign rival, convicted former president Donald Trump, already announced a few weeks ago the incorporation of digital currencies as an accepted donation method in his campaign. The Republican has also been emphatic in his renewed support for the cryptocurrency sector, making promises to voters to protect the industry if he is re-elected in November.
Sources who spoke with The Block They suggested that the Biden team may want to show a friendlier stance towards cryptocurrencies given that the election is expected to be decided by very narrow margins. The voters of Bitcoin and cryptocurrencies could prove decisive.
Biden wants to be more receptive to Bitcoin
The Democrat has not shown a particularly positive attitude towards digital currencies in the past. In fact, he has been widely criticized by the industry for his administration’s harsh approach.
A few weeks ago, Biden rejected a bipartisan push to repeal SAB 121, a controversial legislative measure issued by the Securities and Exchange Commission (SEC) that essentially prevents banks from custodying cryptocurrencies and that sector advocates have criticized for hampering the growth of the industry in the USA
However, the politician seems to be making efforts to show a more progressive stance. According to a previous report from that same news outlet, which is also based on statements from knowledgeable sources, Biden would be seeking guidance on “the crypto community and crypto policy in the future“.
While the acceptance of cryptocurrencies as a donation in the campaign is still in stages “exploratoryAccording to the report, the consideration suggests that Biden increasingly recognizes the impact that cryptocurrency issues could have on a presidential race that is likely to be close.
The billionaire Mark Cuban recently suggested that Biden’s indifference toward cryptocurrencies could hand Trump the presidency, and recent polls give Trump a double-digit lead among cryptocurrency holders.
Trump referred to himself as the “cryptopresident” at a recent campaign fundraiser and also said he wants all bitcoins remaining are “made in USA” in a message in which he also expressed his support for the miners of Bitcoin who reside in the country.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
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