In his bid for a second term, former United States President Donald Trump announced Tuesday that he is now accepting cryptocurrency payments via his official website. According to a press release, the crypto donations feature is powered by crypto exchange Coinbase.
"This addition to President Trump's already groundbreaking digital fundraising campaign marks the first time a major party Presidential nominee has embraced cryptocurrency for donations," it reads.
According to the webpage, Trump accepts donations in popular cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Solana, and more. While other presidential candidates accept crypto donations, the breadth of assets accepted by Trump’s campaign is notable, extending far beyond common cryptocurrencies. Meme coins such as Shiba Inu and the cryptocurrency XRP are also among those accepted.
At an event for holders of his NFT project, Trump said earlier this month that he's "good" with crypto now, despite previously speaking out against Bitcoin. In 2021, for example, he said that Bitcoin “seems like a scam” and bemoaned what he claimed was another currency competing against the supremacy of the greenback.
Trump, however, has become progressively involved in digital assets. Trump Trading Cards, Polygon-based NFTs, were first launched in late 2022. And it was a Mar-a-Lago event for said NFT holders, who spent thousands of dollars to participate, that ultimately sparked Trump’s recent pro-crypto comments.
Trump’s vocalized support for crypto could be influencing the digital asset market in other ways too. As analysts speak of political pressure at the U.S. Securities and Exchange Commission, the approval odds for spot Ethereum ETFs this month have skyrocketed.
"As our President, Donald J. Trump has reduced regulations and championed innovation in financial technology, while Democrats, like Biden and his official surrogate Elizabeth Warren, continue to believe only government has the answers to how our nation leads the world," Trump's press release reads.
Meanwhile, a Solana-based meme coin inspired by the former president extended weekly gains. As crypto has come to the political forefront in America, the token has surged 150% over the past week to $1.30, according to CoinGecko.
After completing the necessary requirements on Trump’s website, users are directed to a Coinbase Commerce page that includes options for MetaMask and Coinbase Wallet among other self-custodial wallets.
You can now support the first pro-crypto major presidential candidate, President Trump…with crypto.
Liz had an army. We have a hulk. pic.twitter.com/LzG1xbyUva
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) May 21, 2024
As Trump’s crypto push materializes, a politically connected crypto executive suggested that crypto skeptics on Capitol Hill, such as Elizabeth Warren (D-MA), would feel the pressure. “Liz had an army. We have a hulk,” said Messari CEO Ryan Selkis, who also spoke at Trump’s recent Mar-a-Lago event.
Editor's note: This story was updated after publication with additional details.