- The Trump campaign announced on Tuesday that it would begin accepting cryptocurrency donations, marking the first time a major party presidential nominee has done this.
- This decision is in line with Trump’s broader agenda, which the campaign described as valuing “freedom over socialistic government control.”
- Weeks ago, at a Mar-a-Lago gala, Trump declared himself “crypto’s candidate,” pushing digital currencies into the spotlight for the 2024 campaign.
Trump campaign embraces cryptocurrency donations, aiming to build a “crypto army” for the 2024 election.
Trump Campaign Vows to Build “Crypto Army”
According to a campaign press release, Trump supporters can now donate using “any cryptocurrency accepted through the Coinbase Commerce product.” The campaign assured that all cryptocurrency contributions would adhere to Federal Election Commission regulations, including contribution limits and disclosure requirements.
The campaign referenced Senator Elizabeth Warren, a surrogate for President Joe Biden, who has been vocal about her opposition to cryptocurrencies. In a reelection ad posted on X in March 2023, Warren declared she was building an “anti-crypto army” to restrict Americans’ financial choices.
In response, the Trump campaign declared, “MAGA supporters, now with a new cryptocurrency option, will build a crypto army moving the campaign to victory on November 5th!”
TRUMP Token Surges 14% as Top Sellers Reap Gains
According to Nansen, the TRUMP token’s price increased by 14% following the announcement that Donald Trump’s campaign would now accept cryptocurrency donations.
In a thread posted on X, Nansen revealed that their analysis of the top 10 on-chain TRUMP buyers in the past 24 hours showed most addresses had low average ROI and win rates, with many having previously purchased TRUMP without making significant profits.
Meanwhile, the top on-chain TRUMP sellers were found to be highly successful. The leading address, which bought TRUMP early, has been raking in profits at market peaks, with over 1,600% in unrealized gains.
This trend, with the price of TRUMP having risen over 60% in the past month, indicated that these sellers were gradually taking profits to reduce their exposure. Many of these addresses were noted to be up over 1,000% in unrealized gains.
Conclusion
The Trump campaign’s move to accept cryptocurrency donations marks a significant shift in political fundraising, aligning with the broader trend of digital currency adoption. By embracing crypto, the campaign aims to build a “crypto army” to bolster support and drive momentum towards the 2024 election. The surge in TRUMP token prices and the success of early adopters highlight the potential financial benefits and risks associated with this innovative approach. As the campaign progresses, it will be crucial to monitor how this strategy impacts voter engagement and financial contributions.
