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Joe Biden’s Campaign Is Exploring the Option of Accepting Cryptocurrency Contributions Similar to Donald Trump’s
In an effort to demonstrate a more welcoming stance towards an expanding voter base, President Joe Biden is reportedly contemplating the acceptance of political contributions in cryptocurrency.
As the crucial presidential election approaches, President Biden’s campaign is exploring the possibility of utilizing the services of cryptocurrency exchange Coinbase to accept crypto donations.
Coinbase Commerce, a platform that allows merchants to receive various cryptocurrencies, is already facilitating crypto donations for presumptive Republican candidate Donald Trump, whose campaign began accepting digital currency contributions last month.
The discussions within the Biden campaign are part of broader initiatives to connect with crypto-oriented voters ahead of an election that analysts predict will be highly competitive.
Pro-cryptocurrency contributors have been mobilizing, with crypto-backed super PACs reportedly amassing a $100 million fund, as stated by Public Citizen.
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The potential for Biden’s campaign to accept cryptocurrency donations arises at a significant moment.
Last week, Biden vetoed a bipartisan measure aimed at reversing the SEC’s regulations on crypto custody. This action drew criticism from the crypto community, which viewed it as an obstacle to the sector’s advancement in the United States.
Billionaire Mark Cuban recently indicated that cryptocurrency could have a crucial impact on the 2024 election, possibly favoring Trump.
In the past month, Trump’s campaign has undergone a significant shift towards a pro-cryptocurrency stance, contrasting with his previous views.
As per the decentralized prediction platform PolyMarket, Trump is estimated to have a 56% likelihood of winning the election compared to Biden’s 35%.
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