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Bitcoin:
$ 62.600
BTC Dominance:
% 53.6
Market Cap:
$2.21 T

Biden Campaign Eyes Crypto Donations via Coinbase

Biden Crypto

The campaign of President Joe Biden might soon start taking cryptocurrencies via the Coinbase Commerce system. Reports state that the president’s staff is looking more and more for contributions from the growing sector for its re-election initiatives.

Biden’s campaign team strategy drastically runs counter to the crypto-related policies released by the White House since he took office. This action seems to be in response to the attention Trump has received since switching to a pro-crypto stance.

Those involved with the conversations stated that the crypto strategy was just in its exploratory stage. This implies that although a final decision has not yet been made, it would significantly deviate from his past achievements.

Political experts have noted that the action of the Biden campaign team indicates that his camp was seeking to show support for the crypto sector. Biden is allegedly “looking for ways to show that they’re not the enemy and to demonstrate support for the crypto industry.” An unidentified source said.

Furthermore, the campaign team could look for money by using the pool of crypto contributors. Through PACs, pro-crypto donors—including individuals and businesses—have already contributed millions of dollars; they want to use the money to support the pro-crypto candidates chosen.

Biden’s team’s recent gestures to the crypto sector suggest that it could be more challenging for the president to garner support from the sector. This is a result of his apparently anti-crypto posture, which includes the recent veto of a bipartisan vote to eliminate SAB 121, an SEC directive seen to damage the sector.

READ:  President Joe Biden Orders Chinese Company to Ban Bitcoin Mining!

Still, Trump’s strong pro-crypto remarks already have an impact since many players think he is the ideal fit for the sector. Many powerful people, including Alex Bergeron of Bitcoin Magazine, Brian Morgenstern of Riot Blockchain, and Messari CEO Ryan Selkis, have voiced opinions that the Trump government may be fantastic for Bitcoin and the crypto sector.

Others have advised caution, though. Lola L33tz, a bitcoin analyst, pointed out that politicians are notorious for making promises during elections they will not be able to keep. Most of the stakeholders stay objective and think the business should likewise be apolitical.

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