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This opinion piece published in The New York Times argues that US President Donald Trump’s continued embrace of cryptocurrency for campaign donations is a significant win for the industry’s legitimacy. The author, Paul Waldman, suggests that mainstreaming of cryptocurrencies is hampered by their association with notorious cybercriminals and the aim to circumvent regulatory oversight. However, as this association becomes less relevant, the backing of politicians such as Andrew Yang and Rand Paul, as well as Trump, presents an opportunity for cryptocurrencies to be regarded as legitimate campaign finance options. Waldman outlines how technology has transformed the process of collecting political donations, and suggests that voters’ increased comfort level with cryptocurrencies could present a significant source of campaign financing. Overall, the article concludes that cryptocurrencies’ legitimacy is becoming increasingly mainstream, regardless of political affiliation. This is supported by a recent study from the University of Cambridge that found a total of $3.8 billion was donated to political campaigns in the form of cryptocurrency.

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