In a bid to stay competitive in the upcoming presidential election, President Joe Biden's re-election team is considering accepting cryptocurrency donations, according to a recent report. This move is seen as a strategic attempt to show support for the crypto industry and differentiate themselves from their Republican opponent, Donald Trump.

Sources close to the campaign revealed that discussions are ongoing with crypto businesses to explore the possibility of accepting donations via Coinbase Commerce. The goal is to demonstrate that the Biden team is committed to understanding and supporting the rapidly growing crypto sector.

One insider emphasized that the team wants to "show that they're not the enemy" and are actively engaging with crypto issues to secure quick wins. This move is seen as a response to Trump's early adoption of crypto donations, which has garnered significant attention and support from the crypto community.

In May, Biden's campaign team highlighted the significant financial advantage Trump's campaign had, backed by crypto executives. The report noted that Biden's close acquaintances are urging the campaign to stay ahead of the curve, warning that failing to do so could result in electoral defeat.

Trump, on the other hand, has been actively embracing crypto, accepting donations in various digital assets through his fundraising page. He has also pledged to become a "crypto president" and has made a promise to grant a presidential pardon to Ross Ulbricht, the founder of Silk Road, if re-elected.

The Biden campaign's consideration of crypto donations is still at the exploratory stage, but it signals a significant shift in the political landscape. As the election season heats up, it will be interesting to see how both campaigns navigate the rapidly evolving world of cryptocurrency.