Lightning Network Gets Political via Trump Donations

In a surprising twist, ex-President and current presidential candidate Donald J. Trump announced that he would become the first presidential candidate to accept Lighting Network donations. These donations would go towards his current presidential campaign. The move represents a political pivot by the candidate and the opening of a new era in US politics. Here's what you need to know.

Bitcoin into Mainstream Politics

The first thing to notice about this maneuver is that it added likability for the +50 million cryptocurrency traders in the US. In the past Trump has been critical of blockchain assets, even calling them a scam. However, it appears that he has a better understanding of the tech, its benefits, and the influence of the community.

Ex-President Donald J Trump

No Pro-Bitcoin Candidate

Crypto politics doesn’t have a real frontrunner in this presidential race. Both candidates have made anti-crypto statements in the past. Recently, Biden vetoed a bill that enabled regulated financial firms to custody Bitcoin. This bill would have opened the door for institutional adoption.

This veto isn't a huge surprise when you examine the anti-crypto rhetoric of the past. Even during the Obama administration, there was a concerted effort to lock cryptocurrency-related businesses and users out of the traditional financial system.

Trump on Crypto in the Past

Interestingly, Trump has been on record harshly criticizing Bitcoin and cryptocurrencies in the past. In one Tweet he wrote, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

Trump stated that he would invoke regulations, trade restrictions, sanctions, and other punishments to encourage the USD to remain dominant. He even went on record saying that he would be willing to use the military to ensure the US dollar didn’t lose its spot as the premier global currency.

Of course, anyone who has followed Trump knows that he started to pivot towards cryptocurrencies around 2022-2023. This pivot followed a number of financial celebrities changing their stance, such as longtime Trump friend, Robert Kiyosaki, who is a Bitcoin user after years of misunderstanding the tech.

NFTs Pivot

Many believe it was Trump's NFT release that helped to sway him on his anti-crypto stance. The Trump NFT collection was released at $99 per token. Trump's campaign managed to secure +$1M selling NFT collectibles to his base. This success led to additional releases. Their latest includes photos of the former president in court.

Libertarian Party convention

Trump's Lightning Network aspirations became public knowledge following a Libertarian event he spoke at this week. In his speech, he discussed the importance of keeping the USA as the blockchain front-runner and innovator. To accomplish this goal, he stated he would pass legislation supporting the industry and innovation.

Interestingly, the ex-president also discussed non-custodial wallets. He said that his new administration, if elected, “will support the right to self-custody“, meaning that only the user can access their funding.

OpenNode

The LN-payment infrastructure provider, OpenNode partnered with the Trump campaign to make the maneuver possible. OpenNode provides LN payment channels. These channels enable anyone to send funding without opening a channel directly. OpenNode is a crucial component of this decision as it streamlines onboarding and adds additional validity to the move.

Silk Road Justice

Another major announcement the crypto community enjoyed was Trump's announcement that he would support the commutation of Ross Ulbricht's life sentence. The ex-president said it had been 11 years and it was time to bring him home.

These historic comments have aligned the candidate with many new voters and opened the prospect for the community to become reunited with Dread Pirate Roberts, aka Ross Ulbricht.

Other Politicians Seeking to Leverage Cryptocurrencies

The number of politicians who support Bitcoin continues to expand. These individuals seek to create infrastructure and integrate blockchain technology in a way that drives adoption and leverages its unique capability to improve efficiency. Across the globe, politicians are waking up to the benefits of blockchain tech. Here are a few you should know.

Robert F Kenedy Jr.

One of the most vocal supporters of Bitcoin in the current US administration is Robert F Kennedy Jr. RFK Jr. has stated that he would put the government on a blockchain system. He even said that he would back the US dollar using Bitcoin. Additionally, he wants to make Bitcoin mining rewards tax-free.

At a recent Heal-the-Divide PAC fundraiser, RFK jr discussed how hard currencies could help to protect the dollar from losing dominance in the next century. Notably, he listed gold, silver, platinum, and Bitcoin as hard assets that would be usable. This naming of Bitcoin alongside precious metals helps to educate the masses about its store of value capabilities.

Nayib Armando Bukele Ortez

The Salvadoran president continues to ensure his country is a pioneering force in the Bitcoin market. The politician is the 43rd president and has done more for Latin American crypto adoption than most. He was the first president to make Bitcoin legal tender.

This decision made El Salvador the leading Bitcoin market in Latin America. It was followed by a public distribution and education campaign where every citizen received $60 in Bitcoin and Lightning Network wallet. As such, US politicians still have a lot of ground to cover to keep up with these efforts.

A Growing Role in Political Affairs

As the value of the blockchain market expands, it's sure to exert additional influence to lobby legislators and enhance public awareness. These maneuvers continue to yield results as more of the population and politicians understand that Bitcoin is an inevitability rather than a possibility.

Will Trump be the first Pro-Lightning Network President?

There is a lot of momentum around the Trump campaign. Interestingly, his recent convictions have helped to push his supporters to do more with his campaign, beating a single-day fundraising record the same day. All of these uncertainties and drama are shaping up to make this election a critical one for crypto users.