more and more political campaigns are happy to accept Bitcoin donations
As cryptocurrency becomes more accepted, an increasing number of political campaigns are happy to accept Bitcoin contributions to fuel their run for office. They say that politics make strange bedfellows. But, 1 matter in politics is easily known by every politician and political party: money. While it’s wonderful to dream that good intentions and the desire to do public service will be the driving forces behind politics, the truth is that it’s money, and lots of it. Now it seems that another participant is entering the political arena to join fiat money and charge cards : cryptocurrency. Political Bitcoin contributions are becoming increasingly more common as potential lawmakers want a piece of that virtual currency pie.
Every political effort is ever on the lookout for more money to put (or keep) their candidate in office. While the old guard are still relying upon cash contributions (not to mention whatever kickbacks they get from lobbyists), younger politicians are opening up their crypto wallets to take Bitcoin donations.
His Senate campaign obtained a total of 24 Bitcoin contributions, and one contribution (worth $4,500 at the time) was the biggest such cryptocurrency contribution in national election history.
Another offender accepting Bitcoin is Patrick Nelson, a Democrat from New York. They’ve only raised about $400 in donations so far because of their processor, BitPay, using their operations suspended while still handling a licensing issue from New York state. Kelli Ward, a Republican running for one of Arizona’s Senate seats is also accepting Bitcoin.
Pols Loving the Cryptocurrency Revenue
The major winner in snagging cryptocurrency gifts is Brian Forde, a Democrat from California. In August and September of 2017, his campaign raked in over $66,000 in bitcoins.
Even elderly politicians are having their eyes opened to accepting political digital money donations (have you ever heard of a politician turning down money?) . Forde notes that “a number of members of Congress have asked for my advice about how they could accept bitcoin as well.”
The very first presidential campaign to take Bitcoin contributions was Rand Paul back in 2016. This was a result of how the FEC made it acceptable for campaigns to take cryptocurrency back in 2014. On the other hand, the contributions should be limited to $100 per individual and the essential data (name, physical address, company, etc..) be gathered too.
At the moment, the amount of campaigns and PACS (political action committees) requiring cryptocurrency contributions is just four. But that number is guaranteed to increase when more attempts file their information together with the FEC for the next reporting deadline.
Tap. As a younger generation runs for public office, they’ll be a lot more receptive to cryptocurrency compared to older shield presently in office. Expect to see more candidates advertisements their wallet speech in the not too distant future.