Politicians are getting in on the cryptocurrency craze to fund campaigns

alyssa85

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Quote from: SuperD007 on March 04, 2018, 11:02:44 AM

Basically, they can now accept party "funding" from any company they want discreetly.

Campaign funding is just legalized bribery!

The important point though is that the more politicians who accept bitcoin as campaign donations, the more reluctant they will be to ban it. Because they'd be cutting off their own funding.

So I view this as a very positive development.

eaLiTy

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It is good to see that politicians wanted to get the funds from crypto investors but i doubt whether they will be using it as party funds or for their own benefits,recently there was a news that 50 Cents accepted bitcoin for one of his albums in 2014 and now he made a good fortune with the coins he collected and may be the politicians are eying for that kind of fortune in the future. Grin

The funny thing is none of the candidates who accepted bitcoin won an election,lets see how the future holds. Cheesy

frowsiter

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Ok what made me laugh is the last words "in-kind donations". That sounds like new way of taking huge moeny from the party funding for the purpose of bribing the votes and nothing else. So here we are bitcoin is not even left by the politicians. Great guys, just see this, our bitcoin is actually turning into traditional currency because we'll that's what our traditional currency is doing right now. It's feeding banks, industrial zones, private and public fundings and as well as political funds now.

So I might be speaking in the casual way but this article does gives us idea that people whether they are common or big politicians all of them think about it. Lolz

SuperD007

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Basically, they can now accept party "funding" from any company they want discreetly.

Campaign funding is just legalized bribery!

alyssa85

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https://www.cnbc.com/2018/03/01/cryptocurrency-candidates-politicians-embrace-bitcoin.html

Quote

Bitcoin is making waves in campaign finance. More and more candidates are turning to the cryptocurrency to help fund their campaigns — and with good reason.

Despite its dramatic rise and fall, bitcoin has surged in popularity this year, and many politicians are now looking to get a piece of the digital currency.

Republican Andrew Hemingway started the trend in 2014. Hemingway was introduced to bitcoin as a tech entrepreneur. At 32, he became the youngest gubernatorial candidate in New Hampshire history — and the first to accept bitcoin contributions.

Hemingway, who also ran Newt Gingrich's New Hampshire presidential campaign in 2012, says he started accepting bitcoin because there was a demand. Many of his own supporters were requesting to make contributions in bitcoin. About 20 percent of Hemingway's total political contributions came from bitcoins.

Though Hemingway ended up losing his bid for governor, a long line of politicians have followed in his footsteps. Take for instance, Austin Petersen from Missouri. His Senate campaign has received 24 bitcoin contributions this year. This included a bitcoin contribution worth $4,500. According to the Federal Election Commission's records, this marks the largest cryptocontribution in federal election history.

New York Democrat Patrick Nelson, who is running for Congress, is also accepting contributions through bitcoin payment service provider Bitpay.

Other candidates accepting bitcoin include Democratic congressional hopeful Brian Forde of California and Republican Kelli Ward, who is vying for one of Arizona's Senate seats.

The FEC approved bitcoin contributions in 2014, ruling they should be treated as "in-kind donations."

Topic: Politicians are getting in on the cryptocurrency craze to fund campaigns (Read 86 times)