Topic: US PACs can now also INVEST in bitcoin (Read 613 times)

Torque

legendary

Activity: 3780

Merit: 5429

This is cool news. I hope they can get past that silly $100 limit.

"We have to balance a desire to accommodate innovation, which is a good thing, with a concern that we continue to protect transparency in the system and ensure that foreign money doesn't seep in." Yeah, fat chance on that. Wink

Savvy campaign contributors might look to buying bitcoins now, in the hopes that their investment grows. Then donate to their campaign du jour when the time is right.

BitchicksHusband

sr. member

Activity: 378

Merit: 255

With all the buzz over US Political Action Committees being allowed to accept bitcoin, I hadn't seen this:

http://www.techdirt.com/articles/20140508/14005127171/federal-election-commission-says-political-action-committees-can-accept-payment-via-bitcoins.shtml

Quote from: Techdirt

After some amount of hand-wringing, the Federal Election Commission has said that political action committees (PACs) may accept bitcoin donations, though they can't then buy goods and services with those bitcoins. Furthermore, it has to convert the bitcoins to dollars before depositing them into its campaign accounts. In other words, its effectively allowing the use of bitcoin as a payment system, rather than as a currency. However, at the same time, it will allow campaigns to buy bitcoins as an investment vehicle.

That's a whole LOT of money that could potentially be invested in bitcoins. PACs typically have millions of dollars, even hundreds of millions.

Bitcoin Forum>Economy>Economics>Speculation

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