Many more congressional and political candidates have turned to accepting bitcoin as a means of support for their campaigns. While they’re always open to cash donations, bitcoin has become something of a norm for many people running for office. The reason: because bitcoin is not controlled by banks. It is not recognized as legitimate money by many financial institutions, and thus provides anonymity and other benefits to both the sender and the receiver.
Running for Office? Considering Bitcoin Can Really Work
But many are wondering if this is now a regular thing and if many other congressional candidates in the future will accept BTC as a means of campaign payments or if this is just a phase that many politicians are going through.
One example of a recent candidate accepting bitcoin for her campaign is 27-year-old Laura Loomer, who recently won the Florida primary as the GOP candidate for a seat in the House. Loomer gladly accepted bitcoin over cash for her campaign. In a recent interview, she explained why she’s so attracted to it and what advantages it potentially brings to the table:
Bitcoin promotes financial freedom. We are telling the old power structure that we don’t need them anymore. We will pave our own destiny financially, intellectually and with speech freedoms.
Besides Loomer, cryptocurrency contributions were accepted by several Democratic presidential hopefuls including Andrew Yang, Eric Swalwell and Tom Emmer. None of these candidates ever made it anywhere in the political spectrum, though this is not necessarily because people look down on bitcoin and reflects more general disdain or unfamiliarity with their policies.
While initially considered controversial, accepting bitcoin and crypto payments to fulfill one’s political dreams is becoming a common aspect in the world of American politics. Perianne Boring – founder and chairman of the Chamber of Digital Commerce – explained in a recent statement:
Embracing cryptocurrency signals to those who hold it that your campaign is open-minded, forward-thinking, and up to speed on how consumers are transacting in their daily lives. It also demonstrates a strong commitment to innovation and its impact on the economy, national security and American leadership.
This makes sense more than ever considering people are beginning to view bitcoin as a strong tool to hedge one’s wealth against inflation and harsh economic circumstances.
Not Everyone Is a Believer
Sadly, despite the consistent push for mainstream BTC use, not everyone is convinced that crypto is the answer, and they still see it as a financial stain in the maneuvers of America. Daniel Weiner – deputy director of election reform at the Brennan Center for Justice – claimed that bitcoin provides an open door to financial crime, claiming:
I see bitcoin often as more of a gimmick. The danger with bitcoin in this realm is that it is essentially designed for anonymity, and when we talk about campaign contributions, the most important thing is that they be disclosed.