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Daily Traders Edge

Political Bitcoin Donations are Gaining Traction

February 12
09:54 2018

They say that politics make strange bedfellows. However, one thing in politics is easily understood by every politician and political party: money. While it’s nice to dream that good intentions and the desire to do public service are the driving forces behind politics, the reality is that it’s money, and lots of it. Now it seems that another player is entering the political arena to join fiat currency and credit cards: cryptocurrency. Political Bitcoin donations are becoming increasingly more common as prospective lawmakers want a piece of that virtual currency pie.

Bitcoin donations

Hitting the Campaign Trail

Every political campaign is always looking for more money to put (or keep) their candidate in office. While the old guard continue to rely upon cash donations (not to mention whatever kickbacks they get from lobbyists), younger politicians are opening up their crypto wallets to accept Bitcoin donations.

One such politician is Austin Peterson, a Republican from Missouri. His Senate campaign received a total of 24 Bitcoin donations, and one donation (worth $4,500 at the time) was the largest such cryptocurrency donation in federal election history.

Another candidate accepting Bitcoin is Patrick Nelson, a Democrat from New York. They’ve only raised about $400 in donations so far due to their processor, BitPay, having their operations suspended while dealing with a licensing issue in New York state. Kelli Ward, a Republican running for one of Arizona’s Senate seats is also accepting Bitcoin.

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