By now most Americans are familiar with Bitcoin (BTC) or at least have heard of it.
Bitcoin is the leading cryptocurrency in the market currently valued at 8,650.00 per "coin" not unlike a single "share" of a common stock.
While many are still skeptical of the role that cryptocurrency will play in our society moving forward, the role of banking and financial services in the United States clearly has experienced the worst public relations issues in recent years since the depression era. Fact is many see banking as a necessary evil.
It does not help when more and more information is being released regarding political leaders like Presidential candidate Joe Biden where politicians working with banking and credit card companies have worked against the interest of Americans. Biden was a road block to bankruptcy reforms that financial concerns like MBNA opposed and furthermore Biden's son Hunter Biden initially was provided employment with the concern in 2001 while Joe Biden was serving in the U.S. Senate.
Now cryptocurrency is beginning to enter the arena of politics and very well may open up the entire future of political campaign donations.
Democrat Presidential primary contenders Andrew Yang and Eric Swalwell initiated crypto doantion platforms for campaigns. Yang is offering Bitcoin as a means of payment towards donations on his campaign website and Swalwell who has sicne dropped out of the race was offering a half dozen options for supporters to use including Bitcoin (BTC) and Etherum (ETH).
Recently a new PAC- political action committee known as BitPac which is a crypto-centric has been launched in order to support candidates running for office. Crypto like Bitcoin are extremely popular with millenials and younger Americans who are politically engaged in the process.
What will this mean for the election process and campaign finance?
Cryptocurrency is still in its relative infancy in terms of the political arena though many more in Congress are beginning to support the industry openly. Many world leaders are also in support of the role of cryptocurrency.
The biggest hurdle regarding crypto is fear. Many Americans have been convinced that crypto will result in fraud or other illegal means when politics is concerned given the nature often of anonymity of users and where the fund are coming from.
Many PAC's are beginning to accept crypto but it is not yet widely being undertaken in large part due to the regulations and issues of converting the donations to dollars as well as the potential volatility of the currency itself. Candidates like to report their donation numbers often as a means demonstrating how their campaign is resonating with voters so having variables in the finances can be cumbersome.
BitPac appears poised to not only accept currencies from crypto contributors but issue its own utility coin known as Politicoin in an attempt to normalize the process for political contributions.
There are means in which to identify contributors using crypto of course and many companies that will assist campaigns in maintaining compliance with regulations.
Clearly BitPac is a first mover in this area and much is still up in the air whether ultimately Americans will prefer to use crypto over their credit and debit cards for campaign contributions.
If you would like to learn more about crypto, you can earn while you learn through Coinbase Earn. Coinbase will provide free crypto to those that take the tutorial courses in crypto because Coinbase knows that acceptance will come faster with an educated user base.
Simply copy and paste this link:
https://tinyurl.com/sn7kggx
No comments:
Post a Comment