The 2020 US presidential elections are witnessing a rising tide of Bitcoin campaign contributions. The trend of cryptocurrency donations and contributions is helping cryptocurrencies achieve mainstream financial status.
Cryptocurrency donations did not find many takers in the political arena. However, the tables have turned and today Bitcoin campaign contributions find favor among leading party candidates. For instance, Republican Tom Emmer from Minnesota is accepting crypto contributions. On a different note, many people believe that it is also a way to circumvent campaign financing policies.
A recent shining example of Bitcoin campaign contributions is Florida’s Republican candidate Laura Loomer. Laura has reportedly raised $1.1 million for campaigning in the 2020 US presidential elections and the majority of these funds have crypto origins. Many more candidates have accepted Bitcoin campaign contributions in the recent past.
Bitcoin campaign contributions accepted across party lines mainstream
A few years ago, the use of Bitcoin for campaign contributions was restricted to far-right or extreme libertarians. Cryptocurrencies offer superior privacy over conventional money. Banks and agencies have difficulty tracking the origins of the donations. Hence, people can stay anonymous and support the candidate of their choice without attracting undue attention from political rivals.
Laura Loomer owns cryptocurrency and believes it promotes financial freedom. She talks about tearing the old structure and pave a new financial, political, and intellectual destiny.
Crypto donations are now part of every major party’s financing mechanism. The 2020 US presidential elections are filled with fringe and tech-savvy candidates who know the pulse of today’s young generation. Thus, Bitcoin campaign contributions are part of both sides of the aisle.
Crypto contributions are here to stay
Today, candidates embrace crypto contributions openly to reflect a forward-thinking, open-minded personality. It also demonstrates their commitment to financial innovation. They want to appeal to the young millennial voter.
However, skeptics believe Bitcoin campaign contributions are mere election stunts. Even worse, they think that crypto donations are a way to skirt laws that restrict campaign contributions. Daniel Weiner of Brennan Center for Justice says that crypto is just a gimmick. He adds that the high anonymity offered by Bitcoin hinders election reforms.
Bitcoin donations aren’t anonymous. Complete ID details about the donors are maintained with the campaign treasurer. Only legal Bitcoin campaign contributions are accepted. It remains to be seen if crypto contributions end up as a fad or become mainstream. Right now, crypto is spicing up the 2020 US presidential race.