Thursday, April 9, 2015
Rand Paul Accepting Campaign Donations in Bitcoin
Upon officially announcing his campaign for the 2016 presidential elections, Kentucky Senator Rand Paul has opened up randpaul.com to donations. And, interestingly, contributions can be sent in the form of Bitcoins, with a caveat that those donations may not exceed $100.
There are a lot of reasons why Paul would make this move, and he has already established himself as a fairly unorthodox member of his party. First, it'd generate a decent amount of media attention towards his campaign. Second, it may help him attract voters who believe in the power of the Bitcoin, often younger and tech-savvy: a part of the electorate that tends to vote against Republican candidates (see: tedcruz.com). Lastly, it makes a nod at his long-established distrust of the Federal Reserve (a sentiment many Bitcoin supporters share).
Bitcoin donations have been accepted by some political candidates in California, Colorado, and New Hampshire, but this is the first time a presidential candidate has done so. Some worry that if this trend continues, it may be easier for people to donate money illegally (for example, from other countries), since Bitcoin transactions are effectively untraceable.
Do you think Rand Paul's support of Bitcoin is significant?
Is there a need for tighter regulations on campaign donations made in Bitcoins?
Lichtblau, NY Times