Bitcoin Gets Political as the U.S. Prepares for Midterm Elections

Bitcoin has become an increasingly leaned upon tool by politicians and candidates across the U.S. in preparation for 2022’s midterm elections. 

According to a new report by Politico, Bitcoin is frequently being referenced by politicians as a key part of their platform, in addition to being a tool for donations. 

The report reads:

Josh Mandel, the Trump-aligned populist running in a fiercely competitive Senate primary in Ohio, drew notice for a tweet vowing to make Ohio “a pro-God, pro-family, pro-bitcoin state…

Florida Agriculture Commissioner Nikki Fried, an outspoken Democrat running for the chance to oust GOP hero Ron DeSantis, announced her campaign would accept donations in cryptocurrency, touting the technology as a tool for “the democratization of money” and taking on big banks.

Politico claims the coming midterm elections are bringing cryptocurrency into its own as a “bona fide issue” in American politics. As a whole, Democrats have been calling for greater regulation of the growing crypto industry while Republicans have embraced its emergence. However, as evidence by the comments of Fried and others, the issue of crypto is “scrambling” partisan lines, with candidates on both sides finding reasons to endorse digital assets. 

The report notes that political incentives in favor of crypto have been largely one-sided, with candidates looking to reap the benefits of newly rich donors and fanatical supporters of Bitcoin and other assets. 

Ron Hammond, director of government relations at the Blockchain Association and an advisor to the pro-crypto HODL PAC, said that he receives more requests for advice on crypto than concerns about the industry. 

Despite former President Donald Trump’s outspoken criticism of Bitcoin, likening the cryptoasset to a “scam” last June in an interview with Fox, Hammond says Republican support is strong for Bitcoin, particularly with younger voters. 

He explained, 

I don’t know a single Republican under the age of 50 who’s critical of crypto. 

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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