US Congressional Candidate Announces He Will Accept Bitcoin Donations
The World is Changing.
Recently, Patrick Nelson announced that he will be accepting Bitcoin donations for his candidacy as congressman for New York's 21st Congressional District.
Patrick Nelson is a former New York State Legislature staffer.
Not sure if this announcement is because he truly believes that it is the way of the future or if he is just trying to hitch his wagon on the immense popularity it is experiencing right now.
Either way, it was probably a brilliant idea.
Now he will be known as the forward looking candidate in people's minds.
Specifically Nelson had this to say regarding his reasoning behind the decision:
"Our goal in this campaign has been and continues to be bringing 21st century policies to the 21st District. That means we embrace innovation and new technologies like the Blockchain and Bitcoin."
Some details on Nelson...
Patrick Nelson is a graduate of Rensselaer Polytechnic Institute and a former staffer for New York Democratic Assemblyman Phil Steck of Colonie.
He was a strong supporter of Bernie Sanders during his presidential campaign in 2016.
Nelson will be running against Tedra Cobb and Emily Martz for the Democratic Nomination for Congress in 2018.
Bitcoin's classification?
The FEC announced the approval of Bitcoin donations and labeled them as in-kind donations. Which means as an in-kind donation, campaigns have 10 days from the receipt of Bitcoins until they have to be put into the official campaign depository.
However, currently the FEC is debating whether they should change that classification of Bitcoin, which was reached in mid 2016.
The FEC is currently contemplating if they should treat Bitcoin donations the same as cash going forward.
Bitcoin = Cash?!
You don't say...
The fact that they are even having that discussion is great news for Bitcoin owners and shows just how far we have come in just one year in terms of adoption.
The world is changing indeed.
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Stay informed my friends.
Sources:
Image Sources:
https://www.coindesk.com/congressional-candidate-now-accepting-bitcoin-donations-2018-election/
Follow me: @jrcornel
It's great to see crypto getting increasingly more attention. But I really don't see the "Bernie" crowd as being a good pick for the future of crypto. This guy will accept bitcoin donations, then use the office to increase taxes on your investments.
Thanks for sharing this thought provoking idea with us, can't wait to see the results of what will happen with him accepting Bitcoins and, especially what he'll be doing with it!?!
Namaste :)
Indeed, lets hope he doesnt liquidate back to fiat!
Interesting that he is linked to Bernie. Isn't Bernie the socialist dude who thinks it is a crime for everyone else to be rich, except for his friends and his three mansions?
I noticed the same damn thing. "Government should control everything, but I'll take cryptocurrency if it helps me."
Yo ,
Very interesting read, Thanks you for sharing it!
@jrcornel its really very intersting to see first that bitcoins are acceptable method of accepting political donations. Which means the donor would assume anonymity. But the more interesting is the fact that the regulators call it as in-kind donation. So does that mean bitcoin isn't equivalent to cash? Oh ! Thats new finding
Good for him, bring Bitcoin about to the masses. This may cost him the elderly vote however. "I just don't understand this guy".
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In their hearts, they know Bitcoin (cryptocurrency) is the future but the traditional thinking (controlling everything) hinders.
That would be the classification currently, however, that is being rethought as we speak. :)
I think it is a great move by the candidate to put this out so the FEC has to think fast about their classification. With the BTC high profile now because of the run up and the fork he can also capitalize on free publicity like he is getting right here! It's a win-win for him and he would have my vote.
Agree. Smart move on his part and if the FEC were to classify it as cash, it would put pressure on other organizations to follow suit.
wow, very interesting read
It's good that he has a technical background and understands the technology, but being a Bernie supporter is kind of a turnoff. Bernie got screwed in the election by Clinton and he still told his supportes to vote for that wretched woman. Can't forgive him for that!
I'm happy to see important political figures treating bitcoin seriously. It is far overdue!
So am I. That last part where the FEC is considering changing it's classification of Bitcoin to that of Cash is pretty big news in my opinion...
Am I the only one noticing the contradiction of a Bernie-inspired "government should control everything" politician soliciting a cryptocurrency?