The popular cryptocurrency Bitcoin made news for most part of the last year due to the record highs it constantly touched. The cryptocurrency almost touched the $20,000-mark in the later part of 2017. However, Bitcoin’s value eroded substantially as this year started. The digital currency almost slipped to $5,000-mark, although, it has recovered quite a bit since then. Despite losing its sheen lately, more and more candidates are turning to the cryptocurrency. Most notably, Bitcoin is making significant waves in political campaign finance especially in the UK and the US. Lately, it has been observed that an increased number of candidates are shifting towards the digital currencies to aid their political campaigns. And, this is turning out good for them. A CNBC report tracks, New Hampshire-based tech entrepreneur turned Republican Andrew Hemingway as an example how a politician used Bitcoin in his political campaign.
There was a demand, so Bitcoin was accepted in funding, the youngest gubernatorial candidate told CNBC. Out of the total political contributions, 20 percent came from Bitcoins, he told CNBC. He may have lost the race to become a governor, many other politicians followed in his footsteps. Austin Peterson from Missouri received 24 Bitcoin contributions for his Senate campaign this time. It includes a contribution of Bitcoins worth $4,500. It is the largest crypto-contribution in the federal election history, as per the Federal Election Commission’s records. There are many other such examples including New York Democrat Patrick Nelson who is also accepting funds in form of Bitcoins.
Bitcoin was trading $11,319.24 up by nearly 3 percent on CoinDesk exchange, at the time of reporting today. It reached the highest of $11,345.28 on the exchange – the highest it reached today. However, there is a certain set of experts who still think Bitcoin is not an attractive bet as it’s devoid of any fundamental value. Ethereum co-founder Vitalik Buterin had said last month that investors are better maintaining distance from the virtual currency as their investments can easily get ruined in an instant in the volatile scenario of today. It’s better to park investments in the traditional financial assets in such a volatile scenario, Ethereum co-founder added.