Bitcoin and Politics: What Could Go Wrong?
One libertarian candidate for president in 2016 will “only accept bitcoin, litecoin and precious metals.”
Photographer: George Frey/Bloomberg
By Francis Wilkinson Sep 5, 2013 3:15 PM PT
Bitcoin, the alternative sort-of currency whose most ardent fans congregate in that part of the Venn diagram where “tech” and “libertarian” overlap, has always had a political flip-side. Its appeal is rooted in distrust — of dollars, governments, banks, the Federal Reserve and surely other institutions besides.
So it’s not surprising that the Federal Election Commission has received a request from a political action committee called the Conservative Action Fund, which seeks an advisory opinion on accepting contributions in bitcoins. The PAC spent more than $300,000 in behalf of Republicans in the 2012 election cycle and is looking to go deep on Bitcoin in 2014.
Other political organizations have already worked the Bitcoin vein, including candidates in North Dakota and Vermont. Darryl Perry, a libertarian candidate for president in 2016, is hardcore on virtual currency. He sent an open letter to the FEC in April informing the commission (which, needless to say, he deems illegitimate) that his campaign would “not be accepting donations in currencies recognized by the federal legal tender laws.” Instead, Perry will “only accept bitcoin, litecoin and precious metals.” (Litecoin is not, as a pitifully misinformed colleague suggested to me, a tractor beam of waves/particles that shoot seamlessly between your wallet and a hovering UFO. As best I can discern, it’s a Bitcoin imitator.)
Read the rest of the article here.
The hyperlink for open letter links to IPR!