According to the Federal Election Commission, this donation is officially the largest single Bitcoin donation ever accepted by a US politician. Austin Petersen received a donation worth 0.284 of a Bitcoin – which at the time of exchange was valued at $4,500 in US dollars. However, this Bitcoin donation represented less than 3 percent of Austin Petersen’s overall campaign donation total. The dollar, therefore, still reigns supreme in the context of party political contributions.
This case is very important and opens the debate about cryptocurrencies and political donations.
Austin Petersen’ representative stated that there will be more campaign contributions and financing of this type. Austin Petersen is a big fan of competition in the marketplace, even when it comes to US dollar. That is why it was an easy decision to use that cryptocurrency.
This case made Bitcoin a new means of increasing campaign contributions through alternative digital currency donations. However, this huge Bitcoin donation wasn’t the first campaign contribution. For example, Rand Paul, during his 2016 Presidential Campaign, accepted Bitcoin. Other congressional and Senate campaigns have also accepted Bitcoin. Jared Polis in 2014 was the first congressional campaign to accept Bitcoin.
It seems that lawmakers now are happy to accept non-government backed cryptocurrencies to help improve campaign contribution. Due to the fact that more people become crypto wealthy, this new cluster of wealth could become a well of possible future political donations for all political parties.