Bitcoin Isn't Involved In The Mid-Term Elections
Nov 05, 2018
Just before one of the most important elections of our time, we can see where misinformation can get you. There is a fear for what is to come and what could change in Congress. During this time it’s wise to keep an ear open to examining what could be changing in the coming weeks.
Brian Forde - who recently ran for US Congress in California’s 45th district and was the founding director of the Digital Currency Initiative at MIT - recently wrote an article for CoinDesk, regarding campaign contributors being made with cryptocurrency and how many of these published news stories have been wrong.
From his recent experience running for Congress, Forde said around $300,000 of his campaign contributors were donated in digital currency.
During Obama’s presidency, Forde was a Senior Tech Advisor to the Presidents White House and he wrote the White House memo on Bitcoin and briefed the 44th President on the technology.
Following his leaving of the White House, Forde stated up a research lab on cryptocurrencies at MIT to help the world get a better understanding of the emerging technology and how it could impact the world.
Forde states that it is crucial to understand the scope of campaign contributors made with cryptocurrencies, saying:
“U.S. Congressional candidates have raised $550,000 in cryptocurrencies since 2014. To put that figure in perspective, the amount is equal to 0.032 percent of the more than $1.7 billion that's been raised by candidates since the 2014 election cycle. While the amount donated in cryptocurrency is a fraction of one-tenth of a percent of total contributions, the author claims that the scope and threat are large because virtual currencies are used by more than 3 billion people.”
Nearly 40% of the global population doesn't use crypto and the world digital money aren't properly used interchangeably according to Forde.
Forde also says that critics are known for claiming digital currencies can’t be inspected easier by the public and that we should publish the wallet addresses of the contributions:
“Contributions made with cryptocurrencies require the same reporting requirements as contributions made with cash, checks and credits cards -- publishing the donor's full name and address. It's important to note that cash is the most anonymous form of payment in the world -- yet it is accepted by every campaign. The majority of campaign contributions are made with credit cards. The easiest way for a foreign actor to illegally contribute to a campaign is with a prepaid debit card bought with cash at a convenience store -- not cryptocurrencies.”
Even though Bitcoin is ten years old this year, there is still a lot of things which aren’t known to everyone. This can lead to chaos and fear regarding the crypto and it’s vital that the mainstream is informed with facts and not hysteria.
This technology will be requested to be regulated by the elected representatives. Two years ago, there were almost 300,000 voters overseas who requested ballot weren’t able to return them to their country clerks. Crypto will also ensure that 19,000 servicemen and women votes are counted this midterm election.
What are your thoughts? Let us know down below!
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