Monday, January 13, 2014

Texas Congressman Announces He Will Accept Campaign Donations in Bitcoin.

 Wow. How awesome is this?
When Texas Rep. Steve Stockman announced recently that he'll accept donations in bitcoins, he raised some eyebrows.

Stockman, a conservative who is challenging incumbent Sen. John Cornyn in the Republican primary in March, has already had some run ins with the Federal Election Commission over campaign finance issues — so he may not be the ideal political spokesman for a currency that has no centralized network or official physical form.

Still, Stockman appeared in a Dec. 31 Youtube video expressing support for the virtual currency: "I really think digital money is more about freedom," he said, adding that bitcoin is "a fixed amount of currency at a fixed rate, so very good for the markets." According to Business Insider, he said his Senate campaign would show support by accepting bitcoin donations.

Setting aside the question of Stockman's longshot candidacy, his announcement raised a question that has rarely been asked before: In political campaigns, what are bitcoins worth?