https://www.cnbc.com/2018/03/01/cryptocurrency-candidates-politicians-embrace-bitcoin.htmlBitcoin is making waves in campaign finance. More and more candidates are turning to the cryptocurrency to help fund their campaigns — and with good reason.
Despite its dramatic rise and fall, bitcoin has surged in popularity this year, and many politicians are now looking to get a piece of the digital currency.
Republican Andrew Hemingway started the trend in 2014. Hemingway was introduced to bitcoin as a tech entrepreneur. At 32, he became the youngest gubernatorial candidate in New Hampshire history — and the first to accept bitcoin contributions.
Hemingway, who also ran Newt Gingrich's New Hampshire presidential campaign in 2012, says he started accepting bitcoin because there was a demand. Many of his own supporters were requesting to make contributions in bitcoin. About 20 percent of Hemingway's total political contributions came from bitcoins.
Though Hemingway ended up losing his bid for governor, a long line of politicians have followed in his footsteps. Take for instance, Austin Petersen from Missouri. His Senate campaign has received 24 bitcoin contributions this year. This included a bitcoin contribution worth $4,500. According to the Federal Election Commission's records, this marks the largest cryptocontribution in federal election history.
New York Democrat Patrick Nelson, who is running for Congress, is also accepting contributions through bitcoin payment service provider Bitpay.
Other candidates accepting bitcoin include Democratic congressional hopeful Brian Forde of California and Republican Kelli Ward, who is vying for one of Arizona's Senate seats.
The FEC approved bitcoin contributions in 2014, ruling they should be treated as "in-kind donations."
