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Author Topic: US PACs can now also INVEST in bitcoin  (Read 500 times)
BitchicksHusband
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May 09, 2014, 02:50:29 PM
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With all the buzz over US Political Action Committees being allowed to accept bitcoin, I hadn't seen this:

http://www.techdirt.com/articles/20140508/14005127171/federal-election-commission-says-political-action-committees-can-accept-payment-via-bitcoins.shtml

Quote from: Techdirt
After some amount of hand-wringing, the Federal Election Commission has said that political action committees (PACs) may accept bitcoin donations, though they can't then buy goods and services with those bitcoins. Furthermore, it has to convert the bitcoins to dollars before depositing them into its campaign accounts. In other words, its effectively allowing the use of bitcoin as a payment system, rather than as a currency. However, at the same time, it will allow campaigns to buy bitcoins as an investment vehicle.

That's a whole LOT of money that could potentially be invested in bitcoins.  PACs typically have millions of dollars, even hundreds of millions.

1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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May 09, 2014, 02:58:57 PM
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This is cool news.  I hope they can get past that silly $100 limit.

"We have to balance a desire to accommodate innovation, which is a good thing, with a concern that we continue to protect transparency in the system and ensure that foreign money doesn't seep in."  Yeah, fat chance on that.  Wink

Savvy campaign contributors might look to buying bitcoins now, in the hopes that their investment grows.  Then donate to their campaign du jour when the time is right.

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