Lt. Gov. Gavin Newsom, the Governor Contestant Accepting Bitcoin in Donations

0
101

Lt. Gov. Gavin Newsom, the Governor Contestant Accepting Bitcoin in Donations

Lt. Gov. Gavin Newsom announced on Wednesday that he is creating a committee to run for governor of California in 2018; however, the bigger news for Bitcoin ecosystem is that he is going to accept Bitcoin donations from his supporters. This is part of his strategy to show himself as tech-savvy guy who is not averse to the latest technology.

Talking to media professionals he said that he has never been a fan of pretense or procrastination and according to him his state is defined by its independent, outspoken spirit. He admits that when Californians see something they truly believe in, they say so and act accordingly – without evasiveness or equivocation.

ForexMinute has been reporting about the politicians in the US embracing Bitcoin. For instance, earlier it reported Jared Polis was accepting Bitcoin donations. Similarly, there were reports on the Libertarian Party of Canada accepting Bitcoin donations. Thus, it is not entirely new for Lt. Gov. Gavin Newsom, yet it is a bold step towards a technological innovation.

Nonetheless, the “Gavin for Governor” has invited supporters to donate via Bitcoin, a digital currency that is catching attention around the world. Currently, Newsom has about $3 million left from his successful 2014 re-election campaign for lieutenant governor; however, there is always requirement for more money to be spent on campaigns.

Newsom is not new to Bitcoin though because when he ran for re-election for lieutenant governor in 2014, news reports cited him as one of the nation’s first high-profile politicians to accept Bitcoin donations. He was swayed by people like top Silicon Valley venture capitalist Marc Andreessen, an investor who has put more than $50 million in Bitcoin-related startups.

Several American Politicians Accept Bitcoin Donations

Thus, Newsom is not alone who is accepting Bitcoin donations. Some other Democrats like Oakland mayoral candidate Bryan Parker and Colorado Rep. Jared Polis, and Republicans like Texas attorney general and gubernatorial candidate Greg Abbott, are other people who accept Bitcoin donations as it is easier for donors to pay in the digital currency.

Bitcoin donation is legal; it has even been settled by the Federal Election Commission (FEC) which in May approved an advisory opinion allowing Bitcoin contributions. Nonetheless, as the FEC decided that the organization could accept contributions of Bitcoin as proposed, it is subject to valuation and reporting procedures detailed in the opinion.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com