Texas AG and Republican Gubernational Candidate Greg Abbott to Accept Bitcoin

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Texas AG and Republican Gubernational Candidate Greg Abbott to Accept Bitcoin
Texas AG and Republican Gubernational Candidate Greg Abbott to Accept Bitcoin

Texas AG and Republican Gubernational Candidate Greg Abbott to Accept Bitcoin

After the news came in January this year that Rep. Steve Stockman (R-Texas) was accepting Bitcoin, it was well established that politicians are interested in Bitcoin. Now, the digital currency has got its acceptance from Texas Attorney General and Republican gubernational candidate, Greg Abbott.

Greg Abbott thinks that Bitcoin is the future vehicle of campaign donations and according to the local media sources the Republican candidate for the upcoming November 4th election is mulling a plan to accept donations in the form of Bitcoin that he will use for his campaigning against his opponent, (D) Wendy Davis.

In his statement to media Greg Abbott said that he is excited to see the campaign add another tool to its cutting digital outreach, which is allowing him to reach more Texans than any previous campaign in the state. According to Mr. Abbott the spirit of Bitcoin embodies the free market principles that make Texas a leader in innovation and entrepreneurship.

Nonetheless, Greg Abbott feels that it is good for him that he has joined the Bitcoin community as it will not just help him but also the community get wider acceptance. Whereas Greg Abbott accepts Bitcoin, Walter Thomas Price, IV, known as Four Price has formally stated that his candidacy would not be accepting Bitcoin.

Four Price said that he is not ready for Bitcoin and his campaign will continue to accept the usual contributions, like cash or checks but that’s it. Thus, Abbott’s decision to accept has now placed him in the league of Rep. Steve Stockman (R-Texas), who is also accepting the digital currency for his campaign in his run for the senate.

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In fact, Stockman has gone one step further and introduced a bill called the “Virtual Currency Tax Reform Act” which if passed, would change the current tax status of digital currencies, such as Bitcoin, from property to currency. Earlier, the Internal Revenue Service put Bitcoin in the category of ‘property’ which has been disputed by the supporters of the digital currency.

Though Bitcoin is now being accepted by several online companies and even some stores; how will Greg Abbott use the donated amount while campaigning is being questioned by some people? Critics believe that in contrast to dollars which is can simply be used anywhere; Bitcoin can be used at only few outlets.

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