Support for Bitcoin and other cryptoassets is becoming an increasingly bipartisan issue as candidates across the aisle debate the future of digital money. 

According to a report by Slate, conservatives are increasingly using Bitcoin as a talking point in their political campaigns amidst the United States entering an election year for Congressional seats. The report highlights Josh Mandel, a Republican candidate running for U.S. Senate in Ohio, who has been openly praising Bitcoin and embracing the use of cryptoassets. 

Mandel has a string of tweets in his Twitter timeline espousing the values of crypto, which he sees as an increasingly pro-conservative position. 

The report notes Freshman Republican Senator Cynthia Lummis of Wyoming as a particularly ardent supporter of cryptoassets in Congress. Lummis, who purchased between $50K – $100K of Bitcoin in August 2021 and accepts crypto campaign donations, has introduced legislation that will favorably regulate the digital asset industry. 

Republican House Minority Leader Kevin McCarthy has likewise endorsed crypto, suggesting that governments should leverage blockchain technology. McCarthy has also argued that the Federal Reserve and Treasury Department should embrace crypto as a way to avoid falling behind China in the race for digital money. 

The report claims a number of reasons for the GOP endorsing crypto, including the increased prominence of libertarian values in the Republican party — values which also fit nicely with crypto’s message of decentralization. 

Also, New York Times columnist Paul Krugman has argued that crypto is appealing to Republican voters due to their heightened distrust of major institutions, which were in part leveraged by former President Donald Trump during his campaigning. 

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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