Bitcoin Voter PAC, backed by major US Bitcoin mining companies, is launching a digital campaign to elect officials who support pro-crypto legislation in key battleground states like Texas and Pennsylvania, according to Fox Business. The campaign aims to influence voters’ decisions.
The campaign targets three Republican politicians, former President Trump, Texas Senator Ted Cruz, and Pennsylvania Senate candidate Dave McCormick, each with a strong pro-crypto stance. They face Democratic opponents in contested races and have received “A” ratings from advocacy group Stand With Crypto, acknowledging their support for cryptocurrency-friendly laws.
Bitcoin Voter PAC to Invest $2 Million in Advertising
Riot Platforms, a prominent Bitcoin mining company, is launching a $2 million campaign to rally pro-crypto voters. The campaign, which includes advertisements, is part of a larger effort to influence tens of thousands of swing voters and shift the tide in favor of digital assets. Riot Platforms, along with Marathon Digital and CleanSpark, is a significant backer of the PAC.
The project aims to boost political participation and awareness of the growing cryptocurrency market in US elections. Campaign advertisements highlight Bitcoin and its advantages on social media platforms like X, targeting tech-savvy voters who cannot be effectively reached through traditional media channels. The PAC targets voters who live primarily online, with X being the largest platform for Bitcoiners.
The Bitcoin Voter PAC campaign promotes pro-crypto legislation, highlighting its potential to promote financial independence and job creation. It also highlights Bitcoin’s recent 300% increase in value due to its use in ETFs. The campaign argues that politicians like Trump, Cruz, and McCormick will continue to promote Bitcoin investment and innovation.
The PAC is aiming to influence Texas Lt. Gov. Dan Patrick, who has raised concerns about Bitcoin mining’s impact on the state’s electrical grid, and endorse well-known candidates. The PAC plans to continue their efforts after the 2024 election season, aiming to develop a community that actively participates in future policy discussions.
The Crypto Industry Is Becoming a Significant Political Spender
Bitcoin has become a significant political spender during the 2024 election cycle, raising $190 million through industry-funded PACs. Cameron and Tyler Winklevoss, with a combined donation of $10.1 million, are the largest individual cryptocurrency donors. They have donated $250,000 each to pro-Trump America PAC, over $700,000 to pro-Trump Make America Great Again PAC, and $1.7 million in Bitcoin to the Trump 47 Committee. They also gave $4.9 million to Fairshake, a bipartisan PAC supporting cryptocurrency.
Ripple Labs executives have contributed over $3 million this cycle, with co-founder Chris Larsen contributing $2.4 million to Democratic politicians. CEO Brad Garlinghouse donated over $384,000 to political action committees and candidates, while top legal officer Stuart Alderoty gave $300,000 to the Trump 47 Committee.
Cryptocurrency donors, including Kraken co-founder Jesse Powell and Coinbase CEO Brian Armstrong, have significantly contributed to Trump’s campaign. Fred Wilson, a partner at Union Square Ventures, and former Bitfinex strategy chief Phil Potter also contributed significantly. A recent Harris Poll showed 56% of voters were more likely to support a candidate who understood bitcoin, but it’s unclear how much impact cryptocurrency voters would have on the election outcome.
The Bottom Line
As the U.S. elections draw near, the cryptocurrency industry is still trying to sway voters. In the most recent effort, a group of prominent Bitcoin miners have started a digital advertising campaign to back pro-crypto politicians in crucial swing states like Texas and Pennsylvania.
According to a research by the nonprofit watchdog group Public Citizen, cryptocurrency corporations accounted for nearly half of all corporate funds going into the 2024 election, making them the largest corporate spenders in that election.
