Rand Paul is running for President. The junior Senator from Kentucky has announced his run on his personal website, saying, “I am running for president to return our country to the principles of liberty and limited government.” He is expected to make a formal announcement Tuesday afternoon in Louisville.
And the Paul campaign is allowing supporters to donate in Bitcoin.
According to The Hill, the Federal Elections Commission just recently approved an advisory opinion that allows campaigns to accept bitcoin donations “subject to valuation and reporting procedures.”
If you head to Paul’s donations page, you’ll see a giant counter that’s currently ticking toward $70,000. In the payment options, you’ll see credit card, PayPal, and Bitcoin.
In the past, Paul has said that he likes Bitcoin and other cryptocurrencies, but he’d like to see it backed by something tangible – maybe stocks.
“My theory, if I were setting it up, I’d make it exchangeable for stock. And then it’d have real value. And I’d have it pegged, and I’d have a basket of 10 big retailers … I think it would work, but I think, because I’m sort of a believer in currency having value, if you’re going to create a currency, have it backed up by — you know, Hayek used to talk about a basket of commodities? You could have a basket of stocks, and have some exchangeability, because it’s hard for people like me who are a bit tangible. But you could have an average of stocks, I’m wondering if that’s the next permutation,” said the Senator in May of last year.
On Monday, the Bitcoin Foundation declared itself effectively bankrupt. As Ars Techinca points out, the Bitcoin Foundation the closest thing to a public face that the Bitcoin community has.