Senator Ted Cruz Accepts Bitcoin for Campaign Fundraising
Senator Ted Cruz (R-TX) has recently announced his decision to accept Bitcoin as part of his campaign fundraising efforts. In a recent interview with Forbes, he expressed his bullishness on Bitcoin and stated that he was proud to accept Bitcoin campaign donations.
Cruz’s official website now features the Bitcoin logo on the front page, offering supporters the option to donate in crypto. He has partnered with BitPay, a crypto payment processor that facilitates Bitcoin, Ethereum, Bitcoin Cash, and Litecoin payments with the option of instant conversion to USD.
This move follows a growing trend among political figures embracing cryptocurrencies. Earlier this year, mayors from Miami and New York City elected to receive paychecks in Bitcoin, sparking interest and prompting other mayors to consider similar actions.
If Cruz’s move proves successful, it may encourage other politicians to follow suit, potentially triggering a broader adoption of cryptocurrencies in the political landscape. While Republicans have generally shown more vocal support for Bitcoin, the phenomenon is not strictly partisan.
Senator Kirsten Gillibrand (D-NY) co-sponsored a crypto bill with Senator Cynthia Lummis (R-WY), demonstrating bipartisan interest in legitimizing the industry and clarifying regulations. Similarly, Representative Ritchie Torres (D-NY) penned an essay titled “A Liberal Case for Cryptocurrency,” highlighting the benefits for the underprivileged and challenging the power dynamics associated with Wall Street.
Bitcoin’s bipartisan support was evident at the recent Bitcoin 2023 conference in Miami, where politicians from diverse backgrounds, including current and former presidential candidates such as Tulsi Gabbard, Robert Kennedy, and Vivek Ramaswamy, delivered speeches.
Politicians Remain Skeptical of CBDCs
Despite the growing interest in cryptocurrencies, many politicians remain skeptical, particularly as the Biden Administration pushes for the implementation of a Central Bank Digital Currency (CBDC). Cruz expressed his concerns about CBDCs during a podcast interview, drawing parallels between their potential surveillance capabilities and the failed efforts behind the Biden Administration’s Build Back Better bill.
He argued that the government’s monitoring of every transaction above $400 would infringe upon the financial privacy of the American people. Cruz’s sentiments align with the broader resistance to CBDCs among Americans, as indicated by a CATO Institute survey that found 74% of respondents opposing CBDCs as a replacement for traditional currency.
Back in May, Florida Governor Ron DeSantis signed a new bill banning CBDCs in the state, known as SB-7054. The bill prohibits the use of a CBDC as money within the state of Florida and also prohibits the use of CBDCs issued by other governments.
At the time, DeSantis highlighted concerns about the potential use of CBDCs to control and surveil Americans, suggesting that the government could use CBDCs to stop people from buying gas to combat global warming or track how often someone purchases firearms.
