Bitcoin’s Philosophy Tainted by Donating to Political Campaigns 

  • California allows Bitcoin (BTC) donations for political campaigns. 
  • The crypto community urges one another to donate USDT instead of Bitcoin (BTC). 
  • They believe spending Bitcoin (BTC) on political campaigns is against Bitcoin’s vision.

The United States of America (USA) keeps astounding the crypto community with constant exciting news. The latest of these announcements comes from the state of California. From henceforth, political campaigns in the state of California can receive Bitcoin (BTC) in the form of donations. 

This is indeed very exciting news, as the state had banned political donations in Bitcoin (BTC) back in 2018. More so, the crypto sector has been dealing with some hard times lately due to the crypto winter. 

Some of these issues include the layoff of thousands of employees from crypto companies. Adding on, another issue came from the harsh crypto winter. Accordingly, as the price of cryptos fell, companies also began to freeze assets on exchanges and file for bankruptcy

Meanwhile, other Bitcoin (BTC) holders went on to sell their holdings or at least took their crypto assets off of centralized exchanges. The latest of such news was when Tesla sold 75% of its Bitcoin (BTC) holdings

Coming back to California allowing Bitcoin (BTC) donations for political campaigns, this news got quite a powerful resounding response on Twitter. To highlight, this resounding message urges donations to be given out in the form of Tether (USDT). Their reasoning for this is that Bitcoin (BTC) holds greater value in terms of philosophy and should be held instead. 

This is an understandable point of view as Bitcoin (BTC) was created to decentralize finance, access, and power. Thus, putting Bitcoin (BTC) in the hands of politicians seems like it is defeating the purpose of Bitcoin’s initial vision. Overall, many state how donating Bitcoin (BTC) to political campaigns is no doubt a complete waste of Bitcoin (BTC).

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.