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Date:
06th Oct 2020
Author:
CryptoAltum Research Team

Congress Members to Receive Bitcoin Contributions for their Campaign

The Chamber of Digital Commerce has announced that an initiative supported by the Congressional Blockchain Caucus members dubbed “Crypto for Congress” is now active. It will see U.S policymakers receive Bitcoin as campaign contributions as a way of helping them better understand cryptocurrencies. 


Details:The Chamber of Digital Commerce Political Action Committee will contribute $50 in Bitcoin and educational material to all 100 senators and 435 House Representatives to help them better understand how cryptocurrencies work. That they understand how Bitcoin works will eventually stamp out the misunderstanding and skepticism towards cryptos. Despite its progress over the years, Bitcoin is considered a threat to the USD. Ultimately, its long-term success depends on the nature of laws passed by Congress if the reception of Facebook’s Libra is anything to go by.


Impact on the BTC price:Bullish. That Congress members accepted donations in Bitcoin hints of their thawing stance towards crypto. Although there are specific bills yet to be made law, this is a first step that may open up the world of crypto to Congress.


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