Republican presidential candidate for the 2016 elections, Rand Paul has decided to appear at a Bitcoin event to be held in New York on 19th April. The event will be organized at the Union League Club and focus on digital currencies and the technology behind them apart from their various uses.
That Paul is a fan of the digital currency Bitcoin became public when during his presidential speech, he announced his openness to accepting Bitcoin in campaign donations. The first presidential candidate ever to accept Bitcoin donations can receive contributions totaling up to $100 via his campaign website. Supporters of Rand Paul can also donate via credit card or PayPal.
With cryptocurrencies still surrounded by extreme negativity, Paul’s embrace of Bitcoin is a high-risk gamble – the move may work in his favor and force other candidates to push for mainstream adoption of the revolutionary digital currency that has seen huge investment inflow and attracted the world’s leading tech companies, financial institutions, and national governments. On the other hand, it may prove highly detrimental to his campaign concerning the unpardonable, criminal usage of the cryptocurrency.
The Bitcoin ecosystem has definitely got the much-needed fillip in the United States with a leader of such high stature promoting the digital currency. Supporters and followers of Rand Paul will now open up to the idea of using Bitcoin in daily transactions, which may further prompt more businesses to consider including it in their payment methods.
The Bitcoin industry has always yearned for the backing of national governments and easing of restrictions on the use of digital currencies. With the support of political leadership and governments and central banks steadily working to make cryptocurrencies more admissible in the financial system, things are improving for the industry which holds tremendous promise for the fintech sector.
