Bitcoin Takes Stage In Texas Senate Campaign

Those incidents pose problems because bitcoin derives its value from being accepted and trusted — the more widespread it is, the more valuable it becomes. That’s true on the political stage as well. And right now, it seems, it just doesn’t have enough of a presence to make it very valuable in politics.

In the short-term, at least, bitcoin’s worth is largely symbolic.

James Henson, director of the Texas Politics Project, says the decision to accept bitcoin fits with Stockman’s anti-establishment image. “This really is about projecting an outsider status,” Henson says.

It’s possible that, among other things, Stockman’s announcement could boost his appeal with libertarians and others who are critical of centralized banking. But David Crockett, a political science professor at Trinity University in San Antonio, says it’s a stretch to expect more than that.

“I’m hard-pressed to articulate what kind of voter would be interested in this,” he says. “I don’t think there are going to be a large percentage of those folks who are motivated politically by the bitcoin.”

Besides, Crockett says, campaigns are about raising money for advertising — which is paid for by dollars, not bitcoins. “You could raise a billion of those things, but is that going to buy him air time?” he says.

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