Texas GOP gov candidate Abbott accepting Bitcoin
Here is the release from the campaign on Abbott accepting Bitcoin
AUSTIN – Texans for Greg Abbott today announced that Bitcoin will now be accepted as a form of campaign contribution through GregAbbott.com. Bitcoin, a new and decentralized digital currency, enables instant financial transactions with a new level of safety and security. Texans for Greg Abbott is one of the first major statewide campaigns to accept Bitcoin, and is excited to implement the new form of payment as an extension of the campaign’s commitment to unprecedented digital outreach.
“I’m excited to see our campaign add another tool to our cutting-edge digital outreach, which is allowing us to reach more Texans than any previous campaign in the state,” said Greg Abbott. “The spirit of Bitcoin embodies the free market principles that make Texas a leader in innovation and entrepreneurship. We welcome the Bitcoin community to join our team.”
Supporters can make secure contributions via Bitcoin through the campaign website, www.GregAbbott.com.
Bitcoin Fact Sheet:
Bitcoin is an encrypted, decentralized digital currency.
Bitcoin is protected by an extremely secure database (the Blockchain).
In order to comply with the Texas Ethics Commission on in-kind contributions, Texans for Greg Abbott will require users submit certain information, including name, address, employer, and occupation.
The Texas Banking Commission and the Internal Revenue Service have both recognized Bitcoin as an asset as opposed to an actual currency, so contributions via Bitcoin transactions are considered in-kind contributions to the campaign and will be reported accordingly on forthcoming campaign finance reports.
Bitcoin transaction fees, if any, are significantly less than those associated with traditional forms of payment because this form of currency is transferred user-to-user, eliminating the presence of a third party financial institution.