United States Presidential Race and Bitcoin Credibility

The US presidential candidate Rick Perry seems to have won the votes of Bitcoin community by declaring his softer stance towards Bitcoin. In an interview with The New York Observer, he declared that he is in favor of relaxing regulations on bitcoin to an extent that it doesn’t hamper innovation and allows smooth operation of legitimate Bitcoin businesses.

READ MORE: US Presidential Candidate Rick Perry Shows Support for Bitcoin

Rand Paul, the Kentucky senator and one of the contender for presidential elections in the United States first made waves in Bitcoin community after he announced that he will be accepting Bitcoin for campaign donations. Following Rand Paul, few other presidential candidates also started accepting Bitcoin donations for campaign funds.

READ MORE: Presidential Candidate Rand Paul Impresses at the NY Bitcoin Event

The increasing acceptance of Bitcoin as a form of financial instrument by US presidential candidates has helped the well-known digital currency gain some credibility among the masses in United States and beyond.

The Bitcoin scenario in different countries across the world shares one common challenge and that is increased mass adoption among people. While there are groups of people who live, breathe Bitcoin and are prepared to vouch for it at any time, they are very few in number. Majority of the population are still skeptical about Bitcoin, some have doubts about its credibility, few about legitimacy, some can’t warp their head around the fact that Bitcoin doesn’t have any central governing body like a central bank to take care of it and some think it is too much of a risk to take a hands on approach on Bitcoin.

The fact that elected representatives of the government are using Bitcoin as an option to receive donations and speaking publicly about it on television, news media etc., has increased the confidence on Bitcoin among the masses in the United States. Those who have been skeptical about Bitcoin will now be convinced to explore further and start using it, especially after hearing to the potential president of the country speaking about it.

Even the Bitcoin community has something to be happy about, especially after the New York BitLicense fiasco. With people who understand Bitcoin or at least have used it either directly or indirectly running the government, the Bitcoin community can expect more realistic and reasonable regulations.


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