Good and Bad News for Cryptocurrencies

The value of cryptocurrencies is again falling so they need a bit of good news, don’t they? That’s come from the Republican party in the USA. The National Republican Congressional Committee (NRCC) have announced they will accept donations in cryptocurrency.

At the time of writing this article on June 19, it was another poor day at the markets for cryptocurrencies. Bitcoin was down 7% at one time before staging a recovery. Good news is needed if the cryptocurrencies are to see their values again beginning to rise.

The NRCC have become the first national party organization to accept cryptocurrency donations. After losing the last election they’d probably be happy to receive cash in any form. The next Presidential election may not be until 2024 but next year it’s midterm elections so the begging bowl is out again.

Their chairman is Tom Emmer, and he describes cryptocurrencies as “innovative technology.” That’s the only two words mentioned, the rest of his comments were all about retaking the House majority in 2022.

Another NRCC spokesman Michael McAdams further explained the situation without turning it into a political broadcast. He said that the committee will “accept all the same personal relevant information that we do without any other contribution up to the normal contribution limits.”

It’s been reported that the NRCC have forged a partnership with Bitpay. Any donations received in the form of cryptocurrencies will then be converted into US Dollars before entering the committee’s account.

There have been political donations received in cryptocurrencies in the past. Seven years ago, the Federal Election Committee showed support by deciding on a $100 value for transferring cryptocurrencies.

Andrew Yang, who is a big supporter of bitcoin especially its decentralized nature. Yan accepted cryptocurrency donations during his unsuccessful campaign to become the Democratic Presidential candidate last year. He’s now campaigning to be New York Mayor and isn’t likely to win that either. That’s a shame for cryptocurrency supporters as he wants to see legislation that would greatly help them.

One problem that still exists with cryptocurrencies is that many still don’t understand what it’s all about. Yang has spoken of “promoting legislation that provides clarity on cryptocurrency/digital asset market space by defining what a token is” as well as those who have regulatory powers over them.

One person not too concerned about the use of cryptocurrencies is NASCAR driver Landon Cassill. He’s got a sponsorship deal with cryptocurrency brokerage platform Voyager. This sees him being paid entirely in Litecoin. Cassill has been a cryptocurrency supporter for a fair while now.

He claims to check his Voyager account “probably 100 times a day.” He knows that the value can fall but says that there are also risks with “any stock or any investment. Cassill added ““But for me, it’s something I’m familiar with, I’m comfortable with and I feel like I have a good handle on what I’m willing to risk and what I need to pay my bills.”

So, it’s been another week with good and bad news for cryptocurrencies. It seems that is the way it will be for the foreseeable future.