Big Crypto is now spending more on US elections than any other industry
www.businessinsider.com
Crypto companies have already funneled some $119 million into federal elections, according to data from Public Citizen.

The crypto industry is making its mark on this year’s elections to the tune of some $119 million.

The funding has largely come from two companies — Coinbase and Ripple — which are funneling money into super PACs like Fairshake PAC, which is dedicated to “elevating pro-crypto candidates and attacking crypto skeptics,” according to Public Citizen.

At the 2024 bitcoin conference in Nashville in February, Trump — who called bitcoin “highly volatile and based on thin air” in 2019 — said he’d lay out a plan “to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world.” Trump has already won the backing of several crypto enthusiasts, including his running mate JD Vance, who owns at least $250,000 in bitcoin.

  • Honytawk@lemmy.zip
    11·
    4 months ago

    If it were to stop acting like a speculative asset, nobody would be using it.

    It is all just perpetrated by tech bros who try to get rich from it. Their crypto portfolio is directly connected to the amount of people they can convince to buy in.

    • jumjummy@lemmy.world
      2·
      4 months ago

      Exactly, and if somehow it became impossible to instantly convert crypto to USD, crypto would be worthless. Crypto doesn’t have enough actual utility on its own besides gray/black market purposes.