Texas congressman will accept Bitcoin for Senate run

Giuseppe Macri Tech Editor
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Texas Republican Rep. Steve Stockman spent New Year’s Eve in New York City, where he announced his 2014 campaign for Senate will now be accepting Bitcoin contributions.

Stockman made the announcement at the NYC Bitcoin Center launch party on Wall Street as a guest of founder Nick Spanos, a real estate developer who assisted Stockman’s campaign for his current seat in the House of Representatives.

“I really think digital currency’s more about freedom,” Stockman said in New York. “Because all the time people are trying to get in your pocket, trying to do different things to control you. And if you have your own wealth, and control your own wealth, it’s about freedom, it’s not about anything other than that really. Freedom to choose what you do with your money, and freedom to keep your money without people influencing it by printing money or through regulation.”

The Texas congressman has been an outspoken opponent of the Federal Reserve’s post-Recession monetary policy of $80 billion dollars in stimulus money every month, which he says threatens to devalue the dollar. Stockman supports Bitcoin, which can be transacted online anonymously without passing through bank transfers, because of its lack of regulatory oversight.

“You currently have a body that’s printing money for the purpose of stimulus, which is an artificial market,” Stockman said. “Right now they’re printing so much, there’s going to be supply and demand, and one day, you’re printing so much, the money in your currency will become worthless, and that’s why it’s important to have gold and other things that are static that no one can fluctuate at a rapid rate. And that’s why it’s real good to have Bitcoin — it’s a fixed amount of currency at a fixed rate, so they’re good for the markets.”

The Federal Election Commission has yet to announce its approval of Bitcoin as a legal means of campaign contributions in national elections, citing concerns over the ability to account and identify donors accurately in the same way traditional dollar donations are tracked.

Stockman is running against incumbent Texas senator and Republican Minority Whip John Cornyn.

Watch Stockman’s announcement:

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