New Way to Use Cryptocurrency Will Revolutionize Politics
Bit PAC, the first PAC using cryptocurrency as a donation medium, is making it’s debut in the coming week. Politicoin will be the medium for donations. Here’s what some of the industry leaders are saying:
BitPAC, which is a political group in the U.S., decided to launch an ICO for the support of public office candidates. Also, they are going to issue a token – Politicoin, which the group’s founder, Dan Backer, explains is a utility token which has no actual value. Instead, the goal is to grant “some sort” of voting right to the holders of these Politicoins.
“It’s a utility token, not a thing of value. I don’t care if people want to buy, sell trade their token if an exchange wants to list it that’s [fantastic]. We have some larger scale, grand or long-term plans but we have to start [somewhere],” said Backer.
BitPAC, a member of the United States Political Action Committee, is set to hold an ICO to support candidates for the House of Representatives, the lower house of the US Congress.
According to CoinDesk, founder and head of BitPAC Dan Backer said the group is going to conduct cryptocurrency crowdfunding to support candidates for the election. Initial Coin Offerings method of funding was popular during the 2017 crypto boom. However, with many exit scams coming up, many regulators and governments came up with measures to discourage investors from floating ICOs.
A political action committee (PAC) wants to conduct an initial coin offering (ICO) to support candidates for public office.
“BitPAC has its own funds but we’re also doing an initial coin offering,” said Dan Backer, the group’s founder. “Anyone who donates to [the PAC] as of [Friday] can get one politicoin.”
BitPAC, a political action committee, is looking to host an ICO that can support citizens running for a public office, reports CoinDesk.
According to the publication, BitPAC will be taking advantage of a utility cryptocurrency token, Politicoin, to ensure holders have voting rights. Of course, they aren’t there at this time, but this is something planned down the line. As of now, there’s no monetary tie to the asset, which is important to note.
And BitPAC, the first bitcoin political action committee (PAC), revealed that it will expand its candidate supporting program with an initial coin offering (ICO).
“BitPAC has its own funds, but we’re also doing an initial coin offering,” said Dan Backer, the group’s founder, according to CoinDesk. “Anyone who donates to [the PAC] as of [Friday] can get one politicoin.”
BitPAC, a political action committee, is conducting an initial coin offering (ICO) to expand its candidate supporting program, according to CoinDesk.
Speaking with the news outlet, BitPAC Founder Dan Backer revealed that the committee will issue “political” tokens, called Politicoin, which will be a utility token. He stressed that it will not function as a store of value but will provide token holders with “some sort of voting rights” instead.