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A new pro-crypto political action committee backed by three of the largest U.S. Bitcoin mining companies is promoting a small number of pro-crypto politicians in a digital ad campaign that favors candidates who support their livelihoods. We hope to advance the election in an advantageous manner. It's a $2 trillion industry, FOX Business has learned.
This week, Bitcoin Voter PAC, the spending arm of digital coin advocacy group Bitcoin Voter Project, launched a campaign in Pennsylvania and Texas to sway races for candidates who support mainstreaming digital assets, including former President Donald Trump. Launched three digital ads aimed at influencing voters. Trump, Republican Sen. Ted Cruz of Texas, and Republican Senate candidate Dave McCormick of Pennsylvania.
All are locked in close races with their Democratic opponents. All three candidates have expressed support for cryptocurrencies, with each receiving an “A” rating on the advocacy group Stand With Crypto's website.
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Representatives for Mr. Cruz and Mr. McCormick declined to comment. Representatives for the Trump campaign did not respond to requests for comment.
The ad, which is circulating across major social media platforms, represents the culmination of a $2 million effort aimed at identifying, educating, and mobilizing pro-Bitcoin voters in key battleground states. . Funding this effort are three of the top five Bitcoin mining companies: Riot Platforms, Marathon Digital, and CleanSpark.
Brian Morgenstern, head of public policy at Riot Platforms, told FOX Business on behalf of Bitcoin: “Our $2 million arbitrary effort will sway tens of thousands of swing voters and make them more likely to lose interest in digital assets.” “It has the potential to turn the tide in favor of the United States.” Voter PAC.
The US crypto industry is determined to be one of the biggest spenders in the 2024 election cycle and pack Congress with crypto-friendly candidates who will vote for favorable policies. The industry-funded super PAC raised a staggering $190 million, of which $130 million was spent on advertising for various congressional candidates.
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It is unclear how much influence crypto voters will have on election results, but a recent Harris Poll conducted in partnership with crypto asset management firm Grayscale found that approximately 56% of all voters said they: It became clear that they were more likely to vote for the candidate. People who are “knowledgeable about virtual currencies'' are more likely than those who are not.
Former Republican presidential candidate Donald Trump gestures at the Bitcoin 2024 event on July 27, 2024 in Nashville, Tennessee. (Reuters/Kevin Wurm/File Photo/Reuters Photo)
Unlike many other industry PAC ads that don't mention cryptocurrencies at all, Bitcoin Voter PAC's ads feature Bitcoin, a major cryptocurrency widely used through exchange-traded funds and other investment vehicles. We focus only on the benefits of
Since the so-called crypto winter lows of 2022, Bitcoin's value has soared more than 300% on the idea of broader applicability. The ad also touts the potential for job creation and economic freedom supported by crypto-friendly Pauls like Trump, McCormick and Cruz.
Sen. Ted Cruz (R-Texas) speaks about the Border Security Act during a press conference at the U.S. Capitol on Wednesday, January 24, 2024. (Tom Williams/CQ-Roll Call, Inc, Getty Images/Getty Images)
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The Bitcoin Voter Project ad received nearly 3 million views in the days after the first ad went live. These will only appear on social media, including X, the main information hub for crypto-minded voters.
Traditional media “doesn't work well for a target audience that is largely disconnected from traditional media,” Morgenstern says. “X is the largest platform for Bitcoiners and we are primarily targeting voters who live their lives online.”
Additionally, social media advertising is much cheaper than traditional ad buying, he says. Bitcoin Voters PAC spent a total of $25,000 on ads for Trump, McCormick and Cruz, according to Federal Election Commission records.
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In addition to swaying crypto voters, the PAC is also aiming to sway Texas Lt. Gov. Dan Patrick, who recently criticized Bitcoin miners for their potential strain on the state's power grid. The PAC hopes that Mr. Patrick, a Republican, will be persuaded by members of his party like Mr. Cruz and Mr. Trump that Bitcoin mining is an industry worth supporting.
Morgenstern didn't elaborate on whether the PAC plans to run any more ads in the days leading up to the election, but said it's likely to run a campaign between crypto critic incumbent Sherrod Brown and his Republican opponent. He said he is closely monitoring the upcoming Ohio Senate race. , businessman and cryptocurrency advocate Bernie Moreno. He also said the group's efforts will not end on Election Day.
Ohio Senate candidates Bernie Moreno (Republican) and Sen. Sherrod Brown (Democrat) have withdrawn.
“We are cultivating a community that will actively participate in future policy discussions,” he said. “We're going to win for the long term, not just Nov. 5.”
