Thomas Daniels
Riot Platforms, Marathon Digital, and CleanSpark, three of the largest Bitcoin mining companies in the U.S., have jointly funded a political action committee (PAC) aimed at supporting pro-crypto candidates in crucial swing states. This new PAC, called the Bitcoin Voter PAC, has launched a $2 million digital advertising campaign targeting voters in Pennsylvania and Texas, according to Fox Business.
The PAC’s mission is to advocate for candidates who endorse cryptocurrency, with a particular focus on Republican figures such as former President Donald Trump, Senator Ted Cruz, and Senate candidate Dave McCormick. The ads emphasize the benefits of Bitcoin and other digital assets, highlighting their potential for job creation, economic growth, and increased financial freedom.
With backing from major Bitcoin miners, the PAC seeks to influence elections that could significantly impact the $2 trillion cryptocurrency market. The ads, which will be distributed primarily on social media platforms like X, aim to engage voters who may not follow traditional media outlets.
Crypto’s Growing Influence in U.S. Elections
The 2024 election cycle has seen an unprecedented level of crypto-related political engagement, with discussions around digital asset regulation and crypto-focused donations taking center stage. Political action committees aligned with the cryptocurrency industry are strategically supporting candidates who advocate for favorable crypto legislation, while countering those who oppose it.
These PACs are particularly focused on Senate races in key states like Ohio, Montana, Maryland, and Michigan, hoping to shape a more favorable regulatory environment as public interest in digital assets grows.
Crypto donations for the 2024 election have surged to $190 million, a massive increase from the $15 million contributed during the 2020 cycle. Among the top contributors are executives from major industry players such as Coinbase, Ripple, and Gemini. Unlike in previous cycles, much of this funding supports non-partisan groups and PACs focused on advancing the broader interests of the cryptocurrency industry.
Bitcoin mining has become a focal point in states like Texas, where debates over its impact on the power grid continue. As the election approaches, the Bitcoin Voter PAC hopes to expand support for the mining sector, addressing concerns while highlighting its potential economic benefits.
