US Political Group Launches ‘ICO’ To Support Its House Candidate

The latest cryptocurrency news show that one US political group has recently launched what is known as a “politicoin” – or an ICO which is aimed to support candidates for public office. We are talking about BitPAC, which is all over the news lately.

According to the group’s founder Dan Backer:

“BitPAC has its own funds but we’re also doing an initial coin offering. Anyone who donates to [the PAC] as of [Friday] can get one politicoin.”

Right now, there is no value that is linked to the BitPAC politicoin, the founder explained. However, the goal of the US political group is to ultimately grant some sort of voting right to every token holder. This, as they said, is further “down the road.”

“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],” Backer continued.

Right now, BitPAC’s initial aim is to support a single candidate – Dan Bishop. He is the North Carolina state senator running for the US House of Representatives in a special election. Therefore, this is a new way for the US political group to support him.

As many best cryptocurrency news sites noted, Bishop is known for sponsoring North Carolina’s controversial “bathroom bill.” Still, the US political group led by Backer envisions a future platform where voters can show their support for any candidate – whether they are Republicans or Democrats – as long as they are registered with the US Federal Election Commission (FEC).

“I think it’s important we demonstrate there’s a level of political maturity here. I also think it’s going to be interesting to see. Win or lose, we’re going to learn a lot about this process,” Backer said.

BitPAC was first launched in 2014 as an entity looking to determine how political candidates could accept donations made in Bitcoin. The US political group sent eight politicians paper wallets with Bitcoin in 2014, hoping that the recipients would ask the FEC for clarity on how to report the donations.