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Politics

Lt. Gov. Gavin Newsom To Accept Bitcoin Campaign Donations

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California Lt. Gov. Gavin Newsom ( Justin Sullivan/Getty Images)

California Lt. Gov. Gavin Newsom ( Justin Sullivan/Getty Images)

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SACRAMENTO (CBS SF) — California Lt. Gov. Gavin Newsom is among the first big-name politicians to accept campaign donations in the peer-to-peer payment system known as bitcoin.

Newsom joins politicians such as Colorado Rep. Jared Polis and Oakland mayoral candidate Bryan Parker in accepting the so-called virtual currency, or cryptocurrency, which is not controlled by a single entity and can be sent electronically, with payments recorded in a public ledger.

Earlier this month, the Federal Election Committee voted unanimously to allow bitcoin for political donations to candidates.

Washington Post finance and political reporter Matea Gold told Southern California Public Radio the real value in bitcoin donations sending a message to donors they are current with the times and open to technology.

“Realistically, we’re not going to see a huge amount of bitcoin donations,” said Gold. “I don’t know how many candidates will be eager to get this currency considering its value fluctuates so much.”

 

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