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Senate Candidate Austin Petersen Is Bitcoin’s Best line of Defense in Congress

Senate Candidate Austin Petersen Is Bitcoin’s Best line of Defense in Congress

Reading Time: 2 minutes by on July 19, 2018 Bitcoin, News
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With Missouri’s GOP primary electoral process less than a month from now, Austin Peterson continues his support for cryptocurrencies and seems to be using it as a political weapon.

A Candidate Who Understands Crypto

Peterson, who ran for president in 2016 as a Libertarian, has long been a Bitcoin advocate. The candidate is now finishing the primary race against Josh Hawley. Petersen has seen a significant rise in young people supporting his campaign. The past few months alone, this growing youth support has helped him to reach tens of thousands of Missourians through a campaign that involves phone calls and even going door-to-door to speak with constituents.

According to news outlet 71 Republic, Peterson said he would do everything in his power to “stop cryptocurrency regulation” if he is elected to the Senate. The Senate candidate made this promise as a reaction to an attack from Representative Emanuel Cleaver of Missouri, but it also reflects his history of advocating for cryptocurrency and the free market.

Peterson’s pro-capitalist and Libertarian ideology is congruent with citizens being able to transact freely, outside of government influence and not tied to a financial system that has proven itself less than perfect. As such, he supports financial innovations such as Bitcoin rather than wanting to stifle them with displaced regulation.

Crypto Supporter and Political Outsider

Peterson is well-known for his support for cryptocurrencies, as this is not the first time he hits the news in the cryptocurrency community. He first garnered attention when he started accepting Bitcoin donations through Bitpay for his campaign last year. In February this year, he received a donation of 0.284 BTC, which was valued at about $4,500 at the time. This donation was the largest Bitcoin contribution ever made to a US political campaign.

In May, Peterson received an incredible donation of $250,000 worth of Bitcoin. He had to return the amount due to Federal Election Committee (FEC) rules which restrict contributions to $5,400 per person, but the sentiment behind the generous amount makes quite a statement about Peterson, who is somewhat of a controversial figure in politics.

Peterson supports the 1st and 2nd Amendments of the Constitution. He has a pro-gun stance that has resulted in his being banned from Facebook twice for raffles involving guns donated during his campaign. His promises of less bureaucracy and more freedom is giving him the public attention he is looking for while turning him into one of the most exciting candidates in the last 50 years. In terms of cryptocurrency, Peterson has demonstrated an understanding of the freedom digital currency represents and could facilitate.

Peterson stated:

“Bitcoin’s disruptive influence is just what our financial system needs at this time. For too long, the federal government has had exclusive control over currency, stymying competition and growth by falsely limiting consumer choice — a fact we would all be aware of were the Federal Reserve subject to the same kind of audits privately-held companies are. Cryptocurrency represents the future of American creativity and American liberty, and I’m delighted to accept campaign donations in this form.”

Peterson is a political outsider so picking up an outsider economic revolution seems more than fitting. His Libertarian ideals have rallied many Missourians behind him. It’s only a matter of time to see if he can triumph and reach the Senate and give crypto a much-needed voice in Congress.

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