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GOP Senate Candidate Austin Petersen Accepts Contribution In Bitcoin

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Candidates have started accepting contributions to their election campaign fund in cryptocurrency.

Libertarian-turned-Republican Senate candidate Austin Petersen announced he received a total of 24 cryptocurrency donations. The donations were worth $9,700, the largest of which was for 0.284 Bitcoin, or $4,500, the campaign said in a statement.

Petersen received the largest single bitcoin donation in federal election history on December 20, when bitcoin's market value was at its peak. His campaign reportedly uses the Atlanta based processor Bitpay to facilitate donations, Bitcoin news reported quoting the Federal Election Commission's records.

Jeff Carson, the campaign manager for Petersen, said he expects "a lot more of this in terms of campaign contributions and campaign financing."

A big fan of the digital currency community, Petersen advocates the abolition of the private banking system.

He proposed a legislation that would decentralize the dollar, in such a way as to legalize competition: "Gold, silver, and cryptocurrencies, so that they can compete - that would cause a spike in the prices."

A producer for the Fox News show and a legal analyst, Petersen campaigned for the Libertarian Party's presidential nomination in 2016.

Cryptocurrencies have played a significant role in funding political campaigns in the United States after the Federal Election Commission gave individuals the go-ahead to contribute to electoral campaigns via virtual currency in 2014.

Coloradan Democrat Jared Polis in 2014, and Republican Senator Rand Paul during his 2016 presidential run had accepted bitcoin donations for their campaign.

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