Minnesota and National Report
The existence and mainstreaming of cryptocurrencies such as Bitcoin, Dogecoin and Ethereum begs the question when will these alternative financial currencies become the coin of the realm in politics? We ask this question, because unlike the dollar, these entities vary in price from one moment to the next. What capacity does a political contribution system that places limits on how much an individual or a couple can contribute to a candidate has significant implications, especially if a specific cryptocurrency surges as Doge did in February of this year moving from “Penny Stock” and trading at $.02 into real money where it topped $.80.
When the Dallas Mavericks first announce they will accept Dogecoin as payment for tickets, souvenirs and concessions its cryptocurrency surged. Now, there are Twitter Social Media hashtags for Doge, “#PayMeInDogecoin” which is trending and “#PayMeInDoge” The hype started around the coin, when after Elon Musk, Mark Cuban, Snoop Dogg and Gene Simmons all began promoting it. As the support is centered in social media the coinage of the term Meme Stocks, which was intended by institutional investors to be derogative in turn has resulted in a positive acceptance, mainly because the investor pool isn’t http://twitter.com/#PayMeInDogeCoininfluenced by the institutionalists. In fact, there is speculation many of the Generation Y, or is it Why?, took their COVID Relief money and put it into the market, specifically, the cryptocurrency market. .
Early in June the San Jose Sharks became the first NHL team to accept cryptocurrencies such as Bitcoin, Dogecoin and Ethereum for large payments. In addition to the Mavericks, the NBA has another team, the Sacramento Kings accepting there alternative payment methods. Now, NFL Offensive Tackle Russell Okung, a marketing Major at Oklahoma State University, currently a free agent, agreed to accept a portion of his salary in Bitcoin, this is first time a professional athlete in any US major sport could be paid in cryptocurrency. It is not a surprise to see a sports team with the name San Jose embrace cryptocurrency since Silicon Valley is located there as well.
As more and more people get comfortable with cryptocurrency, it is only natural it will become apart of our normal culture and in turn politics will be a expected landing place.
Full disclosure Checks & Balances Publisher Shawn Towle does pay in cryptocurrency and we are considering accepting it as a acceptable form of payment for subscriptions and advertisement.