Congressman Steve Stockman, the Texas Republican gunning for a Senate seat this year, is embracing the monetary “freedom” offered by the virtual currency bitcoin.
Stockman announced Tuesday that his Senate campaign will take donations in the form of bitcoin as well as his support for legislation to keep all levels of government from interfering with “the bitcoin economy,” according to NewsBTC.com. Stockman made the announcements at a New Year’s Eve party at the New York City Bitcoin Center, according to the website.
“I really think digital currency is more about freedom,” Stockman told Bitcoin Center founder Nick Spanos in a video posted to YouTube earlier Tuesday. “Freedom to choose what you do with your money, and freedom to keep your money, without people influencing it through printing money or regulation.”
Stockman introduced legislation to audit the Federal Reserve in 2013. He has criticized the central banking system for weakening the dollar as it prints more money.
“You currently have a body that’s printing money for the purpose of stimulus, which is an artificial market, which can create the collapse of economies," Stockman said in the video. “Right now they’re printing so much, there’s going to be supply and demand, and one day, you’re printing so much, the money in your currency will become worthless, and that’s why it’s important to have gold and other things that are static that no one can fluctuate at a rapid rate. And that’s why it’s real good to have bitcoin – it’s a fixed amount of currency at a fixed rate, so they’re very good for the markets.”
Bitcoins do not pass through a central bank. While the transactions can be viewed publicly, identifying information of the buyer or seller cannot. Issues with disclosure has kept the FEC from approving bitcoin donations in campaigns.