Key Points

• Republican U.S. Senate candidate Curtis Bashaw has started accepting Bitcoin donations for his campaign.
• His stance on crypto is in line with other prominent political figures who see digital assets as innovation and progress.

Curtis Bashaw, a Republican candidate for the U.S. Senate, has started accepting Bitcoin donations for his campaign. Bashaw is running for the U.S. Senate in New Jersey to “provide freedom, safety, and opportunity to every New Jersey resident,” according to his X account.

The Republican candidate is positioning himself as a proponent of innovation and progress by integrating Bitcoin into his campaign. The move appeals to the growing number of American voters who support blockchain technology and digital assets.

He recently stated that by embracing crypto, he is aligning his campaign with the future of finance. Bashaw’s campaign website now offers Bitcoin as a payment option via Anedot.

New Jersey ranks 2nd in crypto ownership

According to data from Coinbase, New Jersey currently ranks second in the United States in terms of the percentage of residents who own cryptocurrencies.

Such a high level of crypto adoption would benefit from a leader who understands and supports the sector and its potential.

It’s also important to note that Bashaw’s pro-crypto stance in NJ is important, especially at a time when the US is competing with China and other major global powers for dominance in blockchain technology and crypto.

US Political Bitcoin and Crypto Support

Bashaw’s campaign fits into a broader political trend that has seen key political figures express support for crypto and blockchain.

For example, key figures such as Miami Mayor Francis Suarez and Wyoming Senator Cynthia Lummis have also expressed strong support for the sector and brought it into the political debate.

Lummis has been committed to FIT21 to help the sector flourish in the US and make crypto regulation in the country clearer for everyone working in the industry.

In June, it was reported that Stand With Crypto, a nonprofit organization founded to preserve the crypto industry in the US, is fighting for “common sense” regulations for digital assets.

Former US President Donald Trump has also shown increasing support for cryptocurrencies in 2024, with his own presidential campaign also accepting Bitcoin.

The Republican presidential candidate has expressed his support for crypto on several occasions, stressing that the US government should not sell its Bitcoin reserves.

In 2024, political support for Bitcoin and crypto has increased, as has crypto awareness in the US.

Crypto awareness is growing in the US

According to data from Security.org’s June 2024 Crypto Adoption and Sentiment Report, cryptocurrency awareness and ownership have soared to record highs.

Today, 40% of US adults own cryptocurrency, up from 30% in 2023. That’s about 93 million people.

According to their data, 63% of current crypto owners hope to acquire more crypto in the coming year, with Bitcoin being the most sought-after digital asset.

Other key data from the Security.org report includes:

• The percentage of women owning cryptocurrencies increased from 18% in 2023 to 29% in early 2024.
• 21% of non-owners said Bitcoin ETFs in the US provide more openness to crypto investments.
• BTC ETFs could bring as many as 29 million US investors into the market.

Institutional investments in crypto are increasing

It’s also worth noting that institutional investment in crypto is on the rise in the US. The trend has especially accelerated in 2024 following the approval of Bitcoin ETFs at the start of the year.

As of June 30, major financial institutions such as Morgan Stanley and Goldman Sachs have announced that they own shares in Bitcoin ETFs.

Morgan Stanley revealed significant positions in BlackRock’s Bitcoin ETF, IBIT – over 5.5 million shares worth approximately $188 million. They also revealed holdings in ARK 21Shares Bitcoin ETF, ARKB, and Grayscale Bitcoin Trust, GBTC.

Goldman Sachs also reported that it held more than $418 million in U.S. Bitcoin ETF holdings as of June 30.

While Bitcoin valuation scenarios reach staggering predictions, such as VanEck’s $2.9 billion for BTC by 2050, Bitcoin and crypto adoption in the US continues to grow at a rapid pace.