Big Crypto is now spending more on US elections than any other industry
www.businessinsider.com
Crypto companies have already funneled some $119 million into federal elections, according to data from Public Citizen.

The crypto industry is making its mark on this year’s elections to the tune of some $119 million.

The funding has largely come from two companies — Coinbase and Ripple — which are funneling money into super PACs like Fairshake PAC, which is dedicated to “elevating pro-crypto candidates and attacking crypto skeptics,” according to Public Citizen.

At the 2024 bitcoin conference in Nashville in February, Trump — who called bitcoin “highly volatile and based on thin air” in 2019 — said he’d lay out a plan “to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world.” Trump has already won the backing of several crypto enthusiasts, including his running mate JD Vance, who owns at least $250,000 in bitcoin.

  • alienanimals@lemmy.world
    53·
    4 months ago

    By your definition stocks are also a pyramid scheme and everyone knows it. The more people that buy it, the price goes up! Sell? The price crashes! What a revelation!

    • SpaceCowboy
      11·
      4 months ago

      Nope. A stock is a share of a company. A company has assets and revenue. Stocks either provide dividends (which is a share of the profits) or will invest their profits into growing the company which increases it’s value, which in turn increases the value of the share.

      Certainly stocks can be over valued, and I’d say many of them are right now. But that aside there is a value in a share of company that isn’t based solely on someone else valuing it hoping someone else will value it more.