More cryptocurrency usage could be flooding political campaigns, according to a recent CNBC report. A new platform called Engage Raise will allow federal candidates to raise campaign funds via cryptocurrencies.
“Candidates can use our platform to connect with the crypto and blockchain community via fundraising, events, and messaging,” Martin Dobelle, CEO of Engage Labs, the parent company of Engage Raise, told CNBC.
We’ve seen the power of using cryptocurrencies at the geopolitical level with Ukraine receiving charitable donations via crypto. Now, this same platform will be used in the U.S., highlighting the potential of blockchain technology in various applications.
Of course, it’s difficult to discuss blockchain technology these days without mentioning the current volatility in the crypto market. However, Dobelle doesn’t think that this will swing the tide against cryptocurrencies in the long run.
“We’re optimistic that the broader market will recover, along with crypto, and that a major crypto up-cycle will lead into the crucially important election in 2024,” Dobelle said.
Getting Active Blockchain Exposure
Using cryptocurrencies in political campaigns can certainly help boost the profile of digital assets. As such, blockchain, the underlying technology for crypto, could get a subsequent boost as well.
Investors looking to get blockchain exposure can consider a fund with an active management strategy. One exchange traded fund (ETF) worth noting is the Amplify Transformational Data Sharing ETF (BLOK).
As mentioned, BLOK is actively managed, investing in companies partnered with or directly investing in companies utilizing and developing blockchain technologies, which support cryptocurrencies like bitcoin. However, the fund does not invest directly in blockchain technology or cryptocurrencies, allowing for volatility mitigation, especially given the current crypto market.
BLOK was the first blockchain ETF approved by the SEC and launched in 2018, garnering $820 million in assets under management since inception. The fund spreads its holdings across the market cap size spectrum, allowing for diversification across the blockchain landscape, in miners, exchanges, and developers.