Republican congressional candidate Michael Carbonara sold 10 Bitcoin for $800,000 to fund his campaign for Florida’s 22nd District. The fintech entrepreneur, who supports crypto donations, advocates for using blockchain technology to increase transparency in campaign finance and government spending. His self-funded campaign has drawn over $2.3 million in personal loans.
A Republican candidate for Florida’s 22nd Congressional District has liquidated personal Bitcoin to finance his political campaign. Michael Carbonara exchanged 10 Bitcoin for $800,000 worth of USDC stablecoin this month, according to a spokesperson.
Carbonara, who founded the digital banking company Ibanera, told reporters he accepts cryptocurrency donations in compliance with Federal Election Commission rules. He argued that blockchain technology can provide real-time transparency superior to the current campaign finance system.
Data from OpenSecrets shows Carbonara previously outraised incumbent Debbie Wasserman Schultz before both candidates shifted to different districts following a map redraw. His campaign war chest is primarily self-funded, with $2.3 million in personal loans and about $50,000 from individual contributions.
Carbonara stated, “South Florida should care [about digital assets], because the same technology that gets weaponized against legal businesses through political debanking can also be the tool that finally makes Washington spending visible in real time.” He aligns with other political figures who have experimented with digital assets, such as independent Senate candidate Mark Moran.
The candidate further emphasized the accountability potential of the technology. “Blockchain doesn’t hide inefficiency and fraud. It exposes them,” Carbonara said. His stance echoes past proposals from figures like former presidential candidate Robert F. Kennedy Jr., who suggested using blockchain to track government budgets.
