Republican congressional candidate Michael Carbonara liquidated 10 Bitcoin for $800,000 in USDC stablecoin this month to help fund his campaign for Florida's 22nd Congressional District, a spokesperson told Decrypt. The fintech entrepreneur, who founded digital banking company Ibanera in 2017, converted the cryptocurrency to bankroll his political bid in a newly reshaped battleground race triggered by recent redistricting. Carbonara is leveraging his technology background to advocate for blockchain-based transparency in campaign finance and government spending, positioning digital assets as accountability tools against what he calls political debanking and Washington opacity.
Carbonara Converts 10 Bitcoin to Fund Florida Congressional Campaign
Michael Carbonara exchanged 10 Bitcoin for $800,000 worth of Circle's USDC stablecoin this month, according to a campaign spokesperson. The liquidation demonstrates how entrepreneurs connected to the cryptocurrency industry are using personal digital asset holdings to finance political campaigns. Before redistricting reshaped Florida's congressional map weeks ago, Carbonara had narrowly outraised competitors including Rep. Debbie Wasserman Schultz (D-FL), who represented Florida's 25th Congressional District and supported stablecoin legislation last year. Before both candidates shifted their campaigns toward other seats, Carbonara and Schultz raised $2.52 million and $2.48 million respectively, according to OpenSecrets.
Carbonara told Decrypt that he accepts cryptocurrency donations from outside supporters and his campaign follows Federal Election Commission rules, similar to politicians including President Donald Trump and Health Secretary Robert F. Kennedy Jr. The candidate argued that current campaign finance systems lack sufficient transparency, stating that networks supporting digital assets offer real-time visibility. "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," Carbonara said. "That's a level of accountability career politicians never had to face."
Campaign Finances Anchored by $2.3 Million in Personal Loans
FEC data shows Carbonara's war chest consists primarily of $2.3 million in personal loans, with his cryptocurrency liquidation this month representing the newest portion of self-funding. Around $50,000 has come from individual contributions, and the candidate has not received special interest money. Earlier this month, crypto political action committee Fairshake celebrated primary victories among six candidates it supported with $20 million in industry funding. In a statement, Fairshake called the results "a clear victory for pro-crypto leaders."
Candidate Advocates Blockchain Transparency for Government Spending
Beyond campaign finance, Carbonara views blockchains as a mechanism to improve government spending transparency. Before dropping his presidential bid in 2024, Robert F. Kennedy Jr. proposed the same concept. "Blockchain doesn't hide inefficiency and fraud. It exposes them," Carbonara said. "The opacity in politics today comes from the legacy financial system, not from the technology that's threatening to replace it." The candidate's position reflects a broader argument among cryptocurrency advocates that distributed ledger technology can provide real-time accountability for taxpayer funds.
FAQ
How much Bitcoin did Michael Carbonara liquidate for his congressional campaign?
Michael Carbonara liquidated 10 Bitcoin for $800,000 in USDC stablecoin this month to help fund his campaign for Florida's 22nd Congressional District, according to a campaign spokesperson.
What is the total amount of personal funding in Carbonara's campaign?
FEC data shows Carbonara has provided $2.3 million in personal loans to his campaign, with his recent cryptocurrency liquidation representing the newest portion of self-funding. Around $50,000 has come from individual contributions, and he has not received special interest money.
Why does Carbonara support using blockchain for government spending?
Carbonara argues that blockchain technology can provide real-time transparency for government spending and expose inefficiency and fraud. He stated that current opacity in politics comes from legacy financial systems rather than the technology threatening to replace them.
