Republican fintech entrepreneur Michael Carbonara liquidated 10 Bitcoin for $800,000 this month to help fund his campaign for Florida's 22nd Congressional District. Carbonara, who founded digital banking company Ibanera in 2017, converted the Bitcoin to Circle's USDC stablecoin, according to a campaign spokesperson. The liquidation represents the latest self-funding tranche in a race reshaped by recent congressional redistricting.
Carbonara Converts 10 Bitcoin to $800,000 USDC
Michael Carbonara exchanged 10 Bitcoin for $800,000 worth of Circle's USDC stablecoin this month, a spokesperson told Decrypt. The candidate established digital banking and payments company Ibanera in 2017. The liquidation demonstrates how entrepreneurs connected to the crypto industry are leveraging personal fortunes to compete in political races.
Campaign Fundraising Totals $2.52 Million Before Redistricting
Before redistricting developments reshaped Florida's congressional map weeks ago, Carbonara had narrowly outraised competitors. That included Rep. Debbie Wasserman Schultz (D-FL), a representative of Florida's 25th Congressional District, who supported the passage of stablecoin legislation last year. Before both candidates shifted their campaigns toward other seats, Carbonara and Schultz took in $2.52 million and $2.48 million, respectively, according to OpenSecrets.
FEC data shows that Carbonara's war chest has been anchored by $2.3 million in personal loans, with his latest cryptocurrency liquidation marking the newest tranche of self-funding. Around $50,000 has come from individual contributions. He hasn't received any special interest money yet.
Candidate Accepts Crypto Donations Under FEC Rules
Carbonara told Decrypt that he accepts crypto donations from outside supporters, and his campaign has diligently followed Federal Election Commission rules, following in the footsteps of politicians including President Donald Trump and Health Secretary Robert F. Kennedy Jr.
Earlier this month, crypto political action committee Fairshake welcomed primary victories among six political candidates that it favored with $20 million in industry money. In a statement, Fairshake called the results "a clear victory for pro-crypto leaders."
Carbonara Advocates Blockchain for Government Spending Transparency
Carbonara argued that the status quo surrounding campaign finance is insufficient, and networks that support digital assets have the capacity to offer real-time transparency. "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."
Beyond elections, Carbonara views blockchains as a way to improve clarity on behalf of the government when it comes to spending taxpayer money. Before he dropped his presidential bid in 2024, Kennedy came up with the same idea. "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."
Similar positions have been taken by other candidates this election cycle, including Mark Moran, an independent Virginia Senate candidate who experimented with digital assets by embracing a meme coin as a political tool.
FAQ
How much Bitcoin did Michael Carbonara liquidate for his congressional campaign?
Michael Carbonara liquidated 10 Bitcoin for $800,000 worth of Circle's USDC stablecoin this month, according to a campaign spokesperson.
What is Michael Carbonara's total campaign fundraising before redistricting?
Before redistricting developments reshaped Florida's congressional map weeks ago, Carbonara raised $2.52 million, narrowly outraising Rep. Debbie Wasserman Schultz who took in $2.48 million, according to OpenSecrets. FEC data shows $2.3 million came from personal loans and around $50,000 from individual contributions.
Does Michael Carbonara accept cryptocurrency donations?
Yes, Carbonara told Decrypt that he accepts crypto donations from outside supporters, and his campaign has diligently followed Federal Election Commission rules.
