Bitcoin Rises as Crypto Advocate Elected Governor of Colorado

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Cryptocurrency prices were higher on Wednesday, as a Bitcoin-friendly governor was elected in Colorado.

Former U.S. Representative Jared Polis (D-CO), defeated Colorado state Treasurer Walker Stapleton on Tuesday to become the state’s governor.

Polis is a tech enthusiast and advocate for Bitcoin and other digital coins. Past of his campaign was focused on the benefits of blockchain companies in the state and he has also promoted the industry during his term in Congress.

His platform included creating a safe harbor to exempt virtual currencies from state money transmission laws, and protecting cryptocurrencies, as well as digitizing government records and explore blockchain for utilities and cybersecurity.

Bitcoin (BitfinexUSD) jumped 1.20% to $6,572.60 on the Bitfinex exchange, as of 8:05 AM ET (13:05 GMT).

Cryptocurrencies overall were higher, with the total coin market capitalization at $219 billion at the time of writing, compared to $212 billion on Tuesday.

Ethereum,or Ether, increased 1.72% to $221.42 and Litecoin was at $55.415, up 0.03% while XRP rose 0.21% to $0.54210.

In other news, Blockchain’s plan to airdrop $125 million in Steller Lumens in an attempt to boost adoption, has faced staunch criticism in the sector.

Many traders tweeted that it “must be a scam,” while Pierre Rochard, founder of Bitcoin Advisory, cautioned against services that give away tokens.

An airdrop is a free disruption of a currency to its community members for free or for a small task. It is often used to promote digital coins.
Source: https://www.investing.com/news/cryptocurrency-news/bitcoin-rises-as-crypto-advocate-elected-governor-of-colorado-1677711