BitPAC – the first-of-its-kind, Bitcoin-focused political action committee (PAC) – will be introducing a self-developed ICO, in an attempt to widen its candidate supporting program. 

Dan Backer – who established BitPAC 5 years ago – shared that the organization will be rolling out a new utility token – named Politicoin – which is particularly designed to facilitate the PAC, along with the candidates who are trying to secure positions in public office. 

Backer strongly noted that the upcoming ICO would be in the form of a utility token, which will not be working as an ordinary store of value. Backer further revealed that the project specifically looks to equip token holders with a kind of voting right. 

“It’s a utility token, not a thing of value. I don’t care if people want to buy, sell trade their token, if an exchange wants to list it that’s fantastic. We have some larger scale, grand or long-term plans but we have to start somewhere.” Backer claimed. 

Backer also added that BitPAC would be using its own budget to fund the project, but they also wanted to issue an ICO, which will function as an award to any individuals who made a donation to the PAC. 

Previously, BitPAC’s only public office runner was Dan Bishop – a North Carolina official running for a seat in the US House of Representatives. However, BitPAC plans to expand its business to support whichever registered candidate from both parties. 

Cash donations is the standard means at the moment, and anyone who wants to make crypto-based donations will have to contact Backer or one of BitPAC’s team members. 

“He could accept bitcoin, ether and a number of other cryptocurrencies as long as we’re able to identify the contributors and perform the compliance function with respect to FEC reporting requirements.” Backer explained.