Venture capitalist backs crypto-friendly candidate
Prominent venture capitalist Adam Draper recently threw his support behind California gubernatorial candidate Ian Calderon in a recent social media endorsement. Draper’s simple statement “Bitcoin. I’m in it.” signals support for pro-cryptocurrency Democrat.
Calderon represents something of an anomaly within his party, especially considering the progressive wing that has often been more skeptical of digital assets. He is making his stance on crypto a central part of his campaign message.
A different type of democrat
In his campaign ads, Calderon made his position clear. “My generation pays bills on our phones. We send each other money with Venmo. We save in Bitcoin,” he said, speaking directly to younger voters more comfortable with digital finance.
What is particularly interesting is Calderon’s previous announcement that California would hold Bitcoin on its state balance sheet. This would allow the traditionally blue state to align with the trend started by several red states that have embraced cryptocurrency adoption more openly at the government level.
Competitive political landscape
Calderon, who previously served as majority leader in the California State Assembly, only announced his candidacy last month. He enters what is shaping up to be a crowded and unpredictable Democratic primary.
The race has already seen some unexpected developments. Former U.S. Rep. Katie Porter, who was considered the favorite, has seen her position weaken significantly in the betting markets. The change came after videos surfaced showing her abruptly ending an interview and what appeared to be harsh treatment of her staff.
This creates an opening for candidates like Calderon, although he will still face significant competition from other established Democratic figures. Backing from Draper, a well-known figure in the tech and venture capital world, could help Calderon stand out in an area where cryptocurrency policy is not typically a central issue.
It’s worth noting that California’s approach to regulating cryptocurrencies has been somewhat cautious compared to other states, so having an openly supportive governor could signal a shift in the state’s stance. Whether this will become a winning issue in a state with complex economic and social priorities remains to be seen.
The timing of Draper’s endorsement could also reflect the growing recognition that cryptocurrency policy is becoming more common in political discussions, even in traditionally Democratic strongholds where the technology has sometimes faced more skepticism from regulators and policymakers.
