Michael Carbonara, founder of digital banking and payments company Ibanera, has sold 10 bitcoin for $800,000 to help finance his Republican campaign for Florida’s 22nd Congressional District.
The move underscores how crypto-connected entrepreneurs are tapping personal digital asset holdings to compete in modern political races.
Self-funding a campaign with bitcoin
FEC data shows Carbonara’s war chest is heavily self-funded, with $2.3 million in personal loans making up the bulk of his financing, while roughly $50,000 has come from individual contributions.
His latest bitcoin liquidation represents the newest tranche of that self-funding strategy.
Before redistricting reshuffled Florida’s congressional map, Carbonara had narrowly outraised competitors, including Rep. Debbie Wasserman Schultz, with both candidates pulling in roughly $2.5 million each according to OpenSecrets.
Crypto transparency pitch
Carbonara accepts crypto donations and says his campaign follows Federal Election Commission rules, citing precedents set by figures including President Trump and RFK Jr.
Beyond fundraising, he argues blockchain technology could bring real-time transparency to government spending—an idea Robert F. Kennedy Jr. also floated before dropping his 2024 presidential bid.
Carbonara stated:
“Blockchain doesn’t hide inefficiency and fraud. It exposes them. The opacity in politics today comes from the legacy financial system, not from the technology that’s threatening to replace it.”
Broader crypto political landscape
Earlier this month, crypto PAC Fairshake celebrated primary wins for six candidates it backed with $20 million in industry funding, calling the results “a clear victory for pro-crypto leaders.”
Carbonara joins a growing wave of candidates embracing digital assets as both a fundraising tool and a policy platform heading into the next election cycle.
