GERMAN SOFTWARE DEVELOPER WANTS DIGITAL CURRENCY BANNED
A German software developer who made a fortune from Bitcoin has given the environmentalist Green Party one of the biggest political donations in the country’s history.
He hopes it will win this year’s national election – and consider banning the digital currency.
Moritz Schmidt’s donation of one million euros to the Greens made headlines, as the party traditionally receives only small sums. Such a large gift is rare in German politics. Parties in the country receive most of their funding from members’ dues and state aid linked to election results.
“I have benefited immensely from the Bitcoin bubble. It’s been a wild ride, and the proceeds are unearned riches really,” Schmidt told the Associated Press. “I’ve been sort of waiting for the right opportunity to donate a larger sum,” he added.
The 39-year-old from the northeastern town of Greifswald, said he bought a couple of thousand euros worth of bitcoin in 2011, shortly before it crashed, wiping 90 per cent off the value of his holdings. Since then, Bitcoin and other cryptocurrencies have repeatedly surged and slumped on investors hoping to turn a quick profit.