Bitcoin millionaire puts money on Greens in German election

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

BERLIN -- 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 in hopes it will win this year's national election — and consider banning the digital currency. Moritz Schmidt's donation of 1 million euros ($1.2 million) to the Greens made headlines this month, 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 benefitted immensely from the bitcoin bubble. It’s been a wild ride, and the proceeds are unearned riches really,” Schmidt told The Associated Press in an email interview this week. “I’ve been sort of waiting for the right opportunity to donate a larger sum.” The 39-year-old from the northeastern town of Greifswald, who hadn't previously featured on any lists of major political donors, said he bought “a couple thousand euros” worth of bitcoin in 2011, shortly before it crashed, wiping 90% 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.