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Bitcoin investor Toby Doeden's South Dakota governor bid puts crypto wealth to a political test

7/28/2026

Two elections Tuesday offer a split-screen on whether outsider money moves votes.

The case for Toby Doeden, a self-made millionaire bitcoin investor, rests on a first-place finish in South Dakota's June gubernatorial primary and a strong base in Minnehaha County, home to Sioux Falls.

What complicates it: incumbent Gov.

Larry Rhoden holds a heavy polling advantage, and South Dakota has not elected a Democratic governor since the 1970s, meaning the state's electorate has no modern habit of rewarding outside challengers.

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