Bitcoin has become a topic of discussion among U.S. presidential candidates for the 2024 election, stirring up debate on its merits and the candidates’ understanding of the cryptocurrency. Biotech entrepreneur Vivek Ramaswamy believes he is the candidate with the most in-depth knowledge of Bitcoin, challenging fellow Republican candidate Ron DeSantis’s recent promise to “protect the ability to do things like Bitcoin.”
Ramaswamy points out that the language used by DeSantis suggests only a shallow grasp of the dominant digital currency’s true potential. Furthermore, he claims that DeSantis has borrowed ideas from his book “Woke, Inc.: Inside Corporate America’s Social Justice Scam,” including the notion of supporting Bitcoin and denouncing central bank digital currencies (CBDCs).
While some might argue that Ramaswamy is a longshot in the presidential race, his understanding of the cryptocurrency might garner him support from technology-savvy voters. Former U.S. President Donald Trump had previously called Bitcoin a “scam,” but it remains uncertain whether he will maintain that position in the next election.
In contrast to Bitcoin detractors like U.S. Senator Elizabeth Warren, who Ramaswamy accuses of being “blinded by their quest for power, dominion, control and punishment,” he supports the currency as a “decentralized alternative” to the U.S dollar. He sees it as a means to create competition and strengthen the existing financial system.
Ramaswamy’s plans for Bitcoin, if elected president, include slashing the Federal Reserve’s headcount by 90% and potentially overhauling the U.S. Securities and Exchange Commission (SEC). He believes that the current securities regulation apparatus is outdated, and allowing units of measurement like Bitcoin to operate free of SEC regulation could be informative for regulators.
Outside of his political aspirations, Ramaswamy’s background in finance and academia allowed him to explore the world of cryptocurrencies early on in his career. With a reported net worth of around $630 million, he had previously purchased Bitcoin but currently cannot confirm whether he still holds any due to his campaign’s “best practice” approach to personal finances.
As the first Republican candidate in the current election cycle to accept Bitcoin donations and the first ever to do so via the Lightning Network, Ramaswamy is positioning himself as a forward-thinking advocate for digital currencies. It will be interesting to see how this understanding and support of Bitcoin plays a role in the 2024 presidential debates and ultimately, the election outcome.
Source: Coindesk
