Ramaswamy Becomes Second 2024 Presidential Candidate to Accept Bitcoin Donations | World News

Republican presidential candidate Vivek Ramaswamy has taken the bold step of announcing he is accepting bitcoin donations for his campaign, making him only the second person in the 2024 U.S. presidential race to do so candidate. At the Bitcoin 2023 conference in Miami, Ramaswamy urged supporters to “make the 2024 election a referendum on fiat currencies.”

During his presentation, Ramaswamy showed off a QR code that, when scanned, redirects users to a payment gateway offering various donation options, including Bitcoin and Satoshi — the smallest denomination of Bitcoin. Eligible U.S. citizens and permanent residents can donate up to $6,600 to his campaign, and after they donate, they will receive a non-fungible token (NFT) as thanks.

Ramaswamy’s decision to accept Bitcoin as a campaign donation follows recent announcements by Robert F. Kennedy Jr., who became the first U.S. president in history to accept Bitcoin donations candidate. The move by the political candidate shows a growing awareness of the impact and potential of cryptocurrencies in shaping the future of finance.

The entrepreneur-turned-politician believes bitcoin and other cryptocurrencies offer an alternative to traditional fiat currencies, especially amid concerns about the strength and stability of the U.S. dollar. By accepting bitcoin donations, Ramaswamy aims to demonstrate his support for digital currencies and his belief in bitcoin’s potential to change the financial landscape.

However, Ramaswamy clarified that he does not intend to issue his own NFT for personal profit or campaign fundraising. He emphasized his focus on policy and offered supporters the option to use bitcoin to donate to his campaign, stressing that he would not be threatened by the rise of digital currencies.

One of the core principles proposed by Ramaswamy is to ensure the freedom to mine Bitcoin in the United States. In recent years, the United States has become an important location for bitcoin mining, surpassing China, after Beijing restricted mining operations due to energy consumption concerns. However, the Biden administration recently proposed a 30% tax on the electricity used by cryptocurrency mining operations. Ramaswamy vehemently opposed the tax, saying it was wrong, unfair and an improper exercise of federal power.

To solidify his position, Ramaswamy plans to unveil his Bitcoin policy at the Bitcoin 2023 conference. His proposal seeks to prevent bitcoin and similar cryptocurrencies from being considered securities, allowing them to function as parallel currencies. Ramaswamy argued that such a move would stabilize the dollar as a unit of measure and limit the Fed’s mandate to focus solely on monetary stability.

While Ramaswamy’s bitcoin acceptance and policy proposals may appeal to crypto enthusiasts and those skeptical of the traditional financial system, the broader impact and feasibility of such measures is still open to debate. As the 2024 presidential campaign unfolds, it will be interesting to see how Ramaswamy’s support for Bitcoin resonates with voters, and whether other candidates follow suit, acknowledging the growing influence of digital currencies in politics. interesting.