Ramaswamy becomes second 2024 presidential candidate to accept Bitcoin donations | World News

Please fol­low and like us:
Pin Share

In a bold move, Repub­li­can pres­i­den­tial can­di­date Vivek Ramaswamy has announced his accep­tance of Bit­coin dona­tions for his cam­paign, mak­ing him the sec­ond can­di­date in the 2024 US pres­i­den­tial race to do so. Speak­ing at the Bit­coin 2023 con­fer­ence in Mia­mi, Ramaswamy urged sup­port­ers to “make the 2024 elec­tion a ref­er­en­dum on fiat currency.”

Republican presidential candidate Vivek Ramaswamy, speaks during the annual Conservative Political Action Conference (CPAC) at the Gaylord National Resort Hotel And Convention Center in Maryland. (AFP)
Repub­li­can pres­i­den­tial can­di­date Vivek Ramaswamy, speaks dur­ing the annu­al Con­ser­v­a­tive Polit­i­cal Action Con­fer­ence (CPAC) at the Gay­lord Nation­al Resort Hotel And Con­ven­tion Cen­ter in Mary­land. (AFP)

Dur­ing his speech, Ramaswamy show­cased a QR code that, when scanned, redi­rects users to a pay­ment gate­way offer­ing var­i­ous dona­tion options, includ­ing Bit­coin and satoshis—the small­est denom­i­na­tion of Bit­coin. Eli­gi­ble US cit­i­zens and per­ma­nent res­i­dents can con­tribute up to $6,600 to his cam­paign, and upon donat­ing, they will receive a non­fun­gi­ble token (NFT) as a token of appreciation.

Ramaswamy’s deci­sion to embrace Bit­coin for cam­paign dona­tions fol­lows the recent announce­ment by Robert F. Kennedy Jr., who became the first US pres­i­den­tial can­di­date in his­to­ry to accept Bit­coin dona­tions. This move by polit­i­cal can­di­dates sig­nals a grow­ing recog­ni­tion of the influ­ence and poten­tial of cryp­tocur­ren­cies in shap­ing the future of finance.

The entre­pre­neur-turned-politi­cian believes that Bit­coin and oth­er cryp­tocur­ren­cies offer an alter­na­tive to tra­di­tion­al fiat cur­ren­cies, espe­cial­ly amid con­cerns about the strength and sta­bil­i­ty of the US dol­lar. By accept­ing Bit­coin dona­tions, Ramaswamy aims to demon­strate his sup­port for the dig­i­tal cur­ren­cy and his belief in its poten­tial to trans­form the finan­cial landscape.

How­ev­er, Ramaswamy clar­i­fied that he does not plan to issue his own NFTs for per­son­al prof­it or cam­paign fundrais­ing. He empha­sized that his focus is on pol­i­cy and pro­vid­ing sup­port­ers with the option to con­tribute to his cam­paign using Bit­coin, empha­siz­ing that he is not threat­ened by the dig­i­tal cur­ren­cy’s rise.

One of the core prin­ci­ples of Ramaswamy’s pro­pos­al is to ensure the free­dom to mine Bit­coin in the Unit­ed States. In recent years, the US has become a promi­nent 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 elec­tric­i­ty used by cryp­tocur­ren­cy min­ing oper­a­tions. Ramaswamy vehe­ment­ly oppos­es this tax, stat­ing that it is wrong, unfair, and an inap­pro­pri­ate exer­cise of fed­er­al power.

To solid­i­fy his stance, Ramaswamy plans to unveil his Bit­coin pol­i­cy at the Bit­coin 2023 con­fer­ence. His pro­pos­al aims to pre­vent Bit­coin and sim­i­lar cryp­tocur­ren­cies from being treat­ed as secu­ri­ties, allow­ing them to func­tion as par­al­lel cur­ren­cies. Ramaswamy believes that this move will enable the sta­bi­liza­tion of the US dol­lar as a unit of mea­sure­ment and restrict the Fed­er­al Reserve’s man­date to focus sole­ly on cur­ren­cy stabilization.

While Ramaswamy’s Bit­coin accep­tance and pol­i­cy pro­pos­als may appeal to cryp­to enthu­si­asts and those skep­ti­cal of tra­di­tion­al finan­cial sys­tems, the wider impli­ca­tions and fea­si­bil­i­ty of such mea­sures are sub­ject to debate. As the 2024 pres­i­den­tial race unfolds, it will be inter­est­ing to see how Ramaswamy’s embrace of Bit­coin res­onates with vot­ers and whether oth­er can­di­dates will fol­low suit in rec­og­niz­ing the grow­ing influ­ence of dig­i­tal cur­ren­cies in the polit­i­cal sphere.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.