- Pro-crypto candidate Vivek Ramaswamy drops out of the 2024 presidential race after a weak showing in Iowa, backing Donald Trump.
- Ramaswamy’s strong support for cryptocurrency and blockchain contrasts with his endorsement of Trump, who previously criticized him.
Pro-crypto Republican presidential candidate Vivek Ramaswamy has withdrawn from the 2024 presidential race after experiencing a significant setback in the Iowa caucuses. Ramaswamy withdrew from the contest after receiving just three delegates and 7.7% of the vote. He reaffirmed his allegiance to the “America First” philosophy and stated his intention to back former President Donald Trump’s campaign in a statement addressed to his supporters in Des Moines.
Live from Des Moines, IA | Vivek 2024 Caucus Night Press Conference https://t.co/ykH9wRlSKL
— Vivek Ramaswamy (@VivekGRamaswamy) January 16, 2024
“As I’ve said since the beginning, there are two America First candidates in this race, and I called Donald Trump to tell him that,” Ramaswamy declared. “Going forward, he will have my full endorsement.”
Ramaswamy has gained a great deal of support from the cryptocurrency community because of his strong pro-bitcoin position and his demand for big reforms to cryptocurrency legislation. His acceptance of Bitcoin donations throughout his campaign received public endorsements from Elon Musk and Charles Hoskinson. However, his recommendations for crypto-friendly policies may not last in the future, given the unanticipated turn of events.
Donald Trump’s Resurgence and Ramaswamy’s Challenge
On the other hand, Donald Trump’s triumph in the Iowa caucus in 2024 has strengthened his position in the Republican primary. Trump demonstrated his continued strength as a contender by picking up 20 delegates and 51% of the vote. Ramaswamy still has to overcome Trump’s popularity among the Republican party, even with his support.
During his presidential campaign, Vivek Ramaswamy had been an outspoken supporter of cryptocurrencies, especially Bitcoin. He continuously maintained that digital assets like Bitcoin were a workable substitute for the country’s current financial system, which he said was defective. He criticized SEC Chair Gary Gensler for the lack of explicit regulatory advice on cryptocurrencies such as Ethereum.
“The Three Freedoms of Crypto,” Ramaswamy’s policy framework, sought to give new cryptocurrencies legislative clarity while shielding cryptocurrency developers from accountability for the behavior of users of their system. It also aimed to stop federal authorities from restricting the use of self-hosted wallets, a major worry for the cryptocurrency sector.
It seemed that Ramaswamy had a financial stake in the bitcoin sector earlier this year. He had Bitcoin holdings in a Coinbase account valued between $250,000 and $300,000. Furthermore, he valued Ether at $15,001 and $50,000.
Trump’s Stance on Cryptocurrency
Even if it was widely known that Ramaswamy supported cryptocurrencies, it is important to consider Donald Trump’s stance. During his first tenure, the former president had less of an established position on cryptocurrencies. Some cryptocurrency supporters, however, think that should Trump win a second term, he might be more supportive of the industry.
Even after dropping out of the presidential contest, Vivek Ramaswamy is still respected and well-known in the cryptocurrency world. Ramaswamy is the “most talented” Republican candidate in a generation, according to Nic Carter, general partner at Castle Island Ventures.
Vivek is the most talented new Republican face in a generation. I hope we see more of him
— nic 🌠 carter (@nic__carter) January 16, 2024
It is worth noting that as of the time of writing, Bitcoin is trading at $42,864.53 with a 24-hour decrease of 0.17%
