By accepting Bitcoin as a campaign donation and announcing a plan to relax tax limits on Bitcoin mining in the US, Republican presidential candidate Vivek Ramaswamy is taking a risk. Ramaswamy encouraged supporters to “make the 2024 election a referendum on fiat currency,” while speaking at the Bitcoin 2023 conference in Miami.
Ramaswamy demonstrated a QR code during his speech that, when scanned, links visitors to a payment gateway with various donation options, including Bitcoin and satoshis—the smallest unit of currency in Bitcoin. Permanent residents and citizens of the US who qualify may donate up to $6,600 to his campaign. In return, they will receive a Non-Fungible Token (NFT) as an expression of gratitude.
Following the recent declaration by Robert F. Kennedy Jr., who became the first US presidential candidate in history to accept Bitcoin payments, Ramaswamy has decided to take Bitcoin for campaign contributions. This action by candidates for public office implies an increasing understanding of the impact and potential of cryptos in determining the direction of finance.
Future plans of Ramaswamy
Since the US just surpassed China to take the lead as the world’s center for mining operations, Vivek Ramaswamy emphasized the country’s freedom to mine Bitcoin. However, Vice President Joe Biden of the United States suggested a 30% tax on the electricity consumed by Bitcoin mining companies. Vivek Ramaswamy criticized the tax, calling it unfair, wrong, and improper use of federal authority.
Vivek Ramaswamy intends to present his Bitcoin policy, which allows Bitcoin and other cryptos to operate as rival currencies, at the Bitcoin Conference 2023. He thinks that by doing this, the dollar’s status as the standard unit of measurement can be stabilized, and the Federal Reserve’s mandate to concentrate on currency stabilization can be limited.