The largest digital currency is suddenly a talking point in the 2024 race, after Florida Governor Ron DeSantis declared he would “protect the potential to do things like Bitcoin” during the launch of his campaign on Twitter platform on Wednesday.
Bitcoin (BTC) has suddenly found itself at the center of campaign trash-talking and chest-thumping ahead of the 2024 United States presidential election.
Biotech-entrepreneur-turned-Republican-candidate Vivek Ramaswamy informed CoinDesk in an interview that he is the only candidate who understands Bitcoin (BTC) deeply enough to discuss it intelligently on the presidential debate stage.
His remarks came after fellow hopeful and Florida Governor Ron DeSantis on Wednesday launched his own presidential campaign on Twitter platform – amid a myriad of technical glitches – and promised to “protect the potential to do things like Bitcoin.”
Ramaswamy reveals even the language DeSantis used outlines a shallow understanding of the world’s dominant cryptocurrency.
“I understand this stuff in a much more deep and rich way,” Ramaswamy informed CoinDesk in an interview. “Even the way he stated that, ‘Do things like bitcoin.’ And once we think about the leader we want in the White House, that has to be somebody who understands the ‘why.’”
Ramaswamy wrote the book “Woke, Inc.: Inside Corporate America’s Social Justice Scam,” which DeSantis is reported to have read. Ramaswamy reveals DeSantis borrowed numerous concepts he originated, including the importance of Bitcoin (BTC) and the denouncement of monetary authority digital currencies (CBDCs).
“Since the time I wrote Woke, Inc.,” Ramaswamy stated, “DeSantis has studied it and he has adopted a lot of the proposals as his own, and I think that’s a good thing. I’m not sure he has the same understanding of it that I do, be it monetary authority digital currencies or Bitcoin. On the other hand, that’s okay. He’s saying the right things.”
CoinDesk sent an email to the DeSantis campaign asking for a response to Ramaswamy’s comments but had not received a response as of press time.
Longshot versus Trump, DeSantis
Several consider Ramaswamy a longshot in the presidential race. Reports by the website FiveThirtyEight, Ramaswamy is polling 3.5 percent between declared or presumed Republican candidates for the 2024 race, behind Donald Trump’s 54%, DeSantis’s 21 percent and previous United States Vice President Mike Pence’s 5.1%.
He is certainly not the 1st politician to take up the cause of Bitcoin (BTC) or other digital assets. Robert J. Kennedy Jr. delivered a keynote speech at the Bitcoin (BTC) 2023 conference.
“I am an ardent defender and a lifelong defender of civil liberties,” Kennedy stated. “And Bitcoin (BTC) is both an exercise and a guarantee of those freedoms.”
On the other hand, Ramaswamy – who likewise spoke at the same conference – can potentially be the only pro- Bitcoin (BTC) candidate who states a sophisticated understanding of the cryptocurrency.
Conversely, previous United States President Donald Trump once referred to Bitcoin (BTC) as a “scam,” according to a story by the British Broadcasting Corporation (BBC). It’s not clear if he will maintain that stance during his run for reelection.
Ramaswamy reveals he’s pro- Bitcoin (BTC) because he views it as a “decentralized alternative” to the United States dollar, augmenting the country’s financial infrastructure by holding the “existing system’s feet to the fire.”
“Competition breeds strength,” stated Ramaswamy. “I view it as a source of competition to the existing system.”
He reveals Bitcoin (BTC) antagonists like United States Senator Elizabeth Warren, a Massachusetts Democrat, are “blinded by their quest for power, dominion, control and punishment.” Warren’s team didn’t instantly reply to a request for comment.
“Even some more intelligent minds lose the potential to think with clarity in the case of their natural guttural tendencies to seize power as much as possible,” Ramaswamy stated. “ A lot of them may think they’re beginning with good intentions and think they’re protecting people by doing so, but in reality, they end up harming the very people they purport to protect.”
He reveals if he became president, he would slash headcount at the Federal Reserve by 90 percent and that he would be open to overhauling the United States Securities and Exchange Commission (SEC), especially given what he stated as its “vague enforcement discretion.”
“ Many of our existing securities regulation apparatus is outdated and broken. We can essentially learn from allowing units of measurement like Bitcoin (BTC) to roam free of SEC regulation,” Ramaswamy stated. “The administrative state in its entirety has to be reformed.”
Ramaswamy’s Bitcoin (BTC) backstory
The 37-year-old previous high school valedictorian and summa cum laude Harvard biology graduate reveals he 1st came across Bitcoin (BTC) while at Yale Law School.
“ And once I was in law school I had a full-time job as a hedge fund manager as well. So I was entrenched in financial markets,” Ramaswamy stated. “Then I heard this completely parallel system under the mantra ‘code is law.’ That’s when it caught my attention.”
The “code is law” principle is trending in the cryptocurrency community and considers actions triggered by computer code just and fair regardless of being potentially controversial. The most trending instance of this is the 2016 Ethereum (ETH) DAO hack.
Ramaswamy, who has a informed net worth of around $630 million, sooner or thereafter purchased some Bitcoin (BTC) (BTC), but for the sake of “best practice” during his campaign, no longer self-manages his personal portfolio and can’t confirm if he still holds any.
Within a speech at the Bitcoin (BTC) 2023 conference, he claimed to be the 1st Republican candidate in the present election cycle to accept Bitcoin (BTC) donations and the 1st ever to do so over the Lightning Network, a Bitcoin (BTC) growing solution for cheaper and quicker transactions.
“We’re accepting donations via the Lightning Network,” Ramaswamy stated. “I will elevate these matters that we just talked about to the center of the Republican discussions in the primaries.”