Bitcoin Proponent Vivek Ramaswamy Withdraws From Presidential Race, Endorses Trump

In an unexpected turn of events, entrepreneur and Bitcoin proponent Republican presidential candidate Vivek Ramaswamy has officially withdrawn from the 2024 presidential race after a lackluster performance in the Iowa caucuses.

Despite an initial surge that propelled him to third place in national polls over the summer, the 38-year-old failed to gain sufficient support in Iowa, securing only 7.7% of the vote and a meager three delegates.

Ramaswamy, relatively unknown before entering the political arena, invested significant time and resources in Iowa, hoping to solidify his standing.

Bitcoin Advocate Vivek Ramaswamy Backs Out

However, his efforts fell short, prompting the entrepreneur to announce his withdrawal from the race. Addressing his supporters in Des Moines, he stated:

“The people spoke loud and clear about who they want. Tonight I am suspending my campaign and endorsing Donald J. Trump and will do everything I can to make sure he is the next U.S. President.”

In contrast, Donald Trump emerged victorious in the 2024 Iowa caucus, securing a commanding 51% of the vote and gaining 20 delegates. Despite Ramaswamy’s endorsement, he faced social media attacks from Trump, who claimed that “a vote for Vivek is a vote for the ‘other side,’” underscoring the polarized nature of the current political landscape.

Vivek Ramaswamy announces he’s suspending his presidential campaign because “there’s no path for me to be the next president absent things that we don’t want to see happen in this country.”

Well, that much is true. pic.twitter.com/xYn4juiSDN

— Aaron Rupar (@atrupar) January 16, 2024

Ramaswamy is slated to attend a Trump campaign event in New Hampshire on Tuesday.

Ramaswamy, who amassed a fortune in the biotech sector, emerged as a prominent contender due to frequent media appearances and an unwavering involvement in contentious societal debates.

BTC market cap currently at $840 billion. Chart: TradingView.com

Championing Cryptocurrency: Ramaswamy’s Focal Point

A distinctive aspect of Ramaswamy’s campaign was his advocacy for cryptocurrency and Bitcoin. Setting himself apart from other candidates, he unveiled a comprehensive crypto policy framework titled “The Three Freedoms of Crypto.”

This framework aimed to shield crypto developers from liability for user actions, establish clear regulatory guidelines for new cryptocurrencies, and prevent federal agencies from imposing restrictions on self-hosted wallets.

Throughout recent debates, Vivek Ramaswamy championed significant changes in the approach to cryptocurrency regulation. He argued that the existing US financial system is flawed and posited Bitcoin and other digital assets as viable alternatives.

Notably, he criticized Securities and Exchange Commission Chair Gary Gensler for the lack of clarity on the regulatory status of cryptocurrencies like Ethereum, despite acknowledging Bitcoin as a likely commodity.

As Vivek Ramaswamy exits the presidential race, attention now turns to the remaining candidates and their strategies in the unfolding 2024 election season.

The endorsement of Donald Trump by a candidate who championed crypto-friendly policies adds an intriguing layer to the evolving political landscape, where issues of technology, finance, and regulation continue to play a pivotal role.

Featured image from Scott Olson/Getty Images