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Republican presidential candidate Vivek Ramaswamy makes a bold move by embracing Bitcoin as campaign donation

Republican presidential candidate Vivek Ramaswamy is making a bold move in his campaign by embracing Bitcoin as a form of donation and proposing to relax tax restrictions on Bitcoin mining in the United States. Ramaswamy expressed his optimism about the thriving Bitcoin ecosystem and its potential to empower him as a future US president. He aims to stabilize the US dollar and restrict the Federal Reserve’s mandate to focus solely on that goal.

According to CBS News, Ramaswamy’s new Bitcoin policy will be unveiled at the Bitcoin 2023 conference in Miami. While Ramaswamy is not the first candidate to accept digital currency donations, as Senator Rand Paul did so in 2016, other contenders for the White House, including President Joe Biden, Senator Tim Scott, former UN Ambassador and South Carolina Governor Nikki Haley, and former President Donald Trump, are currently not accepting cryptocurrency contributions.

Ramaswamy intends to demonstrate that Bitcoin poses no threat by accepting it as a campaign donation. He stated that he is primarily focused on policy and that accepting Bitcoin gives people the choice to donate to his campaign while signaling his lack of concern about the cryptocurrency.

One significant aspect of Ramaswamy’s proposal is advocating for the freedom to mine Bitcoin within the United States. As China reduced its mining activities due to energy consumption concerns, the US has become the primary location for mining. However, the Biden administration has proposed a 30 percent tax on the electricity used by cryptocurrency mining operations in its 2024 budget.

Ramaswamy strongly opposes this tax, considering it unfair and an abuse of federal power. He believes that Bitcoin miners should be treated equally as any other energy consumer and pledges to preserve their freedom to mine by eliminating any special taxes related to energy usage for mining purposes.

Although Bitcoin’s value has experienced significant fluctuations over the years due to market uncertainty and government regulations, Ramaswamy sees cryptocurrencies as an alternative for individuals who are concerned about the strength of the US dollar.


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