2024: Will There Be a Bitcoiner in the Whitehouse?

In a remarkable shift of perspective, the upcoming 2024 US presidential race has witnessed an unexpected surge in candidates openly endorsing Bitcoin and advocating for its widespread adoption. This divergence from the current administration’s stance on cryptocurrency marks a significant turning point in political attitudes towards crypto. Leading the charge are Robert F. Kennedy Jr., Ron DeSantis, and Vivek Ramaswamy, whose pro-Bitcoin positions have ignited a wave of excitement within the Bitcoin and crypto community.

RFK Jr. (Democrat)

Democrat Robert F. Kennedy Jr. spoke to the audience at the annual Bitcoin Conference. Kennedy, who has been a long-time environmental activist, said that he realized the value of Bitcoin for protecting self-sovereignty during the Canadian trucker protests, where the government used invasive surveillance and froze bank accounts of certain individuals protesting vaccine mandates. 

“When I witnessed this cataclysm, this devastating use of government repression, I realized for the first time how free money is as important to freedom as free expression,” Kennedy said.

For this reason, the Democratic candidate also strongly opposes the introduction of central bank digital currencies (CBDC).

Kennedy also said that he opposes the 30% tax proposed by the current administration, on the basis that the monitoring of electricity usage by the government “would be a dangerous precedent to set”.

As well as this, Kennedy announced that he would accept campaign donations in Bitcoin – the first Democratic candidate to do so.

Ron DeSantis (Republican)

Florida Governor Ron DeSantis also raised concerns about the current regime’s stance on Bitcoin. In a Twitter space with Elon Musk this week said that Bitcoin represents a threat to the current administration and consequently, they are “trying to regulate it out of existence”. 

The Republican candidate also recently introduced a bill to ban CBDCs, stating that the introduction of a digital dollar would “stifle innovation and promote government-sanctioned surveillance”.

Vivek Ramaswamy (Republican)

Vivek Ramaswamy, a tech entrepreneur and biotechnology investor, has also spoken out in favor of Bitcoin. Like Kennedy, Ramaswamy is also opposed to the current administration’s proposed 30% tax on miners.

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Ramaswamy said that miners should be treated the same as anyone else consuming energy.  He noted: “We’ll put that into the rules and preserve the freedom to mine by rescinding and committing against any special taxes for the utilization of energy for purposes of mining.”

Ramaswamy also announced that he will be accepting donations in Bitcoin.

2024: A Bitcoiner in the Whitehouse?

As the 2024 presidential campaign unfolds, the candidates’ endorsements of Bitcoin introduce a new narrative in American politics—one that recognizes the power of digital currencies such as Bitcoin, and the recognition of financial self-sovereignty.

Whether these candidates ultimately secure their parties’ nominations or influence broader policy discussions, their advocacy has undoubtedly set the stage for a new chapter of political discussion about Bitcoin and cryptocurrency.