There’s a silver lining, especially as the year 2024 looms closer. We are likely to witness even more significant strides. Politicizing cryptocurrencies is a terrible idea, a point driven home this month by US President Biden. But will he be able to withstand the ramifications of his actions?
President Biden, in his May update, roused the debt ceiling issue and launched a broadside against the Republicans. We described that day’s announcement as a harbinger of considerable future events. Just as we predicted, Biden may have made one of his biggest blunders. He attempted to use cryptocurrencies as a political slogan, assuming it could harm Republicans.
However, Republicans are exhibiting a growing pro-crypto stance in Congress. This is crucial; if we consider the possibility of Republicans winning next year’s elections, their crypto-push led by Biden might be a positive price catalyst for the markets. So, why did Biden do this?
The aftermath of FTX’s collapse and Sam’s generous donations to the Democrats became a hot topic nationwide. This guilt psychology led him to adopt a harsher stance against crypto. He still fails to grasp the impact of cryptocurrencies on voters. Moreover, he doesn’t see that donations raised via cryptocurrencies could outstrip support from famous billionaires. A significant portion of America’s young population is deeply interested in cryptocurrencies. Recent research also shows that candidates’ crypto policies and promises could influence voting directions.
Crypto Donations for Elections
Trump generated substantial profit from his NFT releases. Now, other presidential candidates have started raising donations in cryptocurrencies. Remarkably, Robert F. Kennedy Jr, who is vying to be the Democratic candidate, announced this despite Biden’s position. Now, Vivek Ramaswamy, a contender for the Republican presidential candidate, has followed suit.
Vivek Ramaswamy has become the second 2024 presidential candidate in the United States to officially accept Bitcoin donations for his campaign. This announcement came just two days after Robert F. Kennedy Jr became the first presidential candidate in US history to accept campaign donations in Bitcoin. Speaking on stage at Bitcoin 2023 in Miami, Florida, Ramaswamy stated, “Let’s make the 2024 elections a referendum on fiat currency.”
Ramaswamy opted for BitPay’s payment service to receive Bitcoin donations. Eligible US citizens and permanent residents will be able to donate up to $6,600, which cannot be deducted as charitable contributions for federal income tax purposes. Moreover, donors will receive an NFT in return.