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Elon Musk Praises Pro-Crypto Presidential Candidate

Elon Musk Endorses Vivek Ramaswamy for President

Elon Musk, the entrepreneur and CEO of Tesla, has endorsed Vivek Ramaswamy, a rising Republican presidential candidate in the United States.

Vivek Ramaswamy endorse by Elon Musk for President talking in a conference

Musk’s approval came in response to a social media post featuring a video clip of Ramaswamy’s interview on Tucker Carlson’s digital program, with the text, “Vivek Ramaswamy is the youngest-ever Republican presidential candidate.”

Musk’s comment, “He is a very promising candidate,” sparked interest in Ramaswamy’s campaign and his views on cryptocurrencies.

This event is not the first time the world’s wealthiest individual has publicly supported a candidate in favor of cryptocurrencies. For instance, Florida Governor Ron DeSantis had planned to announce his presidential candidacy during a discussion with the Tesla CEO.

We covered Ron DeSantis’ commitments regarding Bitcoin here.

In the meantime, it’s worth noting that Ramaswamy has consistently maintained a pro-cryptocurrency stance since the beginning of his campaign. As part of his electoral journey, he has pledged to cultivate a more supportive landscape for the cryptocurrency sector within the United States.

The presidential candidate has even extended his commitment by incorporating Bitcoin contributions into his campaign finances. In May, during the Bitcoin 2023 conference, he revealed that his campaign committee was now “officially” accepting Bitcoin donations.

Ramaswamy’s decision mirrors that of Robert F. Kennedy Jr., who became the first U.S. presidential candidate to embrace Bitcoin donations. This underscores the growing importance and influence of cryptocurrencies in shaping the future financial landscape.

As the 2024 US elections draw nearer, cryptocurrencies continue to amass increased attention within the political realm. This development is not unexpected, given the substantial engagement of many US voters in digital assets.

In the preceding year, a survey commissioned by the cryptocurrency-focused political organization GMI PAC revealed that 44% of US voters either possess or contemplate owning digital assets. Consequently, it’s anticipated that politicians will seek to engage this particular demographic of voters.

Presidential contenders such as Ramaswamy and Kennedy have unmistakably displayed their affinity for cryptocurrencies. Kennedy, in particular, has characterized cryptocurrency as a “symbol of democracy and freedom.”

Moreover, there exists a rationale to suggest that the results of the 2024 elections could wield notable influence over the trajectory of the cryptocurrency sector. John Reed Stark, a former SEC Attorney, has foreseen that the regulatory tightening imposed on cryptocurrency firms by the SEC might potentially dissipate if a Republican candidate secures the Presidency in the upcoming year.

This anticipation isn’t implausible, considering that two prominent contenders vying for the Republican Presidential nomination (DeSantis and Ramaswamy) have overtly displayed their endorsement of cryptocurrencies.

Additionally, even Donald Trump is in the cryptocurrency sphere, with recent reports suggesting he holds around $2.8 million in ETH.

You can read about that here.

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