That’s how bullish for Bitcoin the US election campaign is3 min read
Bitcoin polarizes, also in US politics. While the current president is cracking down on the crypto industry, his competitors are funding the upcoming election campaign with BTC. Anyway: Compared to Joe Biden, Vivek Ramaswamy and Robert F. Kennedy Jr. are extremely Bitcoin bullish. The latter even promises to protect the oldest cryptocurrency against “invasive surveillance” by the government.
Democrat Kennedy Junior is a bitcoiner
At a conference in Miami, the nephew of former US President John F. Kennedy explained how he intends to incorporate Bitcoin into his campaign. “As President, I will ensure that your right to own and use bitcoin is inviolable. I will defend the right to self-custody” so the Democratic presidential candidate.
Kennedy himself is a convinced Bitcoiner. He fell into the rabbit hole as a result of the trucker protest in Canada last year: “When I witnessed this catastrophe, this devastating use of state repression, I realized for the first time how important free money is for freedom.”
There was also criticism of the 2024 budget of the White House. According to this, the Biden government wants the electricity used for crypto mining tax at 30 percentto reduce mining activities. Not all at once, but 10 percent spread over three years. The tax increase would still put a heavy damper on the US-based mining industry.
Campaign donations with Bitcoin
In order to push through his plans as president in the future, Kennedy, who, among other things, spreads conspiracy ideologies regarding 5G, vaccinations and the Covid 19 pandemic at lateral thinker events, would have to win the upcoming election campaign. He would like to finance this with Bitcoin donations, among other things. He’s not alone in that. Its competitor, Vivek Ramaswamy, has also announced that it will accept support aid in BTC. At the Miami conference explained Ramaswamy: “Let’s make the 2024 election a referendum on fiat currencies.”
Eligible US citizens and permanent residents can donate up to $6,600 to the campaign. The benefactors will then receive a Non-fungible Token (NFT) as per the site emerges.
Sam Bankman-Fried with millions in donation
Kennedy and Ramaswamy are the first presidential candidates to accept campaign donations in Bitcoin. In the past, however, US politicians from both houses have already received various support in the form of cryptocurrencies. A prominent benefactor: Sam Bankman-Fried.
The FTX founder donated around $5 million to the Biden campaign last year and more than nine million to members of Congress. In May 2022, Bankman-Fried announced donations of between $100 million and $1 billion in the 2024 presidential election. After the collapse of his empire, the candidates should hope in vain.
Bitcoin President? That’s how great the chances are
Meanwhile, a new hope for the US crypto industry is Kennedy Junior. In addition to Joe Biden’s plans, regulators are also taking strong action against the industry. Should the Bitcoin advocate and current presidential candidate win, the situation could ease again.
Meanwhile, it seems extremely unlikely that Kennedy will be elected the 46th President of the United States. According to recent survey Biden has a double-digit lead over other possible Democratic candidates, including the son of Robert F. Kennedy. President or not: bitcoin adoption continues to rise.