The race for the United States presidency has taken a turn as Vivek Ramaswamy and Ron DeSantis, both advocates for the cryptocurrency industry, have officially ended their campaigns.
What Happened: This leaves just Democratic candidate Dean Phillips and independent Robert F. Kennedy Jr. in the running as the remaining proponents of pro-crypto policies.
Although Trump has not definitively declared his support for cryptocurrencies, he launched his collection of non-fungible tokens (NFTs) in 2022, which quickly sold out.
Trump unveiled “The MugShot Edition,” his third series of digital trading cards, in 2023 seemingly capitalizing on a viral image of him. Adding a new twist, the Trump Digital Trading Cards have introduced Bitcoin BTC/USD Ordinals—unique digital assets inscribed onto satoshis, the smallest unit of Bitcoin.
This came after Trump expressed his disapproval of cryptocurrencies, in 2019, where he said, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….”
However, the former president last week expressed his opposition to central bank digital currencies (CBDC). During a campaign stop in New Hampshire, Trump said, "Tonight I'm also making another promise to protect Americans from government tyranny. I will never allow the creation of a Central Bank Digital Currency."
The crowd showed their approval with applause. Trump reacted by saying, "I didn’t know you know so much … New Hampshire, very smart people."
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Why It Matters: On January 21, DeSantis, known for his opposition to a CBDC, concluded his presidential bid. DeSantis, who had previously promised to “protect” Bitcoin, cited a lack of a viable path to victory and consequently endorsed former president Trump.
Earlier, on January 16, Ramaswamy, who has been a vocal supporter of cryptocurrencies, withdrew from the race, aligning his support with Trump as well.
With their departures, Phillips, a congressman from Minnesota, and Kennedy Jr. remain as the sole presidential hopefuls openly supportive of cryptocurrency innovation. Phillips expressed his views at a December forum, emphasizing the need for leadership that does not suppress innovation in the cryptocurrency space, a sentiment that he feels neither Trump nor President Joe Biden fulfill.
Kennedy, on the other hand, has distinguished himself by being the first presidential candidate to accept Bitcoin for campaign contributions.
Other candidates such as Cornel West, Jill Stein, Nikki Haley, and Ryan Binkley have remained silent on their positions regarding cryptocurrency.
Price Action: At the time of writing, Bitcoin was trading at $41,133 down 1.12% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Shutterstock.com
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