'A Tentacle of the Government': Vivek Ramaswamy Takes Jab At BlackRock's Bitcoin ETF Move

U.S. Presidential candidate Vivek Ramaswamy on Wednesday described Bitcoin as “an opt-out from the broken financial architecture created by the Federal Reserve system.” 

What Happened: In an appearance on the Coin Stories podcast, hosted by Natalie Brunell, Ramaswamy shared his stance on Bitcoin’s place in the financial landscape. 

According to Ramaswamy, the U.S. government potentially sees Bitcoin BTC/USD as a rival to its monetary authority. 

“Part of it is that they’re threatened by the existence of Bitcoin. They don’t want people mining for more bitcoin because that could make bitcoin more popular. Which in turn, creates a threat to the incumbent status of the U.S. Federal Reserve itself,” he articulated during the podcast. 

Why It Matters: Ramaswamy’s vision for his potential presidency includes a robust support for cryptocurrencies. He claims he “will be the most Bitcoin or crypto or any other decentralized finance president we’ve ever had."

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On BlackRock’s Bitcoin ETF Application: Ramaswamy offered his perspective on BlackRock’s venture into a spot Bitcoin ETF, describing the investment giant as “a tentacle of the government” and questioning the genuineness of their free-market maneuvers. 

He referred to BlackRock’s ETF application as “the government trying to masquerade as Bitcoin friendly, but in fact, it’s just a captured system.”

On The Flip Side: In October at Messari’s Mainnet crypto conference, Ramaswamy discussed his plans to craft a comprehensive crypto policy framework, addressing the issue with Messari CEO Ryan Selkis.

During this event, he criticized regulatory bodies such as the SEC, labeling them as a “cancer at the heart of our federal government” and dubbing them an “unconstitutional fourth branch of government.”

Photo by Consolidated News Photos on Shutterstock

Price Action: At the time of writing, BTC was trading at $37,469 up 5.33% in the last 24 hours, according to Benzinga Pro.

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