In an unexpected turn of events, businessman and bitcoin advocate, Republican presidential candidate Vivek Ramaswamy has officially retired of the 2024 presidential race after a lackluster performance in the Iowa caucuses.
Despite an initial surge that propelled him to third place in national polls over the summer, the 38-year-old failed to gain enough support in Iowa, winning just 7.7% of the vote and just three delegates.
Ramaswamy, relatively unknown before entering the political arena, invested a lot of time and resources in Iowa, hoping to solidify his position.
bitcoin Advocate Vivek Ramaswamy Backs Down
However, his efforts were insufficient, leading the businessman to announce his retirement of the career. Addressing his followers in Des Moines, he stated:
“People spoke loud and clear about who they love. Tonight I will suspend my campaign and endorse Donald J. Trump and do everything he can to make sure he is the next president of the United States.”
By contrast, Donald Trump emerged victorious in the 2024 Iowa caucuses, winning a significant 51% of the vote and winning 20 delegates. Despite Ramaswamy's endorsement, he faced attacks on social media from Trump, who claimed that “a vote for Vivek is a vote for the 'other side,'” underlining the polarized nature of the current political landscape.
Vivek Ramaswamy announces that he is suspending his presidential campaign because “there is no path for me to be the next president without things that we do not want to happen in this country.”
Well that's true. pic.twitter.com/xYn4juiSDN
—Aarón Rupar (@atrupar) January 16, 2024
Ramaswamy is scheduled to attend a Trump campaign event in New Hampshire on Tuesday.
Ramaswamy, who amassed a fortune in the biotech sector, emerged as a prominent contender due to his frequent media appearances and unwavering involvement in controversial social debates.
btc market cap currently at $840 billion. Chart: TradingView.com
Cryptocurrency defense: Ramaswamy's focal point
A distinctive aspect of Ramaswamy's campaign was his advocacy of cryptocurrencies and bitcoin. Distinguishing himself from other candidates, he unveiled a comprehensive crypto policy framework titled “The Three Freedoms of Cryptocurrencies.”
This framework was intended to protect cryptocurrency developers from liability for user actions, establish clear regulatory guidelines for new cryptocurrencies, and prevent federal agencies from imposing restrictions on self-hosted wallets.
Throughout recent debates, Vivek Ramaswamy advocated for significant changes in the approach to cryptocurrency regulation. He argued that the existing US financial system is flawed and posited bitcoin and other digital assets as viable alternatives.
In particular, he criticized Securities and Exchange Commission Chairman Gary Gensler for a lack of clarity about the regulatory status of cryptocurrencies like ethereum, despite recognizing bitcoin as a likely product.
As Vivek Ramaswamy exits the presidential race, attention now turns to the remaining candidates and their strategies in the unfolding 2024 election season.
The endorsement of Donald Trump by a candidate who championed pro-cryptocurrency policies adds an intriguing layer to the evolving political landscape, where issues of technology, finance and regulation continue to play a critical role.
Featured image by Scott Olson/Getty Images
