In an sudden flip of occasions, entrepreneur and Bitcoin proponent Republican presidential candidate Vivek Ramaswamy has formally withdrawn from the 2024 presidential race after a lackluster efficiency within the Iowa caucuses.
Despite an preliminary surge that propelled him to 3rd place in nationwide polls over the summer time, the 38-year-old failed to achieve enough help in Iowa, securing solely 7.7% of the vote and a meager three delegates.
Ramaswamy, comparatively unknown earlier than getting into the political enviornment, invested important time and sources in Iowa, hoping to solidify his standing.
Bitcoin Advocate Vivek Ramaswamy Backs Out
However, his efforts fell brief, prompting the entrepreneur to announce his withdrawal from the race. Addressing his supporters in Des Moines, he acknowledged:
“The people spoke loud and clear about who they want. Tonight I am suspending my campaign and endorsing Donald J. Trump and will do everything I can to make sure he is the next U.S. President.”
In distinction, Donald Trump emerged victorious within the 2024 Iowa caucus, securing a commanding 51% of the vote and gaining 20 delegates. Despite Ramaswamy’s endorsement, he confronted social media assaults from Trump, who claimed that “a vote for Vivek is a vote for the ‘other side,’” underscoring the polarized nature of the present political panorama.
Vivek Ramaswamy proclaims he’s suspending his presidential marketing campaign as a result of “there’s no path for me to be the next president absent things that we don’t want to see happen in this country.”
Well, that a lot is true. pic.twitter.com/xYn4juiSDN
— Aaron Rupar (@atrupar) January 16, 2024
Ramaswamy is slated to attend a Trump marketing campaign occasion in New Hampshire on Tuesday.
Ramaswamy, who amassed a fortune within the biotech sector, emerged as a outstanding contender as a consequence of frequent media appearances and an unwavering involvement in contentious societal debates.
BTC market cap presently at $840 billion. Chart: TradingView.com
Championing Cryptocurrency: Ramaswamy’s Focal Point
A particular side of Ramaswamy’s marketing campaign was his advocacy for cryptocurrency and Bitcoin. Setting himself aside from different candidates, he unveiled a complete crypto coverage framework titled “The Three Freedoms of Crypto.”
This framework aimed to protect crypto builders from legal responsibility for person actions, set up clear regulatory pointers for brand spanking new cryptocurrencies, and stop federal companies from imposing restrictions on self-hosted wallets.
Throughout current debates, Vivek Ramaswamy championed important modifications within the method to cryptocurrency regulation. He argued that the present US monetary system is flawed and posited Bitcoin and different digital property as viable options.
Notably, he criticized Securities and Exchange Commission Chair Gary Gensler for the shortage of readability on the regulatory standing of cryptocurrencies like Ethereum, regardless of acknowledging Bitcoin as a possible commodity.
As Vivek Ramaswamy exits the presidential race, consideration now turns to the remaining candidates and their methods within the unfolding 2024 election season.
The endorsement of Donald Trump by a candidate who championed crypto-friendly insurance policies provides an intriguing layer to the evolving political panorama, the place problems with know-how, finance, and regulation proceed to play a pivotal function.
Featured picture from Scott Olson/Getty Images