Vivek Ramaswamy Accepts Bitcoin for 2024 Presidential Campaign Donations
In an unexpected move, US Presidential candidate Vivek Ramaswamy has announced that he will accept Bitcoin for campaign donations, becoming the second such candidate to do so for the 2024 elections.
The New Era of Crypto-Politics
Ramaswamy made the groundbreaking revelation just two days after Robert F. Kennedy Jr. made history as the first-ever Presidential candidate to accept Bitcoin campaign donations. Ramaswamy urged potential donors to “give $1,” making a statement that clearly highlighted his commitment to decentralization, “Let’s make the 2024 election a referendum on fiat currency.”
QR Codes and BitPay
To facilitate these donations, Ramaswamy presented a QR code on stage. Scanning this code redirects users to a payment gateway with options to donate via various cryptocurrencies, including Bitcoin and its smallest denomination, Satoshi.
The candidate chose BitPay, a leading payment service provider, to manage his Bitcoin donations. BitPay supports a wide range of cryptocurrencies, including Bitcoin Cash, Ether, ApeCoin, Litecoin, Dogecoin, and Shiba Inu, among others.
Donation Limits and NFT Rewards
Eligible US citizens and permanent residents can contribute up to $6,600 to the campaign. However, these donations aren’t tax-deductible as charitable contributions under federal law. As an added incentive, donors will receive a nonfungible token (NFT), with the donation page stating: “After donating, come back to claim your NFT.”
A Cap on Crypto Donations?
While this innovative method of campaign financing opens new possibilities, it also sparks discussions around regulations. Earlier this year, the Kansas House of Representatives introduced a bill to limit crypto political donations to $100. For donations under this cap, the recipient would need to “immediately convert” the cryptocurrency to US dollars, avoid using the funds for expenditures, and refrain from holding (HODLing) the cryptocurrency.
These developments signify a shift in the political landscape, with crypto-currency becoming an influential player. Whether this change will disrupt or enhance political campaigns and elections is yet to be seen. Regardless, Ramaswamy’s move indicates that Bitcoin, and by extension, cryptocurrency, has found a foothold in the arena of US politics.
