Elon Musk Shows Public Support For Pro-Crypto Presidential Candidate

Scott Matherson

1 year ago

3 mins read

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X (formerly Twitter) owner Elon Musk is known to have an underlying interest in politics and cryptocurrencies. And this time around, the world’s richest man has showered praises on a pro-crypto candidate.

Elon Musk Compliments Pro-Crypto Ramaswamy

Elon Musk revealed his admiration for Republican Presidential Candidate Vivek Ramaswamy in response to a clip of Ramaswamy’s appearance on Tucker Carlson’s online show posted on the X platform. In the tweet, Musk labeled him “a very promising candidate.”

This isn’t the first time the world’s richest man has shown public support for a pro-crypto candidate, as Florida Governor Ron DeSantis was meant to announce his presidential bid during a chat with the Tesla CEO.

Meanwhile, Ramaswamy is known to have taken a pro-crypto stance since the beginning of his campaign. As part of his campaign, he has promised to create a more viable environment for the crypto industry in the US.

The presidential candidate has gone as far as incorporating Bitcoin donations into his campaign funds. During a Bitcoin 2023 conference in May, he announced that his campaign committee was “officially” accepting Bitcoin donations.

Interestingly, another presidential candidate Robert F. Kennedy also announced that his team was accepting Bitcoin donations during this conference.

Total market cap sees a slight recovery to $1.038 trillion | Source: Crypto Total Market Cap on Tradingview.com

Crypto A Focal Point Ahead Of Next Year’s Elections

Cryptocurrencies have continued to gain more attention in the political sphere ahead of the 2024 US elections. This isn’t surprising, considering that many US voters are said to be actively invested in digital assets.

Last year, a poll conducted by the crypto-focused political group GMI PAC revealed that 44% of US voters own or are considering owning digital assets. As such, it is expected that politicians will be looking to target this group of voters.

Presidential candidates like Ramaswamy and Kennedy have shown their inclination toward crypto. Kennedy, for one, has described cryptocurrency as a “symbol of democracy and freedom.”

Republican Presidential Candidate Ron DeSantis is another huge fan of Bitcoin. The Governor has promised to end “Biden’s War on Bitcoin” if elected. He also believes every citizen should have the right “to do Bitcoin,” as he mentioned during an X space with Elon Musk.

Furthermore, there is reason to believe that the outcome of the 2024 elections could significantly impact the crypto industry going forward. Former SEC Attorney John Reed Stark has predicted that the SEC’s clampdown on crypto firms could become a thing of the past if a Republican gets elected as President next year.

This prediction may not be far-fetched considering that two of the front runners for the Republican Presidential ticket (DeSantis and Ramaswamy) have publicly shown their support for cryptocurrencies.

Featured image from India Times, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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