U.S. Presidential Candidate Vivek Ramaswamy: 'The Government Is Threatened By Bitcoin'

In a recent interview on the Coin Stories podcast hosted by Natalie Brunell, U.S. Presidential candidate Vivek Ramaswamy discussed his views on Bitcoin, why the government should leave Bitcoin alone, and the BlackRock spot Bitcoin ETF. 

The presidential candidate said Bitcoin "is an opt out from the broken financial architecture created by by the U.S. Federal Reserve system. And I say this as someone who wants to fight for the dollar to remain the reserve currency of the world."

During the interview, Ramaswamy asserted that the government perceives Bitcoin as a potential threat to its control over monetary policy. "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 stated.

He argued that the decentralized nature of Bitcoin challenges the traditional power dynamics of centralized financial systems, causing unease among government institutions. The presidential candidate says he will "by far be the most Bitcoin or crypto or any other decentralized finance president we've ever had," because he thinks "it is good to decentralize power away from the federal government." 

He also addressed the concerns around the BlackRock spot Bitcoin ETF, stating that BlackRock is "a tentacle of the government." He says the money they manage comes from government actors pushing them to adopt agendas, and that it is a "farce" to think BlackRock is applying for this ETF in a free market way. Ramaswamy said this is "the government trying to masquerade as Bitcoin friendly, but in fact it's just a captured system." 

As the 2024 presidential race looms closer, Ramaswamy's stance on emerging financial technologies like Bitcoin could become an even bigger focal point of his campaign. Earlier this year, Ramaswamy announced at Bitcoin 2023 in Miami that he had begun accepting campaign donations in Bitcoin over the Lightning Network, making him one of the first U.S. presidential candidates to ever do so.