Bitrabo Editorial
Vivek Ramaswamy, a Republican presidential candidate, has announced that he will accept Bitcoin, a digital currency, as a tool for accepting campaign contributions. His decision follows that of Senator Rand Paul, who set the precedent during his 2016 White House campaign by accepting Bitcoin contributions.
Ramaswamy’s use of Bitcoin shows the growing recognition of digital currencies in campaign financing and highlights their potential for political fundraising. He believes that the thriving Bitcoin ecosystem can help him achieve his goals as potential U.S. president by stabilizing the U.S. dollar and refocusing the Federal Reserve’s mandate.
According to Ramaswamy, notable political figures such as President Joe Biden, Senator Tim Scott, former U.N. Ambassador and South Carolina Governor Nikki Haley, and former President Donald Trump have all declined to accept cryptocurrency donations for their campaigns, instead opting for traditional forms of campaign funding.
BitPay As The Official Platform For Accepting Bitcoin Payments
Ramaswamy declared his acceptance of Bitcoin donations during his address at Bitcoin 2023 in Miami, Florida. He used a QR code that redirected users to BitPay’s payment gateway, which supports cryptocurrencies other than Bitcoin, for making donations. Eligible U.S. citizens and permanent residents can contribute up to $6,600 towards his campaign. However, these donations are not tax-deductible as charitable contributions for federal income tax purposes. Donors will receive a non-fungible token (NFT) as an additional incentive.
Bill On Crypto Donations
In February, Kansas House of Representatives introduced a bill focusing on cryptocurrency political donations, proposing a maximum limit of $100 for such contributions. According to the bill’s provisions, if a political donation made in cryptocurrency is below the $100 threshold, the recipient will have to convert the cryptocurrency into U.S. dollars without delay to ensure transparency and stability in the realm of political donations.
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