In a surprising turn of events, pro-cryptocurrency candidate Vivek Ramaswamy has announced his withdrawal from the 2024 U.S. presidential race. The 38-year-old first-time candidate, who had positioned himself as an heir to the MAGA movement, ended his campaign after a disappointing showing in the Iowa caucuses.
Ramaswamy, a political novice, had gained attention for his outspoken debate performances. Despite his efforts to convince Republican voters that he would be better able to push the “America First” agenda, his campaign was unable to pull much support away from former President Donald Trump.
The entrepreneur finished fourth in Iowa, coming in well behind Trump, Florida Gov. Ron DeSantis, and former U.N. Ambassador Nikki Haley. Ramaswamy had 8% of the GOP caucus vote with more than 90% of precincts reporting late Monday night.
This entire campaign is about speaking the TRUTH. We did not achieve our goal tonight & we need an America-First patriot in the White House. The people spoke loud & clear about who they want. Tonight I am suspending my campaign and endorsing Donald J. Trump and will do everything…
— Vivek Ramaswamy (@VivekGRamaswamy) January 16, 2024
Following his withdrawal, Ramaswamy announced his endorsement of Trump. “There needs to be an America First candidate in this race,” Ramaswamy said. “Going forward, he will have my full endorsement for the presidency”.
Vivek Ramaswamy’s Campaign Highlights Culture Wars and Crypto Issues
Ramaswamy’s campaign was marked by a relentless engagement in culture wars. He stood out in a field traditionally populated by older white men as the youngest person running for the Republican nomination and as a son of Indian immigrants.
His campaign took on an increasingly conspiratorial bent as it got closer to caucus day, speaking of plots and forces working to shape the election. However, his rhetoric failed to sway the loyalty of Republican voters, who largely stayed with Trump.
Vivek Ramaswamy, a strong advocate for cryptocurrencies, particularly Bitcoin, has recently voiced his concerns about the need for a major overhaul in the regulation of cryptocurrencies. He believes that the existing financial framework in the U.S. has its shortcomings and that digital assets like Bitcoin present a feasible solution.
Ramaswamy specifically criticized SEC Chair Gary Gensler for his lack of clarity on the regulatory standing of cryptocurrencies such as Ethereum, even though Bitcoin is generally accepted as a probable commodity.
Despite his withdrawal, Ramaswamy’s impact on the 2024 presidential race is undeniable. His campaign brought fresh perspectives and vigorous debates to the forefront, challenging the status quo of the Republican party. As the dust settles on Ramaswamy’s campaign, the focus now shifts to the remaining candidates and the direction they will steer the 2024 U.S. presidential race.