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  • Writer's pictureConnie Chan

Elon Musk Backs Pro-Crypto Presidential Candidate


Elon Musk Backs Pro-Crypto Presidential Candidate
Elon Musk Backs Pro-Crypto Presidential Candidate

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 Backs Pro-Crypto Presidential Candidate.


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Elon Musk Compliments Pro-Crypto Ramaswamy

Elon Musk recently expressed his appreciation for Republican Presidential Candidate Vivek Ramaswamy, calling him "a very promising candidate" in response to a clip of Ramaswamy's appearance on Tucker Carlson's show. This is not the first time the Tesla CEO has shown support for a pro-crypto candidate, as he was expected to chat with Florida Governor Ron DeSantis about his presidential bid. Ramaswamy has been a vocal supporter of the crypto industry since the beginning of his campaign, promising to create a more favorable environment for it in the US. He has even incorporated Bitcoin donations into his campaign funds, which was announced during a Bitcoin 2023 conference in May. Interestingly, Robert F. Kennedy also announced that his team was accepting Bitcoin donations during the same conference.


Total market cap sees a slight recovery to $1.038 trillion | Source: Crypto Total Market Cap on Tradingview.com
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 garnered increased attention in the political arena leading up to the 2024 US elections, likely due to the significant number of US voters invested in digital assets. A survey conducted by GMI PAC, a crypto-focused political group, found that 44% of US voters either own or are considering owning digital assets. Given this, it is expected that politicians will seek to appeal to this group of voters.


Some presidential candidates, such as Ramaswamy and Kennedy, have expressed interest in cryptocurrency. Kennedy has even referred to it as a "symbol of democracy and freedom." Republican Presidential Candidate Ron DeSantis is also a notable supporter of Bitcoin, promising to end "Biden's War on Bitcoin" if elected and advocating for citizens' right to engage with Bitcoin.


The outcome of the 2024 elections could have a significant impact on the crypto industry. Former SEC Attorney John Reed Stark has speculated that the SEC's crackdown on crypto firms may cease if a Republican is elected as President next year.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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