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New US Presidency Candidate to Accept Bitcoin for Campaign Contributions

source-logo  coinspress.com 22 May 2023 03:00, UTC

Vivek Ramaswamy has become the second candidate running for the 2024 presidential election in the United States to officially embrace Bitcoin donations for his campaign.

During his announcement, Ramaswamy encouraged individuals to contribute $1, expressing his willingness to accept Bitcoin donations. This development occurred shortly after Robert F. Kennedy Jr. made history as the first presidential candidate in the United States to accept campaign donations in Bitcoin.

Just announced we’re officially accepting #Bitcoin donations.
Give $1.
Let’s make the 2024 election a referendum on fiat currency. https://t.co/KrHJdomtCh pic.twitter.com/OkVmoBmTFz

— Vivek Ramaswamy (@VivekGRamaswamy) May 20, 2023

Ramaswamy made this declaration while speaking at the Bitcoin 2023 event held in Miami, Florida. His speech emphasized the desire to transform the upcoming 2024 election into a referendum on fiat currency.

During his appearance on stage, Ramaswamy presented a QR code that, when scanned, directed users to a payment gateway providing multiple options for making donations, including BTC and satoshis—the smallest unit of Bitcoin.

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For handling Bitcoin donations, Ramaswamy chose to use BitPay’s payment service. It’s worth noting that BitPay also supports various other cryptocurrencies, such as Bitcoin Cash, Ethereum, ApeCoin, Litecoin, Dogecoin, and Shiba Inu.

As per campaign regulations, eligible U.S. citizens and permanent residents can contribute up to $6,600 to the campaign. However, these contributions are not tax-deductible as charitable donations for federal income tax purposes. Donors will receive a nonfungible token (NFT), and the donation page explicitly states that donors can claim their NFT after making a donation.

In February, Kansas House of Representatives members proposed a bill that limits crypto political donations to a maximum of $100. If donations fall below this threshold, the recipient must immediately convert the cryptocurrency to U.S. dollars. They cannot utilize the funds for expenses or hold the crypto.