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Bitcoin Won’t Back U.S. Dollar
As the 2024 U.S. presidential election approaches, candidates from both major parties are presenting their views on various economic issues. One topic that has garnered significant attention is the use of Bitcoin as a means to stabilize the U.S. dollar. Vivek Ramaswamy, a Republican candidate in the race, recently expressed his stance on the matter, highlighting his admiration for Bitcoin while refusing to endorse it as a commodity to support dollar stability. This sets him apart from Democratic candidate Robert F. Kennedy Jr., who had voiced support for backing the dollar with Bitcoin. In a recent appearance on the Timcast IRL podcast hosted by Tim Pool, Ramaswamy elaborated on his views regarding the role of the U.S. Federal Reserve in maintaining the dollar’s stability.
Bitcoin and the U.S. Dollar: Diverging Perspectives
Vivek Ramaswamy’s affinity for Bitcoin is well-known. As a candidate, he even accepts Bitcoin donations for his 2024 election campaign. However, his endorsement of the leading cryptocurrency does not extend to using it as a commodity to back the U.S. dollar. Unlike Democratic candidate Robert F. Kennedy Jr., who suggested supporting the dollar with Bitcoin, Ramaswamy firmly believes that the Federal Reserve should focus solely on stabilizing the dollar as a unit of measurement against traditional commodities.
