Former Republican presidential candidate Vivek Ramaswamy predicted that Vice President Kamala Harris could take a more favorable stance toward crypto as the 2024 presidential election approaches.
Ramaswamy, co-founder of Strive Asset Management and an outspoken proponent of digital assets, made the statement during a CNBC interview on August 14. He suggested Harris could change her position to appeal to voters increasingly interested in the fast-growing industry.
Crypto Pivot
Ramaswamy pointed to the competitive political landscape as a major driving factor behind a possible pivot. He was referring to former President Donald Trump’s recent speech at the Bitcoin conference, where Trump expressed strong support for the crypto industry
He said:
“I predict her verbiage will [support crypto]and I think that’s part of the reason why you’re seeing Trump’s speech at the Bitcoin conference.”
Ramaswamy emphasized that as the election approaches, Harris may feel compelled to join the growing number of Americans who favor digital assets, seeing this as a crucial step in capturing votes. He argued that a thoughtful position from Harris on digital assets, even if different from his own views, could be beneficial for the country.
However, Ramaswamy also warned that to be taken seriously by the crypto community, Harris would have to go beyond rhetoric and provide substantive details about her policy positions – echoing the sentiment among skeptics.
He challenged her to clarify her positions on critical issues such as the self-management of digital assets and whether she would continue to support Gary Gensler as head of the Securities and Exchange Commission (SEC) given Gensler’s aggressive stance on regulating the crypto -industry. .
Ramaswamy said:
“I think we should want a big debate in the marketplace of ideas… even if I don’t agree with all of it.”
The former presidential candidate also criticized Harris’ economic policies and the role of the Federal Reserve in shaping the US economy.
Economic policy
Ramaswamy expressed concern about the possible direction of Harris’ economic agenda as she moves further into the political spotlight. He expressed skepticism about her economic vision and highlighted her past support for progressive policies such as the Green New Deal and a tax on unrealized capital gains.
Despite believing in a possible shift to crypto, he strongly argued against the idea that Harris could focus on more centrist policies – suggesting that such a shift would be politically motivated rather than a real change in ideology.
Ramaswamy said:
“The idea that we don’t know what her economic vision is, I think, is actually a little bit misguided, in the sense that we do know what she stood for in the U.S. Senate and as vice president…”
He further criticized the Biden-Harris administration’s plans for unrealized tax profits, which he said could lead to devastating economic consequences.
According to Ramaswamy:
“This is a formula for a stock market crash and I think a second Great Depression.”