Chandra Wibowo
Two years ago, the political landscape was buzzing with Vivek Ramaswamy’s fervent advocacy for cryptocurrency. As a nascent contender for the 2024 Republican presidential nomination, his stump speeches were often punctuated with glowing endorsements of Bitcoin and the burgeoning world of token mining, while simultaneously launching sharp critiques against the concept of central bank digital currencies (CBDCs). Fast forward to his current bid for the governorship of Ohio, and while Ramaswamy has not entirely disavowed his previous digital asset positions, their prominence has noticeably diminished on the campaign trail, a strategic shift that warrants a closer examination given his substantial personal and professional investments in the crypto space and Ohio’s growing interest in the sector.
A Presidential Platform for Digital Assets
During his 2024 presidential campaign, Ramaswamy was a vocal proponent of decentralized finance, frequently issuing public statements that positioned him as a staunch opponent of CBDCs. He consistently highlighted the merits of Bitcoin (BTC) and the infrastructure supporting its mining operations, often appearing as a keynote speaker at industry events. His public persona during this period was deeply intertwined with the cryptocurrency narrative, aligning him with a segment of the electorate keen on digital innovation and financial autonomy. Following Donald Trump’s victory in the presidential race, Ramaswamy was tapped to co-lead the Department of Government Efficiency, or DOGE, alongside Elon Musk, though he ultimately departed without officially joining the administration.
Prior to announcing his candidacy for the Ohio governorship in February 2025, Ramaswamy had demonstrated continued engagement with digital asset policy. He posted in support of the Ohio Strategic Cryptocurrency Reserve Act, a state-level legislative proposal aimed at establishing a strategic reserve of Bitcoin. Furthermore, in September 2025, Strive, the asset management firm co-founded by Ramaswamy in 2022, announced its intention to enter the digital asset market. The firm’s planned venture included the introduction of a Bitcoin Bond ETF, a financial product designed to invest in bonds issued by companies that hold Bitcoin as part of their treasury.
Despite repeated requests for an interview, the Ramaswamy campaign did not respond to inquiries from Cointelegraph regarding his current approach to digital assets in his gubernatorial race.
Cryptocurrency as a Gubernatorial Issue: A Quieter Campaign
Since officially launching his campaign for Ohio governor, Ramaswamy initially maintained a degree of continuity with his previous rhetoric. He continued to speak at significant industry gatherings, including the Bitcoin for America conference in March and Bitcoin 2025 in May. His campaign website also facilitated cryptocurrency donations, signaling an ongoing embrace of the digital currency ecosystem. Notably, his campaign has received financial backing from key figures within the crypto industry. Chase Herro, Zak Folkman, and Zachary Witkoff, co-founders of World Liberty Financial, a cryptocurrency company associated with the Trump family, each contributed the maximum allowable donation of $16,615.
Beyond individual contributions, entities deeply connected to the cryptocurrency sector have channeled substantial financial resources into Ramaswamy’s political efforts. His Super Political Action Committee (PAC), "V-PAC: Victors, Not Victims," has received millions of dollars in donations. These include a significant $20 million from Jeff Yass, co-founder of Susquehanna International Group; $6 million from Ross Stevens, founder of NYDIG; $5 million from billionaire Elon Musk; and a $5,000 contribution from the Bitcoin Voter Project.
Ramaswamy’s personal financial ties to the crypto industry remain robust. He retains a significant stake in Strive, the asset manager that, as of August 28, reported holding 23,156 BTC, valued at approximately $2 billion. A filing with the U.S. Securities and Exchange Commission (SEC) on September 26 indicated that Ramaswamy owned 5,693,897 shares in Strive, a holding valued at over $170 million. Additionally, as of April, he reported personal holdings of over $1,000 in Bitcoin (BTC) and Ether (ETH) through a Coinbase wallet.
The Shifting Political Climate in Ohio
Despite his established personal and financial connections to the cryptocurrency sector, Ramaswamy’s public discourse on digital assets and related policies appears to have moderated as the September 2026 election draws nearer. This stands in contrast to his more pronounced pronouncements during the 2024 presidential and even the 2025 gubernatorial campaign launch periods. As of the time of publication, he had not publicly addressed a September 17 notice from Ohio Secretary of State Frank LaRose, which announced the state’s acceptance of cryptocurrency for payment of state fees and services.
Several factors may contribute to this apparent recalibration of his campaign messaging. Ohio’s political landscape has become increasingly receptive to the influence of cryptocurrency industry-aligned groups. In 2024, these groups collectively spent over $40 million to support Bernie Moreno’s Senate run. While Moreno defeated incumbent Democrat Sherrod Brown in that election, the political narrative is evolving, with Brown now facing Republican Jon Husted in the upcoming Senate election. The Fairshake PAC has pledged an initial $30 million to oppose Brown, having already reported $11 million in ad buys targeting the Democratic candidate.
Furthermore, polling data suggests a potentially challenging environment for cryptocurrency advocacy within Ohio. A poll conducted by the Digital Currency Group in May 2024 indicated that Ohio voters exhibited a more negative sentiment towards crypto compared to residents in other U.S. states. The survey revealed that 79% of Ohio respondents had never held cryptocurrency, and 77% expressed negative views on digital currencies. This data suggests that a broad appeal based on crypto advocacy might not resonate as effectively with the Ohio electorate as it did on a national stage.
Data Centers: A New Arena for Political Debate
Beyond the nuances of cryptocurrency policy, the burgeoning data center industry in Ohio has emerged as a significant and often contentious issue in the 2026 gubernatorial race. As of April, Ohio hosted 166 data centers, more than any other state in the U.S., according to the Pew Research Center. This growth is closely linked to the presence of numerous cryptocurrency mining operations, including those operated by major players like Cipher Mining, Bitdeer, and BIT Mining.
Public opinion surveys have consistently shown a lack of widespread support for data centers within Ohio communities, irrespective of political affiliation. Recognizing this sentiment, Ramaswamy issued a pledge in August stating that any new data center built in an Ohio community would come with no additional electricity costs for residents and would lead to lower property taxes. His Democratic opponent, Amy Acton, has proposed a contrasting approach, advocating that "all costs for gas, water and electricity needs to be covered by data centers and their investors, not Ohio taxpayers or our communities." This divergence highlights a critical policy debate surrounding the economic benefits and local impact of the rapidly expanding data center sector, an issue that may be resonating more directly with Ohio voters than the abstract principles of digital currency.
The Gubernatorial Race: A Tight Contest
As of September 22, polling data aggregated by RealClearPolling shows a remarkably close race for the Ohio governorship, with Amy Acton holding a one-point lead over Vivek Ramaswamy, effectively rendering the contest a toss-up. The intensity of the race is also reflected in the betting markets. An event contract on Kalshi, as of Monday, had over $2 million in bets placed, with the Democratic candidate favored at a 66% probability of winning the governorship. Similar odds are also observed on Polymarket contracts, underscoring the tight and competitive nature of the Ohio gubernatorial election. This close margin suggests that Ramaswamy may be strategically prioritizing issues that have broader, more immediate appeal to Ohio voters, potentially sidelining or downplaying his historically prominent cryptocurrency advocacy in favor of more tangible local concerns like data center development and its associated economic and environmental impacts. The shift in focus from national cryptocurrency debates to local infrastructure and community concerns reflects a calculated adaptation to the specific electoral dynamics of Ohio.
