Ramaswamy Tones Down Crypto Talk in Ohio Governor’s Bid Despite Millions in Industry Support
The former Bitcoin advocate faces waning support for digital assets in his home state
From Bitcoin Maverick to Measured Candidate
Vivek Ramaswamy’s political positioning on cryptocurrencies has undergone a notable shift. During his 2024 presidential campaign, the Ohio Republican was a vocal proponent of digital assets, regularly incorporating Bitcoin praise into his speeches, championing cryptocurrency mining operations, and positioning himself firmly against central bank digital currencies (CBDCs). He was a frequent keynote speaker at industry events, making crypto a centerpiece of his platform.
His gubernatorial campaign, which launched in February 2025, initially maintained this momentum. Ramaswamy backed the Ohio Strategic Cryptocurrency Reserve Act, a proposed state measure that would establish a Bitcoin reserve. His asset management company, Strive, which he co-founded in 2022, even announced plans to launch a Bitcoin Bond ETF in September 2025, offering bond-backed exposure to Bitcoin-acquiring companies.
Yet by September 2026, just weeks before the election, his public statements on digital assets have noticeably quieted, a stark contrast to his earlier advocacy. He notably did not address an announcement from Ohio Secretary of State Frank LaRose on September 17 regarding the state’s acceptance of cryptocurrency for government fees and services—a development that aligned closely with his previous positions.
Industry Backing Meets Electoral Headwinds
Despite muting his crypto messaging, Ramaswamy maintains substantial financial and personal ties to the digital asset space. His campaign website accepts cryptocurrency donations. Industry figures have backed his “V-PAC: Victors, Not Victims” political action committee with significant contributions, including $20 million from Susquehanna International Group co-founder Jeff Yass, $6 million from NYDIG founder Ross Stevens, and $5 million from Elon Musk. Co-founders of the Trump family’s cryptocurrency venture World Liberty Financial—Chase Herro, Zak Folkman, and Zachary Witkoff—each donated the maximum allowable $16,615. Ramaswamy maintains substantial holdings through Strive, which reported over 23,000 Bitcoin worth approximately $2 billion as of late August, alongside personal holdings exceeding $1,000 in Bitcoin and Ethereum.
Ohio voters, however, present a considerable obstacle to crypto-focused messaging. A May 2024 poll by the Digital Currency Group found Ohio residents significantly more skeptical of cryptocurrencies than voters elsewhere, with 79 percent never having held digital assets and 77 percent expressing negative views. This electoral reality likely explains the softened rhetoric.
Data Centers and Local Controversy
The state’s 166 data centers—more than any other state as of April—have emerged as a divisive campaign issue, with many housing cryptocurrency mining operations like Cipher Mining, Bitdeer, and BIT Mining. Public polling indicates a majority of Ohio residents oppose data center development in their communities. Ramaswamy has proposed that any new data center would deliver free electricity and lower property taxes to local residents, while his Democratic opponent Amy Acton argues all infrastructure costs should fall entirely on the data centers and their investors.
The gubernatorial race remains tight, with polling averages showing the contest essentially deadlocked as of late September.
Ramaswamy’s crypto retreat underscores how state-level political dynamics and voter sentiment can override industry enthusiasm for blockchain adoption even as frameworks enabling crypto integration, like Ohio’s cryptocurrency fee acceptance, advance.
Source: Cointelegraph. Not financial advice.