Vivek Ramaswamy’s Ohio Gubernatorial Campaign Shows Reduced Focus on Crypto Compared to Presidential Bid
Two years ago, Vivek Ramaswamy was a strong proponent of cryptocurrency during his 2024 U.S. presidential campaign, opposing central bank digital currencies and endorsing Bitcoin mining. Now running for Ohio governor, Ramaswamy maintains his crypto positions but does not prioritize them in his campaign, despite considerable personal crypto investments and state-relevant issues like a strategic Bitcoin reserve and data center controversies. His approach illustrates a shift in emphasis from national to local politics, taking into account Ohio voters’ attitudes and the evolving political landscape.
Ramaswamy’s Crypto Advocacy During the 2024 Presidential Bid
During his 2024 presidential campaign, Vivek Ramaswamy was vocal in opposing central bank digital currencies (CBDCs) while praising Bitcoin and cryptocurrency mining operations. He frequently appeared as a keynote speaker at industry events, signaling strong engagement with the crypto community.
After Donald Trump won the presidency, Ramaswamy was appointed to lead the Department of Government Efficiency (DOGE) alongside Elon Musk, although he never officially served in the administration.
Shift to Ohio Governor Race with Continued Crypto Involvement
In February 2025, Ramaswamy announced his gubernatorial campaign in Ohio. He expressed support for the Ohio Strategic Cryptocurrency Reserve Act, proposing the creation of a strategic Bitcoin reserve for the state. In September 2025, his co-founded asset management firm Strive revealed plans to launch a Bitcoin Bond ETF focused on bonds issued by companies acquiring Bitcoin.
His campaign website accepts cryptocurrency donations, and it has received maximum individual donations from co-founders of the Trump-associated crypto company World Liberty Financial. Other crypto-related financial backers, including billionaire Elon Musk and founders of major trading firms, have contributed millions to Ramaswamy’s Super PAC "V-PAC: Victors, Not Victims."
Ramaswamy retains a substantial crypto portfolio, including over 23,000 BTC held by Strive (valued around $2 billion) and personal holdings of Bitcoin and Ether via a Coinbase wallet.
Diminished Crypto Rhetoric as 2026 Elections Approach
In the weeks leading up to the 2026 Ohio gubernatorial election, Ramaswamy’s public commentary on cryptocurrencies and related policies has noticeably decreased compared to 2024 and 2025.
For example, he had not publicly responded to Ohio Secretary of State Frank LaRose’s September 17 announcement allowing cryptocurrency payments for state fees and services.
Political Environment and Voter Sentiment in Ohio
Ohio saw significant crypto-aligned spending in 2024 during Senator Bernie Moreno’s campaign, who unseated Democrat Sherrod Brown. Brown is now seeking to reclaim his seat in the 2026 election against Republican Jon Husted.
A May 2024 Digital Currency Group poll indicated Ohio voters hold more negative views towards cryptocurrency compared to other US states, with 79% never having held crypto and 77% expressing unfavorable opinions.
Data centers have become a contentious issue in Ohio politics. The state hosts 166 data centers, more than any other state, many linked to crypto mining firms like Cipher Mining and BIT Mining. Majority polling reflects resident opposition to data centers in their localities.
Candidates’ Positions on Data Centers and Utility Costs
In August 2026, Ramaswamy promised that communities hosting data centers would see no electricity costs for residents and lowered property taxes.
His Democratic opponent Amy Acton proposed that all utility costs—including gas, water, and electricity—should be borne by the data centers and their investors rather than taxpayers.
Polling averages from RealClearPolling as of September 22 show Acton slightly leading Ramaswamy by one point, making the contest a toss-up. Betting markets on Kalshi and Polymarket similarly favor Acton with approximately a 66% chance of winning.
Why it matters
The news that Vivek Ramaswamy has considerably toned down his cryptocurrency rhetoric in his gubernatorial campaign illustrates the evolving landscape of crypto industry perception at the local political level. Though remaining a significant investor and supporter of crypto legislation, his strategic retreat from loud crypto advocacy likely reflects an adaptation to Ohio’s more skeptical electorate towards digital assets. This shift also highlights the increasing importance of regional and community issues—such as data centers and utility costs—in electoral politics, demonstrating that cryptocurrency is no longer a universal campaign theme. For the industry and market, it signals the need for more nuanced, regionally sensitive strategies that account for varying public sentiments across states.
Prepared from the source material with AI-assisted editing and checked against the supplied facts.
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