After President Trump went all in on crypto when he returned to office, Vivek Ramaswamy, the front-runner in the GOP primary for governor of Ohio, began betting big on Bitcoin through his asset management startup Strive—with limited success.

Now, crypto industry players are pouring millions into funding his campaign. Why? If he becomes governor, the billionaire has pledged to expand state investments in a crypto reserve (starting with state revolving funds) that could result in hundreds of millions of dollars in state assets ending up in Bitcoin.

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The largest donor to Ramaswamy’s gubernatorial…