(CNN) On Wednesday, less than four months after Michael Bloomberg got into the 2020 Democratic race, he ended his campaign after a hugely disappointing showing on Super Tuesday.

This is a very good thing for democracy.

To be clear: I have nothing against Bloomberg personally. But his campaign was a massively important test case of whether a hugely rich person can simply step into a race for president and, by dint of his unlimited wealth, secure a party nomination solely on the back of slickly produced -- and ubiquitous -- TV ads.

Simply put: Had Bloomberg become the party nominee, we would have seen a lot more billionaires thinking to themselves: "Hey, I can do this. Heck, I should do this." His utter defeat -- he won nine delegates (and counting) and all of them in American Samoa so far -- suggest very strongly that there is more to running for president than just being rich and buying hundreds of millions of dollars in TV ad time.

Consider the massive scope of Bloomberg's spending.

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