The 2024 U.S. presidential election may witness an unusual agreement between the two primary candidates from opposing political parties regarding the central bank digital currency (CBDC). As confirmed by a post from crypto asset manager Grayscale, Joe Biden and Donald Trump express support for exploring CBDC while maintaining skepticism towards Bitcoin and other cryptocurrencies.
Biden, the current president and leading candidate for the Democratic nomination, has recently taken action by issuing an executive order to promote responsible development of digital assets. This move showcases his overall support for this technology. However, he has also put forth a proposal to impose a 30% tax on Bitcoin mining, which could potentially hinder the industry’s growth.
Ex-President Trump, the potential GOP candidate, slammed Bitcoin as a “scam” on Twitter. Interestingly, he has also been curious about nonfungible tokens (NFTs), digital collectibles utilizing blockchain technology.
CBDC: A Divisive Issue Among Other Candidates
While both Biden and Trump agree on the concept of Central Bank Digital Currency (CBDC), they face opposition from candidates within their respective parties. However, these opposing candidates show greater support for cryptocurrency and express less enthusiasm towards CBDC.
On the Democratic side, Robert F. Kennedy, Jr. is polling second behind Biden. He has emerged as a vocal advocate for cryptocurrency while also criticizing CBDC. According to him, implementing a CBDC would grant excessive control to the government over individuals’ finances and privacy.
On the Republican side, Governor Ron DeSantis of Florida, seen as a prominent contender against Trump, has expressed his support for cryptocurrency and opposition to CBDC. He unveiled an economic platform promoting blockchain crypto innovation and ensuring consumer protection. Notably, it advocates CBDC-associated risk mitigation.
Other candidates supportive of cryptocurrencies include Vivek Ramaswamy, a Republican businessman, and Francis Suarez, the Republican mayor of Miami. Ramaswamy praises Bitcoin as a protection against inflation and a means for financial inclusion. In addition, Mayor Suarez has encouraged crypto adoption in Miami by enabling residents to utilize Bitcoin for tax payments and fees.
The future of digital assets in the U.S. hinges on the upcoming 2024 presidential election. This pivotal event will shape the landscape as candidates offer diverse perspectives and policies regarding this issue. Biden and Trump agree on CBDC, but cryptocurrency vs. CBDC divides other contenders.
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