By Tom Blitzer
Key Insights:
- Frontrunners Biden and Trump support CBDCs but show less enthusiasm for Bitcoin.
- Robert Kennedy Jr. and Ron DeSantis are outspoken Bitcoin supporters, anti-CBDC.
- Francis Suarez stands out as the most passionate pro-crypto presidential candidate.
In a recent revelation, leading crypto asset manager, Grayscale, released a compelling forecast. Per the news, they predicted that the next President of the United States, regardless of political affiliation, will back the development and implementation of a Central Bank Digital Currency (CBDC).
Joe Biden and Donald Trump, both frontrunners in the 2024 presidential race, have echoed this support. They have expressed openness to exploring the potential of CBDCs, further bridging the political divide on the crypto front.
However, both candidates have shown less enthusiasm for Bitcoin. Trump’s scepticism is well-known, previously referring to Bitcoin as a scam. He once even tweeted his disapproval, branding Bitcoin and other cryptocurrencies as not money, with a value based on thin air.
On the other hand, Biden demonstrated his scepticism through action rather than words. His support for a 30% tax on Bitcoin mining could hamper the industry’s growth in the US.
Nevertheless, despite their shared CBDC outlook, their stance on other digital assets diverges. Trump has expressed interest in non-fungible tokens (NFTs), already launching two NFT collections. Conversely, Biden has shown broader support for digital assets, evident in his “Executive Order on Ensuring Responsible Development of Digital Assets.”
Diverse Crypto Perspectives Among Other Contenders
Besides the frontrunners, other candidates also demonstrate diverse views on cryptocurrencies. Robert Kennedy Jr. and Ron DeSantis, currently polling second for the Democrats and Republicans, respectively, are open Bitcoin supporters.
According to reports, Kennedy made headlines when he purchased two Bitcoins for each of his seven children. He further endorsed Bitcoin as an “exercise in democracy” during the Miami Bitcoin Conference this year. He even pledged to uphold the right to hold and use Bitcoin if elected President.
Significantly, both Kennedy and DeSantis have voiced opposition to CBDCs. In a bold move, DeSantis signed a bill banning CBDCs in his home state and encouraged other states to follow suit.
Crypto Advocacy Beyond Mainstream Candidates
Moreover, other Republican candidates show a more enthusiastic stance on crypto. For instance, Vivek Ramaswamy, who holds a 7% support level, is pro-Bitcoin and anti-CBDC. Additionally, Miami Mayor Francis Suarez, known for his vocal support for crypto, stands as the most passionate crypto advocate among all candidates.
In the grand scheme, the crypto landscape among the 2024 presidential contenders presents an exciting mix. Candidates from both parties exhibit acceptance and scepticism of digital currencies yet show unity in their support for CBDCs. As the race to the White House continues, the crypto community watches closely, keen on the potential impact of the future President’s stance on their space.