Donald Trump Vows to Block Central Bank Digital Currency (CBDC) if Re-elected
In a campaign speech, former President Donald Trump made a strong statement against the creation of a central bank digital currency (CBDC) if he is re-elected in 2024. He believes that CBDCs pose a dangerous threat to freedom and would give excessive control to the government over people’s money.
Keypoints
- Trump promises to never allow a CBDC in the US if he is re-elected.
- He sees CBDCs as a threat to freedom and total government control over money.
- This pledge aligns with his crypto-friendly stance in his 2024 campaign.
- Ron DeSantis, another candidate, has also promised to ban CBDCs in Florida.
- Candidates are tapping into public distrust of CBDCs and government oversight.
“I will never allow the creation of a central bank digital currency,” Trump declared during his speech. “Such a currency would give our federal government absolute control over your money.”
This anti-CBDC stance is seen as an appeal to crypto-focused voters and aligns Trump with Ron DeSantis, who has also promised to “nix” CBDCs. Both candidates tap into the suspicion of centralized oversight, especially when it comes to digital cash initiatives from the Federal Reserve or Treasury Department. Public distrust has made CBDCs an unexpected issue on the election trail.
From Crypto Skepticism to Embrace
Trump’s opposition to CBDCs reflects his recent shift towards a more crypto-friendly position. During his administration, he faced criticism for proposed crypto oversight rules that were seen as too strict. However, he has since launched NFT collections and sold nearly $2 million worth of ether. His campaign website even has a section dedicated to Bitcoin, Ethereum, and cryptocurrencies.
Trump is particularly targeting younger libertarian-leaning voters who are driving crypto adoption. While DeSantis initially had the lead, recent polls suggest that Trump is gaining support among Republican voters as other candidates drop out. Vivek Ramaswamy, a crypto-focused candidate who withdrew from the race, has endorsed Trump.
Ideological Rivals Aligned Against CBDCs
Although DeSantis trails in polls and Republican Party support, he shares similar views with Trump on crypto. Both oppose big government intervention and express dissatisfaction with the current administration. As the governor of Florida, DeSantis signed bills to protect crypto firms from state oversight and banned CBDCs locally.
DeSantis aligning his policies with Trump’s is seen as an attempt to secure his allegiance and voter base. However, he continues to lag behind Trump in the polls and may eventually settle as a potential running mate. Auditing the Federal Reserve is one of DeSantis’ key campaign issues, and it remains to be seen if Trump shares similar views with electoral implications.
Hot Take: Donald Trump Takes Stand Against Central Bank Digital Currencies
In a campaign speech, former President Donald Trump strongly opposes the creation of a central bank digital currency (CBDC) if he is re-elected in 2024. He argues that CBDCs pose a dangerous threat to freedom by granting excessive government control over people’s money. This anti-CBDC stance aligns him with Ron DeSantis, another candidate who has promised to ban CBDCs in Florida. Both candidates tap into public distrust of CBDCs and government oversight. Trump’s recent shift towards a more crypto-friendly position and his appeal to younger libertarian-leaning voters may consolidate support among Republican voters. However, DeSantis still trails behind in the polls and may potentially become Trump’s running mate. The issue of CBDCs has unexpectedly become a hot topic on the election trail.
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