Crypto asset manager Grayscale believes that the next President of the United States will support the development and implementation of a central bank digital currency (CBDC). In a recent blog post, Grayscale argued that both Joe Biden and Donald Trump, who are currently leading in the 2024 presidential polls among their respective parties, have expressed their favorable stance towards CBDCs.
While the two candidates seem to agree on CBDCs, their attitude towards Bitcoin is less enthusiastic. Trump has publicly referred to Bitcoin as a “scam” and famously once tweeted that he was “not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” Similarly, Biden’s position can be inferred from his support for a 30% tax on Bitcoin mining, which could have had negative implications for the mining industry in the US.
Grayscale did not provide further comment on Trump’s overall stance on crypto and digital assets, although it noted his apparent favorability towards non-fungible tokens (NFTs). As reported, Trump has launched and sold two NFT collections so far.
Meanwhile, evidence of Biden’s general support for digital assets can be found in his “Executive Order on Ensuring Responsible Development of Digital Assets.” However, the 2023 Economic Report of the President, another White House document, did not express the same level of enthusiasm towards cryptocurrencies.
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In addition to Biden and Trump, there are also some crypto-friendly candidates. Robert Kennedy Jr. and Ron DeSantis, who are currently polling second in their respective parties, have shown support for cryptocurrencies. Kennedy revealed that he has purchased two Bitcoins (BTC) for each of his seven children and referred to Bitcoin as an “exercise in democracy” during his well-received keynote speech at the Miami Bitcoin Conference. He called Bitcoin a “bulwark” against government and corporate expansion and intrusion at the time.
Both Kennedy and DeSantis have expressed their opposition to CBDCs. DeSantis signed a bill banning CBDCs in Florida and prohibiting the use of CBDCs issued by other governments, while Kennedy has shown support for Bitcoin while expressing skepticism towards CBDCs.
Among the Republican contenders, Vivek Ramaswamy is considered pro-Bitcoin and anti-CBDC. Grayscale estimates that Ramaswamy has a 7% level of support compared to Trump’s 63%. Furthermore, Republican Miami Mayor Francis Suarez, known for his vocal support of crypto technology, has been labeled as the most passionate crypto advocate among all the candidates.
Overall, the stance of the next President of the United States towards CBDCs and cryptocurrencies remains to be seen. While there are indications of support for CBDCs and digital assets from some candidates, there are also those who express skepticism or opposition. The development and implementation of CBDCs will likely be influenced by a combination of political factors and the evolving landscape of digital currencies.
