The 2024 presidential election in the United States is just around the corner — well, it’s next year, but that’ll be here in no time — and holds an especially big significance for the future of cryptocurrency. The positions of major candidates on cryptocurrency are becoming increasingly important as the digital currency landscape continues to evolve, and on all sides of the political spectrum, there are candidates both for and against cryptocurrency and CBDC.
The Next President’s Influence on Crypto’s Fate
As blockchain and cryptocurrencies expand and gain broader public attention, the next president will play a pivotal role in shaping the nation’s stance on digital currencies. The entire cryptocurrency sector is at a crossroads, with many countries investing and many other outright banning it.
Here’s a current snapshot of where the leading candidates currently stand on cryptocurrency.
Donald Trump: ETH & NFT
It was recently revealed that President Donald Trump’s involvement in the crypto space is bigger than previously thought. Holding around $2.8 million worth of Ethereum, Trump has been surprisingly not very vocal regarding his stance on crypto. Despite launching his own line of NFTs that reportedly earned him $5 million, Trump’s time in the White House didn’t see significant advancements in the realm of crypto one way or the other.
Joe Biden: Favoring Regulation and CBDCs
President Joe Biden appears to be leaning more toward regulating cryptocurrency and exploring Central Bank Digital Currencies, or CBDCs. In March 2023, he signed an executive order directing the government to assess the risks and benefits of cryptocurrencies and to develop a regulatory framework for crypto. His overall preference for CBDCs over traditional cryptocurrencies suggests a cautious approach toward digital assets.
Vivek Ramaswamy: A Supporter of Decentralization
Candidate Vivek Ramaswamy seems to hold a more favorable view of cryptocurrency, speaking about it as more of a decentralized alternative to the US dollar. This perspective aligns with the core principles of blockchain technology and the potential for cryptocurrencies to reshape the financial landscape.
Robert F. Kennedy: Staunch Bitcoin Advocate
Robert F. Kennedy has become one of the most vocal proponents of cryptocurrency in the presidential field. He has said that the US dollar should be backed — at least in part — by Bitcoin, and has called for tax-free crypto profits.
Ron DeSantis: Crypto vs. CBDC
Ron DeSantis stands in stark contrast to the current administration’s perspective on CBDC and crypto. Very critical of Central Bank Digital Currencies, DeSantis advocates for a decentralized, crypto-based digital dollar as an alternative to a centralized system.
Diverse Views Across the Spectrum
There are more presidential candidates than thrones mentioned in this article, and their views on cryptocurrency and CBDC are just as varied.
Crypto’s Turning Point
As the 2024 presidential election inches closer, the future of cryptocurrency in the United States hangs in the balance. The positions of the candidates will be playing a significant role in shaping the regulatory environment and the nation’s stance on digital currencies.