Crypto asset manager Grayscale has expressed the belief that the next U.S. President will be supportive of central bank digital currencies (CBDCs), as stated in a recent blog post.
Grayscale highlights that the current frontrunners of both major political parties, Joe Biden and Donald Trump, have shown a willingness to explore CBDCs, though they are less enthusiastic about Bitcoin.
Trump has publicly called Bitcoin a “scam,” once tweeting his discontent with the cryptocurrency, criticizing its volatile value.
Similarly, Biden’s stance towards Bitcoin can be deduced from his support for a 30% tax on Bitcoin mining, a move that could negatively impact the U.S. mining industry.
Grayscale also pointed out Trump’s favorability towards non-fungible tokens (NFTs), with Trump having launched and sold two NFT collections.
Biden’s support for digital assets can be inferred from his “Executive Order on Ensuring Responsible Development of Digital Assets,” although the 2023 Economic Report of the President did not share the same enthusiasm for cryptocurrencies.
Other crypto-friendly candidates include Robert Kennedy Jr. and Ron DeSantis, both of whom rank second in their respective party’s polls.
READ MORE: JPEG’d DeFi Protocol Recovers $10 Million in Stolen Crypto After Hacker Returns Funds
Kennedy recently bought two Bitcoins for each of his seven children and endorsed Bitcoin as a “bulwark” against government intrusion at the Miami Bitcoin Conference.
He promised, if elected, to preserve the right to hold and use Bitcoin.
In contrast, both Kennedy and DeSantis have expressed opposition to CBDCs. DeSantis even signed a bill prohibiting the use of CBDCs in his state and encouraged other states to follow suit.
Among the Republican contenders, more pro-crypto candidates are emerging. Vivek Ramaswamy, with a 7% support level compared to Trump’s 63%, is viewed as pro-Bitcoin and anti-CBDC.
Republican Miami Mayor Francis Suarez, a vocal supporter of crypto technology, has been labeled the most ardent crypto advocate among all candidates.
In summary, Grayscale’s analysis indicates a complex and varied landscape in the 2024 presidential race regarding digital currencies.
While there is a consensus among leading candidates on the exploration of CBDCs, their stance on cryptocurrencies like Bitcoin varies widely.
The emergence of more crypto-friendly candidates further adds to this multifaceted picture.
Other Stories:
Chamber of Digital Commerce Publishes Impactful Analysis on SEC’s Ripple Lawsuit
Elon Musk Puts Rumors to Rest: X Has No Plans to Launch Crypto Tokens
Bitcoin’s Hodl Strategy Outperforms Crypto Funds by 68.8% in H1 2023
