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Trump Emerges as a Potential Crypto Ally Amid Anti-CBDC Stance

2 mins
Updated by Ryan James
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In Brief

  • Trump beat Joe Biden by 7 points in a hypothetical Harvard CAPS-Harris poll of registered voters ahead of the 2024 US general elections.
  • Trump continues to oppose a central bank digital currency (CBDC), a position that may have helped him score a 43.1% favorability rating.
  • The Biden administration has created policy objectives for a CBDC and has encouraged the US Federal Reserve to continue researching one.
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Former US president Donald Trump has beaten current President Joe Biden in a hypothetical poll leading up to the 2024 US general elections. The Harvard CAPS-Harris poll conducted among 2,346 registered voters saw Trump beating Biden by 7 points, even as Trump rekindles hope of crypto having an ally in the US government with his commitment to prevent a central bank digital currency (CBDC).

The poll came as many voters expressed weariness at the prospect of a Trump-Biden rematch. Some view Biden as too old, while others think Trump is a threat to democracy.

Trump and Biden Hold Opposing CBDC Views

The Biden campaign cites the president’s past successes as motivation to vote for him. Trump’s dismissal of a central bank digital currency has seen him score 43.1% on a favorability poll by FiveThirtyEight.

Read more: TradFi Explained: Exploring Key Elements of Traditional Finance

A central bank digital currency has become an increasingly fraught topic ahead of the elections. Political detractors, including Trump, Florida Governor Ron DeSantis, and Vivek Ramaswamy, have labeled it a path to government tyranny.

Trump said he would “never allow” a CBDC five days ago. The currency, he said, would be a tool of “government tyranny.” 

trump crypto us government
Trump Favorability Poll | Source: FiveThirtyEight

On Monday, Trump reiterated his anti-CBDC stance at a gathering in Laconia, New Hampshire. He added that Ramaswamy, another anti-CBDC politician who recently suspended his campaign, had informed him of the dangers of a CBDC.

“Vivek [Ramasway] is great, he’s really great. But he wanted [a CBDC], and I’ll give him full credit for it. I will never allow the creation of a central bank digital currency,” said Trump.

On the other hand, the Biden administration has developed policy objectives for a CBDC. It also encouraged the US Federal Reserve to continue research in a framework for digital assets. The Fed said it wanted buy-in from Congress and the executive branch, the former of which seems unlikely at present.

Crypto Loses Allies in the US Government

While Trump’s anti-CBDC stance aligns with crypto values, the former president has dismissed cryptocurrencies as suspect. Other pro-crypto candidates, such as Ramaswamy and Miami Mayor Francis Suarez, have dropped out of the race, making the chances of a pro-crypto president in the Oval Office much slimmer.

Read more: Crypto vs. Banking: Which Is a Smarter Choice?

However, Ramasway has backed Trump and was the only candidate to develop a crypto framework. Included in the policy were proposals to treat code and criminals differently and to champion self-custody. Ramaswamy dropped out of the race after receiving a death threat from a resident in New Hampshire.

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
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