Trump’s Anti-CBDC Pledge in Portsmouth
Former US President Donald Trump, the frontrunner for the 2024 Republican candidacy, has once again declared his strong opposition to the creation of Central Bank Digital Currencies (CBDCs). Speaking at a rally in Portsmouth, New Hampshire, Trump labeled CBDCs as a “dangerous threat to freedom” and pledged to prevent their establishment to “protect Americans from government tyranny.”
Vivek Ramaswamy Endorses Trump
On stage with Trump was Vivek Ramaswamy, a pro-crypto former presidential candidate who recently dropped out of the race. Ramaswamy officially endorsed Trump, aligning with the former President’s stance against CBDCs.
The Digital Dollar Dilemma
Trump further promised to thwart the introduction of the digital Dollar in America, asserting that such a currency would grant the federal government absolute control over individuals’ money. He expressed concerns that citizens could unknowingly have their money seized without detection.
Trump’s History with Cryptocurrencies
Trump has a history of criticizing cryptocurrencies, particularly Bitcoin. In July 2019, he voiced his skepticism, stating that he is not a fan of Bitcoin and other cryptocurrencies, citing their volatility and potential facilitation of unlawful activities such as drug trade.
Surprising Holdings and NFT Ventures
Despite his public criticisms, an official filing from October 2023 revealed that Trump holds between $250,000 to $500,000 in digital assets, with a majority in Ethereum. Additionally, Trump has entered the realm of non-fungible tokens (NFTs), witnessing a staggering 650% surge in sales for his NFTs within a few days.
CBDC Resistance Across the Political Spectrum
Trump joins a growing chorus of politicians opposing CBDCs. Florida Governor Ron DeSantis, in May 2023, emphasized the urgency of halting CBDCs, associating them with potential encroachments on civil liberties. The Florida Blockchain Association played a role in drafting and passing an anti-CBDC bill in the state’s Senate.
Federal Reserve’s Cautious Approach
While CBDCs are gaining global traction, Bank of America noted in November that a digital Dollar is unlikely to launch soon. The Federal Reserve continues to pilot CBDCs but remains non-committal, citing the necessity of executive branch and Congressional support.
In conclusion, Trump’s renewed commitment against CBDCs aligns with a broader resistance movement, echoing concerns about potential threats to personal freedoms and financial autonomy. The evolving landscape of digital currencies and political stances will undoubtedly continue to shape the future of financial systems worldwide.