Leading Presidential Contenders Favor CBDCs

Prominent contenders for the next U.S. presidency are likely to advocate for central bank digital currency (CBDC), according to an assessment by crypto asset manager Grayscale, posted on its website. This observation comes from the expressed support for CBDC by leading aspirants from both major political parties, even though they do not seem to hold Bitcoin in high regard.

Current 2024 presidential poll front-runners, Joe Biden and Donald Trump, from the Democratic and Republican parties respectively, are seen as open to the exploration of CBDCs. This assertion aligns with conclusions made earlier this year by Forbes.

Trump has previously dubbed Bitcoin a “scam”, while Biden’s stance can be inferred from his endorsement of a 30% tax on Bitcoin mining. Grayscale refrained from commenting on Trump’s comprehensive views on crypto and digital assets, although it was noted that he seemingly has a positive inclination towards non-fungible tokens.

Evidence of Biden’s general support can be traced back to his “Executive Order on Ensuring Responsible Development of Digital Assets”. However, another White House document, the 2023 Economic Report of the President, was not as favorable towards crypto.

Meanwhile, the second-place candidates in the polls, Democrat Robert Kennedy Jr. and Republican Ron DeSantis, have outspokenly backed cryptocurrency and expressed their opposition to CBDCs.

Apart from Trump and DeSantis, there are other Republican candidates who support crypto. Of notable mention is the Miami Mayor Francis Suarez, a Republican, who is a well-known crypto enthusiast. Despite his evident passion for the technology, his presidential aspirations have been deemed as “improbable”, especially when compared to Trump’s.

Moreover, Republican candidates are not alone in their support for Bitcoin, as it seems that Robert Kennedy Jr. (who has 63% of the Democratic vote compared to Biden’s 37%), also demonstrates a pro-Bitcoin and anti-CBDC stance.