Former US President Donald Trump who is now staging a comeback in the 2024 US Presidential Elections just vowed to flush down the drain the current administration’s plan to implement a central bank digital currency (CBDC). The flamboyant and controversial candidate of the race saw these financial instruments as a way for people in the government to rob people of their money.
The Stance of Donald Trump Against CBDCs
“I will never allow the creation of a Central Bank Digital Currency where they can rob your money,” said Trump in a fiery speech that was loudly applauded by the people in attendance. Alongside this pronouncement, he also guaranteed the restoration of free speech and freedom to exercise the guarantees of the Second Amendment.
Trump particularly warned the audience how CBDCs could pose a “dangerous threat to freedom” because it would allow the government to have absolute control over people’s finances and seize them without due notice.
This echoes the populist remarks of other presidential hopefuls against the creation of CBDCs. Among the notable critics of the Joe Biden administration’s push for the creation of these digital currencies pegged to the US dollar were Robert F. Kennedy Jr. and Ron de Santis. Vivek Ramaswamy who just backed down from the race to support Trump has voiced the same sentiment, too.
Donald Trump’s Stance on Crypto
While Trump has not been very vocal about his support for cryptocurrencies and has even doubted them in the past, his present actions speak otherwise. This gives the crypto community hope that these digital assets may finally get the regulatory clarity and validation they have always needed.
The opposition of Trump on CBDCs is likewise seen as a pivot toward his government potentially favoring the legalization of most of the established cryptocurrencies — should he win. It should be noted as well that the 45th President of the US possesses millions of dollars worth of crypto assets, including Ethereum (ETH) and meme coins. Furthermore, the outspoken candidate has a couple of non-fungible tokens (NFTs) and Bitcoin (BTC) Ordinal projects under his name.
Trump’s latest Ordinals trading cards is a major change of tune from his earlier comments on Bitcoin saying, “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”
“Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he added in a series of posts on X (formerly Twitter) back when he was active there.