Donald Trump’s new weapon against Biden’s administration is cryptocurrency.
The former US president has made a striking reversal in his stance on the industry, a topic now emerging as a significant issue in the upcoming presidential election.
Trump Rejects CBDC
Addressing a crowd at the Libertarian National Convention in Washington, D.C. over the weekend, Trump assured that under his leadership, the future of crypto and Bitcoin would thrive within the United States rather than being pushed overseas.
Trump pledged to protect the rights of the nation’s 50 million crypto holders to self-custody, vowing to keep prominent critics like Elizabeth Warren away from their assets. Additionally, he promised to oppose the establishment of a central bank digital currency (CBDC), marking a notable shift from his previous skepticism towards the asset class.
“I will ensure that the future of crypto and the future of Bitcoin will be made in the USA and not driven overseas. I will support the right to self-custody to the nation’s 50 million crypto holders. I will keep Elizabeth Warren and her goons away from your Bitcoin. And I will never allow the creation of a central bank digital currency (CBDC).”
Trump’s overt play for the cryptocurrency investors in the country marks a significant departure from his critical stance during his presidency. The Republican Party has grown more supportive of Bitcoin and other digital assets in recent years while leading Democrats remain divided on whether to legitimize the industry following several high-profile scandals.
Additionally, Trump’s open endorsement represents a milestone for crypto companies, which have been intensively lobbying in Washington and investing tens of millions of dollars to shape the 2024 elections.
Trump on Silk Road Creator Ross Ulbricht
At the same convention, Trump promised to commute the life sentence of Silk Road founder Ross Ulbricht to time served if re-elected president. This pledge was met with cheers from the audience, many of whom held signs reading “Free Ross.”
Prior to the speech, Trump accused President Joe Biden on Truth Social of wanting the cryptocurrency industry to “die a slow and painful death,” vowing that this would never happen under his leadership.
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