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Next President of the United States Likely to Support Central Bank Digital Currency

The future president of the United States is expected to show favor for central bank digital currency (CBDC), according to Grayscale, a crypto asset manager. Both leading candidates from the political parties, Joe Biden and Donald Trump, have expressed their support for exploring CBDC. However, they do not share the same enthusiasm for Bitcoin.

Ahead in the 2024 presidential polls for their respective parties, Biden and Trump are considered favorable toward CBDC, as previously concluded by Forbes. Trump has labeled Bitcoin a “scam,” whereas Biden’s position was inferred from his endorsement for a 30% tax on Bitcoin mining. While Grayscale did not comment on Trump’s overall attitude toward cryptocurrencies and digital assets, it is notable that he is at least favorably inclined towards nonfungible tokens.

Biden’s “Executive Order on Ensuring Responsible Development of Digital Assets” serves as evidence of his general support. However, the 2023 Economic Report of the President, produced by the White House, did not provide as positive a view on cryptocurrencies.

Other Presidential Candidates’ Stance on Crypto and CBDC

While Trump and current frontrunner Ron DeSantis express pro-crypto sentiments and opposition to CBDC, they are not alone among Republican candidates. Robert Kennedy, Jr. from the Democratic Party and Vivek Ramaswamy, who commands 7% support in comparison to Trump’s 63% according to Grayscale, are also seen as pro-Bitcoin and anti-CBDC.

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Ron DeSantis’ economic platform. Source: Ron DeSantis for president

Among all candidates, the strongest advocate for cryptocurrencies is Francis Suarez, the Republican Mayor of Miami. Suarez has been vocal about his support for crypto technology since long before the presidential campaign, although his chances of winning have been deemed “improbable.”