Trump Emerges as a Potential Crypto Ally Amid Anti-CBDC Stance

Former US president Donald Trump has beaten current President Joe Biden in a hypothetical poll leading up to the 2024 US general elections. The Harvard CAPS-Harris poll conducted among 2,346 registered voters saw Trump beating Biden by 7 points, even as Trump rekindles hope of crypto having an ally in the US government with his commitment to prevent a central bank digital currency (CBDC).

The poll came as many voters expressed weariness at the prospect of a Trump-Biden rematch. Some view Biden as too old, while others think Trump is a threat to democracy.

Trump and Biden Hold Opposing CBDC Views

The Biden campaign cites the president’s past successes as motivation to vote for him. Trump’s dismissal of a central bank digital currency has seen him score 43.1% on a favorability poll by FiveThirtyEight.

A central bank digital currency has become an increasingly fraught topic ahead of the elections. Political detractors, including Trump, Florida Governor Ron DeSantis, and Vivek Ramaswamy, have labeled it a path to government tyranny.

Trump said he would “never allow” a CBDC five days ago. The currency, he said, would be a tool of “government tyranny.” 

Trump Favorability Poll | Source: FiveThirtyEight

On Monday, Trump reiterated his anti-CBDC stance at a gathering in Laconia, New Hampshire. He added that Ramaswamy, another anti-CBDC politician who recently suspended his campaign, had informed him of the dangers of a CBDC.

“Vivek [Ramasway] is great, he’s really great. But he wanted [a CBDC], and I’ll give him full credit for it. I will never allow the creation of a central bank digital currency.”

On the other hand, the Biden administration has developed policy objectives for a CBDC. It also encouraged the US Federal Reserve to continue research in a framework for digital assets. The Fed said it wanted buy-in from Congress and the executive branch, the former of which seems unlikely at present.

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Crypto Loses Allies in the US Government

While Trump’s anti-CBDC stance aligns with crypto values, the former president has dismissed cryptocurrencies as suspect. Other pro-crypto candidates, such as Ramaswamy and Miami Mayor Francis Suarez, have dropped out of the race, making the chances of a pro-crypto president in the Oval Office much slimmer.

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However, Ramasway has backed Trump and was the only candidate to develop a crypto framework. Included in the policy were proposals to treat code and criminals differently and to champion self-custody. Ramaswamy dropped out of the race after receiving a death threat from a resident in New Hampshire.