Trump’s Distrust Towards CBDCs
Former US President Donald Trump has expressed skepticism regarding the value of cryptocurrencies and central bank digital currencies (CBDCs). In a recent event in Portsmouth, New Hampshire, Trump reiterated his opposition to the creation of a CBDC, citing concerns about government overreach. According to Trump, CBDCs pose a significant threat to individual freedom, stating that they could potentially lead to government tyranny. Also present at the event was former presidential candidate Vivek Ramaswamy, who publicly endorsed Trump’s stance against CBDCs.
“Such a currency would give the federal government absolute control over your money. They could take your money, and you wouldn’t even know it was gone.” – Donald Trump
Despite his criticism of cryptocurrencies, it was revealed in an official filing that circulated in October 2023 that Trump holds a substantial amount of digital assets, ranging from $250,000 to $500,000, with a significant portion invested in Ethereum. Additionally, Trump has ventured into the world of non-fungible tokens (NFTs) since leaving office, with the demand for his NFTs experiencing a remarkable surge in sales.
Political Resistance Against CBDCs
Trump is not the only political figure wary of CBDCs. Florida Governor Ron DeSantis has also voiced strong opposition to the concept of CBDCs, labeling them as a potential intrusion on civil liberties. The Florida Blockchain Association played a vital role in drafting and passing an anti-CBDC bill in Florida’s Senate. Similarly, the Bank of America highlighted in November that while CBDCs are gaining traction globally, the launch of a digital Dollar appears unlikely in the near future. The Federal Reserve is actively exploring CBDCs but has emphasized the need for support from the executive branch and Congress before proceeding.
