Donald Trump's new weapon against the Biden administration is cryptocurrency.
The former US president has reversed a striking trend in his stance on the industry, a topic that is now emerging as an important issue in the upcoming presidential election.
Trump rejects the CBDC agreement
Trump speaks to a crowd at the Libertarian National Convention in Washington, D.C., over the weekend content Under his leadership, the future of cryptocurrencies and Bitcoin will flourish within the United States rather than being pushed abroad.
Trump has pledged to protect the rights of the country's 50 million cryptocurrency holders to self-custody, vowing to keep prominent critics like Elizabeth Warren out of their assets. Additionally, he promised to oppose the creation of a central bank digital currency (CBDC), marking a marked shift from his previous skepticism towards the asset class.
“I will ensure that the future of cryptocurrencies and the future of Bitcoin will be made in the USA and not taken offshore. I will support the right to self-custody for the nation’s 50 million cryptocurrency holders. I will keep Elizabeth Warren and her followers away from your Bitcoin. I will never allow the creation of Central Bank Digital Currency (CBDC).”
Trump's public play to the country's cryptocurrency investors represents a significant departure from his critical stance during his presidency. The Republican Party has become more supportive of Bitcoin and other digital assets in recent years, while prominent Democrats remain divided over whether to legalize the industry after several high-profile scandals.
Additionally, Trump's open endorsement represents a milestone for cryptocurrency companies, which are intensely lobbying in Washington and investing tens of millions of dollars to shape the 2024 election.
Trump on the Silk Road Creative Ross Ulbricht
At the same conference, Trump promised to commute Silk Road founder Ross Ulbricht's life sentence to time served if he is re-elected president. The pledge was met with cheers from the crowd, many of whom carried signs reading “Free Ross.”
Before Trump's speech Accused President Joe Biden spoke on Truth Social about his desire for the cryptocurrency industry to “die a slow and painful death,” vowing that would never happen under his leadership.
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