Embracing Bitcoin Can Be Beneficial to Trump

  • January 30, 2024
  • Jennifer Moore
Embracing Bitcoin Can Be Beneficial to Trump

Donald Trump is going to be the Republican party’s presumptive 2024 nominee according to a resolution taken by the Republican National Committee. In his election campaigning, Trump has made himself very clear that if elected he will not allow the creation of a Central Bank Digital Currency (CBDC). Moreover, he considers CBDC as a dangerous threat to freedom in America. This is advantageous for both Bitcoin and Donald Trump’s Presidential Campaign. 

Anti-CBDC Stance Can Be Beneficial for Bitcoin

There is no doubt that many Donald Trump supporters regard the Central Bank Digital Currency (CBDC) as a threat and want to block its creation and subsequent implementation. Therefore, it is important to know why some supporters are skeptical about digital currencies. They cite the following main reasons behind their disapproval and skepticism.

CBDC May Trigger Financial Instability 

There is an underlying fear among many Americans that the introduction of central bank digital currencies can create instability. This is because they believe that it may disrupt the existing business structures of commercial banks. Similarly, the Bank for International Settlements (BIS) also opined that CBDCs may cause enormous amounts of stress on banks because customers may rush to move funds out of traditional bank accounts and transfer to digital currencies.

Concerns about Invasion of Privacy

There are undeniable features of CBDC that raise privacy concerns. By using these currencies, it is easier to identify users. This may prompt governments to misuse their authority and track down every payment of users. Unfortunately, most people do not want an invasion of privacy and therefore may prefer Bitcoins. This is why Donald Trump can gain a lot by fiercely opposing CBDC and indirectly endorsing Bitcoin. Bitcoin compared to CBDC protects privacy better and users can easily remain anonymous during transactions. 

Lack of Tech Savviness

The opponents of CBDC allege that digital currencies can be difficult for elderly and underprivileged groups for daily usage. Firstly, a large section of both the elderly and the underprivileged section of the population depend upon cash. The introduction of digital currencies may reduce cash circulation and create a lot of hurdles for these groups. Secondly, many within the elderly and underprivileged class are not technologically savvy enough to handle digital currencies. 

Bitcoin Endorsement May Benefit Donald Trump

Donald Trump has already created a large base of his followers who are willing to oppose CBDC. The next logical step will be to embrace Bitcoin as a viable alternative to central bank-authorized digital currency. Many perceive Bitcoin as anti-CBDC technology because it is decentralized. A large section of Trump’s supporters know the difference between the technology of Bitcoin and that of CBDC. 

Donald Trump’s campaigns are always anti-establishment in tone. For his supporters, CBDC is yet another attempt by the “establishment” to monitor their lives and restrict their freedom. Bitcoin, on the other hand, is free from the clutches of central banks and government. Hence, it is quite natural that by endorsing Bitcoin, Trump can attract a large reservoir of political energy stemming from a younger and more tech-savvy population. 

Trump also has an affinity towards cryptocurrencies in general and has currently raised a significant amount of funding from it. A few years ago, he was critical of digital assets, but now there is growing evidence that his views have changed. He also launched his own NFT collections. Therefore, Bitcoin can be perceived as a high-reward and high-risk form of investment, but for Trump, it is certainly a low-risk and high-reward strategy. 

Joe Biden’s administration wants more tightening regulations for cryptocurrencies. These policies therefore may discourage crypto companies from expanding their operations and gaining new users. However, political experts suggest that Trump will be more lenient towards cryptos. His regulations will be beneficial and not restrictive for the crypto industry. Furthermore, a survey conducted by the Crypto Council revealed that only 41% of crypto owners will back Biden, while 51% will back Trump. 

Also ReadTop Features to Look For in Crypto Banking Software

Bottom Line

Donald Trump may throw up a lot of surprises if he becomes the next US President. There is no doubt that both he and his loyal fan base vehemently oppose the introduction of CBDCs. It is also quite clear that a significant section of the fan base prefers cryptos, especially Bitcoin. There is a high possibility that the opposition to CBDC may boost the Bitcoin market because the two have fundamentally different technological systems. The growing resentment towards centralized finance is another potential that may motivate Trump to promote Bitcoins and other forms of cryptos.   

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