- Donald Trump is positioning himself as the pro-Bitcoin candidate, vowing to protect the right to self-custody and opposing a central bank digital currency (CBDC)
- The Biden administration has been hostile towards Bitcoin, attempting to regulate it out of existence through various measures like treating miners as financial institutions and proposing punitive taxes
- For Bitcoin supporters, Trump presents a clear alternative by promising to support Bitcoin mining, protect self-custody rights, and prevent the creation of a CBDC
Donald Trump has been making a concerted effort on the 2024 campaign trail to appeal to Bitcoiners. At the recent Libertarian National Convention, President Trump vowed to stop Joe Biden‘s “crusade to crush crypto” and assured Bitcoin holders that he supports their right to self-custody.
Trump Supports Bitcoiners’ Right to Self-Custody
“I say this with your vote, I will keep Elizabeth Warren and her goons away from your Bitcoin, and I will never allow the creation of a central bank digital currency,” President Trump said at the convention.
It’s clear that Trump sees the wisdom of pro-Bitcoin stances taken by popular leaders like Presidents Javier Milei of Argentina and Nayib Bukele of El Salvador. Accordingly, he is staking out a clear position in support of Bitcoiners’ right to self-sovereignty.
Biden Administration Hostile Towards Bitcoin
The Biden administration has been extraordinarily hostile to Bitcoin as well as the broader cryptocurrency ecosystem. The administration launched “Operation Choke Point 2.0” whereby regulators effectively instituted new rules instructing banks to stop doing business with crypto companies.
Further, the White House proposed a 30% tax on the energy used to mine Bitcoin, which would make mining completely uneconomical. The Energy Department attempted to collect information on miners’ energy contracts to regulate them out of business. The Justice Department even broke with Treasury guidance when it attempted to regulate self-hosted wallets as money transmitting businesses. This is all by design – they want to effectively ban the industry.
Biden Laying Groundwork for Central Bank Digital Currency
It all starts to make sense when you consider that the Biden administration has also laid the groundwork for a Central Bank Digital Currency (CBDC).
Certain politicians support a CBDC because they desire complete control over our transactions and spending. Bitcoin represents the opposite – freedom from government control and empowerment of the individual.
To be clear, there are many pro-Bitcoin leaders in the Democratic party. But President Biden has surrendered governance on crypto issues to the anti-crypto Senator Elizabeth Warren. This has resulted in policies that mirror China’s authoritarian approach to Bitcoin – cut off financial services, attempt to cut off energy access, impose impossible regulations, and handicap the network while working towards a CBDC.
The Choice is Clear for Bitcoiners in November
The good news for Bitcoiners is that they have a clear alternative in November. President Trump will protect the right to own, mine, and transact with Bitcoin. He will support Bitcoin mining and ban a CBDC. If you are a Bitcoiner, Trump is the best candidate to “Make Bitcoin Great Again.”
