Crypto Asset Manager Grayscale Predicts CBDC Support from Next US President, Finds No Red vs. Blue Divide in Crypto Stance

Source: Adobe/Ascannio

Crypto asset manager Grayscale believes the next President of the United States will support the development and implementation of a central bank digital currency (CBDC). 

In a recent blog post, Grayscale argued that the current frontrunners in both political parties have expressed their favorable stance towards CBDCs. 

The company said that both Joe Biden and Donald Trump, who are currently leading in the 2024 presidential polls among their respective parties, have indicated their willingness to explore CBDCs.

While the two candidates seem to agree on CBDC, their attitude towards Bitcoin is less enthusiastic. 

Trump has publicly referred to Bitcoin as a “scam” and famously once tweeted that he was “not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

Likewise, Biden’s position can be inferred from his support for a 30% tax on Bitcoin mining, which could have had bad implications for the mining industry in the US.

Grayscale did not provide further comment on Trump’s overall stance on crypto and digital assets, although it noted his apparent favorability towards non-fungible tokens (NFTs).

As reported, Trump has launched and sold two NFT collections so far. 

Meanwhile, evidence of Biden’s general support for digital assets can be found in his “Executive Order on Ensuring Responsible Development of Digital Assets.” 

However, the 2023 Economic Report of the President, another White House document, did not express the same level of enthusiasm towards cryptocurrencies.

Crypto-Friendly Candidates Are Also Present

There are also some crypto-friendly candidates, including Robert Kennedy Jr. and Ron DeSantis, who are currently polling second in their respective parties.

Just recently, Kennedy revealed that he has purchased two Bitcoins (BTC) for each of his seven children.

The move came after he popularly endorsed Bitcoin during the Miami Bitcoin Conference held from May 18 to May 20 this year. 

He referred to the cryptocurrency as an “exercise in democracy” during his well-received keynote speech at the event, calling Bitcoin a “bulwark” against “government and corporate expansion and intrusion” at the time. 

“As president, I will make sure that your right to hold and use Bitcoin is inviolable.”

Notably, both Kennedy and DeSantos have also expressed their opposition to CBDC.

Back in May, DeSantos signed a bill banning CBDCs in the state, prohibiting the use of CBDCs issued by other governments and calling on other states to use their commercial codes to institute similar prohibitions.

Meanwhile, there are also more pro-crypto candidates among the Republican contenders. 

Vivek Ramaswamy, who Grayscale estimates has a 7% level of support compared to Trump’s 63%, is also considered pro-Bitcoin and anti-CBDC. 

Furthermore, Republican Miami Mayor Francis Suarez, known for his vocal support of crypto technology, has been labeled as the most passionate crypto advocate among all the candidates.

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