Bitcoin
Trump calls Bitcoin the ‘last line of defense’ against centralized digital currency
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Former President Trump offered a strong endorsement of Bitcoin, claiming that the cryptocurrency will help the US become “energy dominant.”
Trump made the comments about his owner social media site Verdade Social on Tuesday after Bitcoin Magazine called it “the best choice for Bitcoin.”
“VOTE FOR TRUMP! Bitcoin mining could be our last line of defense against a [central bank digital currency]. Biden’s hatred of Bitcoin only helps China, Russia and the Radical Communist Left,” he wrote.
Former President Trump speaks during a campaign event at Wildwood Beach in Wildwood, New Jersey on May 11. (Hannah Beier/Bloomberg via Getty Images/Getty Images)
He added: “We want all remaining Bitcoins to be MADE IN THE USA!!! This will help us to be ENERGY DOMINANT!!!”
Trump has been a staunch supporter of Bitcoin throughout the 2024 election cycle, telling the audience at the Libertarian National Convention last month that he “will keep Elizabeth Warren and her henchmen away from your Bitcoin, and I will never allow the creation of a central bank digital currency.”
A “central bank digital currency” is a virtual form of currency issued by a country’s central bank, similar to physical cash.
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Pile of Bitcoins. (Reuters/Benoit Tessier/Illustration)
The US does not currently have such a currency, but the Federal Reserve alluded to considering such a development in the future.
The Federal Reserve says it has “not made any decisions about whether to pursue or implement a central bank digital currency” but has “explored the potential benefits and risks of CBDCs from multiple angles.”
The crypto industry, determined to make its voice heard in the election, has raised more than $100 million through so-called super PACs, with major crypto companies like Ripple and Coinbase making large donations.
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President Biden speaks in the White House Rose Garden in Washington, D.C., May 14. (Tierney L. Cross/Bloomberg via Getty Images/Getty Images)
President Biden, for his part, has often upset the fickle crypto crowd since taking office, thanks in large part to Securities and Exchange Commission Chairman Gary Gensler, who has brought a plethora of enforcement actions against some of the biggest companies in the world. sector, and Senator Elizabeth WarrenD-Mass., who praised the building of an “anti-crypto army.”
FOX Business’ Eleanor Terrett contributed to this report.