Former U.S. President Donald Trump is actively preparing for the 2024 Elections, aiming to return to the presidency. In a leaked campaign speech for an upcoming rally in Portsmouth, New Hampshire, Trump revealed his intention to prevent the Federal Reserve from creating a Central Bank Digital Currency (CBDC) if re-elected.
Trump’s campaign speech highlights his concerns about the potential risks of bank disintermediation and the political weaponization associated with the introduction of a CBDC. He emphatically opposes such a financial development to address perceived threats and protect financial stability, stating that he would never allow the creation of a CBDC, which he believes would give the federal government absolute control over citizens’ money and pose a dangerous threat to freedom.
The leak of Trump’s campaign speech comes just a day after Bitcoin advocate and presidential candidate Vivek Ramaswamy suspended his campaign to support Trump. Amidst the decline in physical cash usage in favor of electronic and online payment systems, central banks worldwide, including the Bank of Canada, are actively exploring the potential implementation of digital currencies.
Despite his disapproval of Bitcoin and other cryptocurrencies during his presidency, Trump has since introduced three NFT collections. Majority Leader of the House of Representatives Tom Emmer (R-MN) believes that Trump’s return to the White House could result in a more crypto-friendly approach, suggesting that a second Trump administration would be more favorable to the crypto industry.
Some analysts speculate that if Trump wins the upcoming presidential election, Bitcoin’s price could reach unprecedented highs. Trump’s stance on CBDCs and potential influence on cryptocurrency markets remains a point of interest as the 2024 elections approach.