In the upcoming 2024 presidential election, one of the key issues that is gaining attention is the stance on Bitcoin and cryptocurrency. With one in four Americans owning Bitcoin, it is clear that this is an important issue for a significant portion of the population. President Donald Trump has been actively appealing to Bitcoin owners, promising to protect their rights to self-custody and to transact with Bitcoin without government interference. In contrast, President Biden’s administration has been hostile towards Bitcoin, proposing restrictive regulations such as a tax on mining energy and attempts to regulate self-hosted wallets.
President Trump’s pro-Bitcoin stance aligns with the views of popular leaders around the world, such as Presidents Javier Milei of Argentina and Nayib Bukele of El Salvador, who have embraced Bitcoin and blockchain technology. Trump recognizes the importance of decentralization and the value of self-sovereignty, especially at a time when trust in traditional institutions like governments and banks is declining. He understands the potential of Bitcoin to revolutionize finance and energy industries in the United States and support economic growth in the future.
On the other hand, President Biden’s administration has shown a clear bias against Bitcoin and the broader cryptocurrency ecosystem. They have implemented policies such as “Operation Choke Point 2.0” to restrict banks from working with digital asset companies and proposed a 30 percent tax on mining energy. Additionally, the administration has attempted to regulate self-hosted wallets as money transmitting businesses, effectively trying to ban the industry. This hostile approach reflects a desire for control and a push towards a Central Bank Digital Currency.
The creation of a CBDC is seen as a tool for complete government control over transactions and financial activities, which goes against the principles of freedom and individual empowerment that Bitcoin represents. Certain politicians, like Senator Elizabeth Warren, have actively pursued legislation to restrict Bitcoin mining in the United States, furthering the agenda of a CBDC. This approach mirrors the Chinese Communist Party’s tactics of cutting off financial services and imposing market regulations to control their populace.
For Bitcoiners, the choice in the upcoming election is clear. President Trump is the candidate who will protect their rights to own, mine, and transact with Bitcoin without government interference. With a significant portion of voters weighing candidates’ views on digital assets in their election choice, President Trump’s pro-Bitcoin stance could attract support from the growing Bitcoin community. As the industry continues to grow and evolve, having a candidate who understands and supports blockchain technology is crucial for its success.