Donald Trump Takes a Stand Against the Digital Dollar, Embraces Bitcoin and Crypto
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Donald Trump Takes a Stand Against the Digital Dollar, Embraces Bitcoin and Crypto

Donald Trump, who is currently a leading candidate for the Republican Party in the 2024 presidential election, has announced his opposition to the development of a digital currency by the United States central bank. He stated that if he is elected president again, he would prevent the creation of a digital dollar.

The digital dollar, which has been inspired by bitcoin and gained attention due to Facebook’s unsuccessful digital currency project and China’s digital yuan, has sparked a heated debate. Some are concerned that it may grant governments unprecedented authority over individuals’ spending habits, turning it into a contentious issue in the culture war.

At the same time, Elon Musk is making preparations for a significant announcement in the cryptocurrency world, while President Trump has further expanded his collection of non-fungible tokens (NFTs) based on cryptocurrencies. This move has led to speculation that Trump might change his stance on the technology, especially considering the soaring price of bitcoin.

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The CEO of JPMorgan has expressed concerns about the recent surge in the price of Bitcoin, following the announcement that Satoshi Nakamoto, the pseudonymous creator of Bitcoin, plans to erase the cryptocurrency. Meanwhile, the new Bitcoin exchange-traded fund (ETF) offered by GBTC has suffered significant losses, while competitors like Blackrock and Fidelity are experiencing gains. NFTs, such as BoredApes and CryptoPunks, are gaining popularity in the corporate world. In contrast, former U.S. president Donald Trump has stated his opposition to a central bank digital currency (CBDC) in the U.S., despite expanding his NFT collection to include bitcoin.

During a speech in New Hampshire, Trump stated that he is making a commitment to safeguard Americans from any form of government oppression.

In my capacity as the president, I will ensure that the creation of a Central Bank Digital Currency (CBDC) does not occur. Introducing such a currency would grant the federal government, specifically our federal government, complete authority over your finances. They would have the ability to confiscate your funds without your knowledge.

The U.S. Federal Reserve, along with various central banks and governments worldwide, has been exploring the possibility of introducing a Central Bank Digital Currency (CBDC). However, they have consistently emphasized that they will not proceed with creating a CBDC unless they receive approval from Congress.

Trump expressed concern about the introduction of a digital dollar, highlighting that it would grant the federal government complete authority over individuals’ funds. He emphasized that the government would have the power to seize money without individuals being aware of its disappearance. Trump deemed this as a significant danger to the concept of freedom and pledged to prevent its implementation in the United States.

Vivek Ramaswamy, who previously ran against Trump for the Republican nomination but later withdrew and supported him, stated on Fox News that he had discussed with Trump his concerns regarding the potential risks of a digital dollar. Ramaswamy implied that he could influence Trump to adopt a more favorable stance towards cryptocurrency.

The value of bitcoin has experienced a significant increase following Donald Trump’s departure from the presidency in early 2021.

In 2019, Donald Trump expressed his disapproval of bitcoin and other cryptocurrencies. He shared his opinion on Twitter (now X), responding to Facebook’s intention to launch its own digital currency. Trump emphasized that the United States has a single official currency, the US Dollar, which he believes is highly robust and trustworthy. According to him, the US Dollar is the most influential currency globally and will continue to maintain its dominance.

During the year 2021, former President Trump expressed his skepticism towards bitcoin, stating that he believed it to

Nevertheless, subsequent to that time, Trump has released a collection of NFTs showcasing digital trading cards that are branded under his name. Recently, this collection has been extended to include ordinals on the bitcoin network, which are digital assets similar to NFTs on the bitcoin blockchain.

The organization operating Trump’s NFT project shared on platform X that individuals who purchase 100 of his “mugshot edition” NFTs for $99 each will receive an additional special card in the form of an ordinal number.

According to a tweet from the TrumpCollect X account, they have introduced the very first trading cards featuring Donald Trump, which can

Towards the end of the previous year, information stored in the blockchain indicated that Trump appeared to have disposed of ethereum with a value of $2.4 million.

According to Arkham Intelligence, a group of blockchain experts, it appears that Donald Trump is getting rid of his ethereum holdings. They discovered that three weeks ago, he began transferring ethereum to Coinbase after collecting royalties from his Trump NFTs for several months. At one point, his ethereum balance reached $4 million. Based on the recent deposits, it seems that he has sold 1,075 ethereum for a total of $2.4 million.

Critics argue that the Biden administration and regulatory agencies in the United States are hindering the growth of the cryptocurrency industry and impeding innovation by expressing their disapproval towards bitcoin and other cryptocurrencies.

According to Anthony Scaramucci, a former communications director and hedge fund manager, the main idea is that if people took the time to understand the technology, they would embrace it instead of avoiding it. He made this statement during an interview with Yahoo Finance at the World Economic Forum in Davos.