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Trump calls Bitcoin “last line of defense” against centralized digital currency
“Kudlow” panelists Steve Moore and Rep. Jodey Arrington, R-Texas, react to former President Trump’s proposal to end tip taxes.
Former President Trump has offered strong support for Bitcoin, arguing that the cryptocurrency will help the United States become “energy dominant.”
Trump made the comments about his property social media site Truth Social Tuesday after Bitcoin Magazine called it “Bitcoin’s Best Choice.”
“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 USA!!! It will help us be ENERGY DOMINANT!!!”
Trump was a firm supporter of Bitcoin throughout the 2024 election cycle, telling audiences at the Libertarian National Convention last month that he will “keep Elizabeth Warren and her minions 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 nation’s central bank similar to physical money.
Pile of Bitcoins. (Reuters/Benoit Tessier/Illustration)
The United States currently does not have such a currency, but Federal Reserve hinted at considering a similar development in the future.
The Federal Reserve says it has “not made any decisions on whether to pursue or implement a central bank digital currency,” but has “explored the potential benefits and risks of CBDCs from a variety of angles.”
The cryptocurrency industry, determined to make its voice heard in the election, has raised more than $100 million through so-called super PACs, with large donations from major crypto firms such as Ripple and Coinbase.
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President Biden speaks in the White House Rose Garden in Washington, DC, on May 14. (Tierney L. Cross/Bloomberg via Getty Images/Getty Images)
President Biden, meanwhile, has frequently upset the fickle cryptocurrency public since taking office, largely thanks to Securities and Exchange Commission Chairman Gary Gensler, who has initiated myriad enforcement actions against some of the largest companies in the sector, e Senator Elizabeth WarrenD-Mass. who touted the creation of an “anti-cryptocurrency army.”
FOX Business’ Eleanor Terrett contributed to this report.