The presidential campaign is starting to pick up steam ahead of the elections later this year in the U.S., and former President Donald Trump, a prospective Republican candidate, just made an announcement that may prompt cryptocurrency investors to support him.
In his address to his voters in Portsmouth, New Hampshire, on January 17, Trump shared his thoughts on a Central Bank’s Digital Currencies (CBDC’s).
“Tonight, I’m also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a Central Bank Digital Currency.”
CBDCs are digitized or tokenized forms of currency issued and regulated by central banks, with the underlying technology possibly involving blockchain or other methods.
Despite the absence of a formal proposal from the Federal Reserve to implement a CBDC, the topic has become a significant point of discussion in U.S. politics, notably during political campaigns.
Trump’s previous involvement in cryptocurrencies
In 2019, Trump disapproved of cryptocurrencies, stating he is ‘not a fan.’ He also said that he doesn’t view Bitcoin (BTC) and other digital assets favorably, as they are not recognized as forms of currency.
Their value is notably volatile and perceived to be based on speculative factors. Unregulated crypto assets have the potential to facilitate illicit activities, such as the drug trade and other unlawful practices, as per the new presidential candidate.
However, documents released in August 2023 disclosed that the former president holds over $2.8 million in cryptocurrency. Most probably in Ethereum (ETH), as crypto wallet tracker Arkham Intelligence revealed in a post on X on August 16.
Despite skepticism towards cryptocurrencies during his presidency, Trump introduced a non-fungible token (NFT) project called Trump Digital Collectible Cards last year. This initiative features digital cards adorned with images of the former president himself.
