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Presidential Candidates Supporting Bitcoin: A New Era Of Elections

Last Updated August 29, 2023 8:08 AM
Omar Elorfaly
Last Updated August 29, 2023 8:08 AM

Key Takeaways

  • Digital assets are a hot topic for presidential candidates.
  • Candidates hold different stances on crypto regulation.
  • Wall Street corporations involvement pushes discussions on crypto.

While 2020 elections took headlines by storm, sparking debates about immigration and political stances on social agendas, 2024 US presidential vote is set to include discussions on digital assets such as Bitcoin.

46th US President Joseph Robinette Biden Jr. certainly had an impact on crypto trading by installing Gary Gensler as US Securities and Exchange Commission (SEC) Chairman. Moreover, President Biden signed executive orders that may change the landscape for crypto trading in the US.

Now, upcoming presidential candidates such as Francis Suarez, Ron DeSantis, Robert F. Kennedy, and Donald J. Trump voice their opinions on their perspectives on the future of crypto.

Francis Suarez

Francis Xavier Suarez, a lawyer and current two-time mayor of Miami, is a Republican candidate who strongly supports crypto. Having won mayoral elections in 2017 and in 2021, Suarez has been headstrong about turning Miami into the new Silicon Valley.

Suarez led efforts to rename Kaseya Center into FTX Arena, having been spotted spending time with FTX’ CEO and founder, Sam Bankman-Fried.

In the latest news, Francis Suarez announced  that, should he win the elections, he’s willing to receive his salary in Bitcoin.

“I’m doing that right now as Mayor [of Miami], I don’t see why I wouldn’t do that as president.”

Ron DeSantis

Ronald Dion DeSantis is a member of the Republican party and governor of Florida. DeSantis has been quite vocal in his support for cryptocurrency investment while standing firmly against the development of a Central Bank Digital Currency (CBDC).

Last month, in a campaign rally, he said : “I actually signed legislation where we don’t recognize Central Bank Digital Currency,” adding “as a President, CBDC goes into the trash can, we’re not going to allow it.”

More importantly, DeSantis made his feelings regarding Biden’s approach to crypto clear by saying “Biden’s war on Bitcoin and cryptocurrency will come to an end when I become president.”

Robert F. Kennedy Jr.

Robert Francis Kennedy Jr., also known as RFK, is an American environmental lawyer, politician, and writer. RFK is a strong supporter of cryptocurrencies, especially Bitcoin. 

“The Kennedy administration will begin to back the US dollar with real finite assets, such as gold, silver, platinum, and Bitcoin, which is the world’s hardest liquid asset, to strengthen the US dollar and guarantee its success as a world reserve currency,” said  Kennedy Jr. during his Heal-the-Divide PAC virtual event.

“Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation, and usher in a new era of American financial stability, peace and prosperity.”

Donald Trump

Former 45th US President was sighted on several occasions  expressing his skepticism towards cryptocurrencies, specifically Bitcoin.

However, latest reports  show that Donald J. Trump owns more than $2.8 million in crypto tokens.

Moreover, Trump’s financial records show that he owns a further $500,000 in Ethereum.

On top of that, Trump has his own collection of Non-Fungible Tokens (NFTs).

Joe Biden

Current US President Joseph Robinette Biden Jr.’s approach to crypto has been somewhat controversial as he decided to name Gary Gensler as SEC chairman, the regulating body overseeing digital assets.

Gensler’s SEC has been strict on the crypto sector, limiting the emergence and development of any token besides the four Gensler-approved tokens (Bitcoin, Bitcoin Cash, Ethereum, and Litecoin).

In March, Biden signed an executive order  calling for risk and benefit assessment on cryptocurrencies. 

The main points to be examined through Biden’s order are consumer and investor protection, financial stability, illicit activity, U.S. competitiveness on a global stage, financial inclusion, and responsible innovation.

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