PUBLISHED WED, JUN 12 2024
By: Mr-Falcon
A significant portion of the American populace, approximately one in four, owns Bitcoin. This statistic exceeds the number of Americans over the age of 65, yet political discourse frequently emphasizes senior concerns more than those of cryptocurrency holders.
In the 2024 campaign, President Donald Trump is making notable efforts to appeal to the Bitcoin community. At the Libertarian National Convention, he pledged to halt President Joe Biden's "crusade to crush crypto" and affirmed his support for the right to self-custody of Bitcoin. Trump stated, "With your vote, I will keep Elizabeth Warren and her allies away from your Bitcoin, and I will never permit the creation of a central bank digital currency."
Trump's commitment to Bitcoiners is evident. He aligns with global leaders such as President Javier Milei of Argentina and President Nayib Bukele of El Salvador, who advocate for Bitcoin. Trump recognizes the importance of self-sovereignty and decentralization, especially as trust in institutions like the government and banks erodes. His own experiences with legal and financial challenges underscore his understanding of these values.
Conversely, President Biden's administration has shown a hostile stance towards Bitcoin and the broader cryptocurrency ecosystem. Recently, Biden vetoed legislation that would have protected consumers' rights to have regulated financial institutions custody their Bitcoin, citing "consumer protection" as the reason. This administration's "Operation Choke Point 2.0" directed banks to cease business with digital asset companies, proposed a 30% tax on Bitcoin mining energy usage, and sought information on miners' energy contracts, threatening to regulate them out of business. The Justice Department also aimed to regulate self-hosted wallets as money-transmitting businesses, a departure from traditional Treasury Department guidance.
The Biden administration's actions suggest an intent to ban the cryptocurrency industry while laying the groundwork for a Central Bank Digital Currency (CBDC). Proponents of a CBDC seek complete control over financial transactions, in stark contrast to Bitcoin's promotion of individual freedom and decentralization.
Despite some Democratic leaders like Sen. Kirsten Gillibrand and Reps. Ritchie Torres and Wiley Nickel supporting pro-Bitcoin policies, the administration's approach, heavily influenced by Senator Elizabeth Warren, mirrors restrictive measures akin to those of the Chinese Communist Party. These measures aim to stifle financial services for Bitcoin, limit access to energy, and impose stringent regulations, ultimately paving the way for a CBDC by eliminating private alternatives.
Senator Warren's proposed legislation would effectively ban Bitcoin mining in the United States by imposing anti-money laundering standards on miners, despite their lack of customer asset custody. This move would halt Bitcoin transactions and ease the path towards a CBDC.
For Bitcoin supporters, the upcoming election presents a clear choice. A significant portion of voters, one-third, considers candidates' views on digital assets when deciding. President Trump promises to protect the right to own, mine, and transact with Bitcoin, support Bitcoin miners, and prevent the implementation of a CBDC. For those in the Bitcoin community, Trump appears to be the candidate poised to champion their interests and potentially restore Bitcoin's standing within the U.S. government.
Support Us
If you enjoy our content, you may want to consider supporting us. Every form of assistance is greatly meaningful to us and will ensure the continued availability of quality content.
- https://bit.ly/Falcon-Donate
- https://bit.ly/Falcon-Donate_ETH
- https://bit.ly/Falcon-Donate_DOGE
Thank you for your support.
#political #bitcoin☀️ #cryptocurrency #donaldtrump #CBDC.
