The Bitcoin Stance of U.S. Presidential Hopefuls
Introduction
Bitcoin is taking center stage in the national political arena as presidential candidates from both sides of the aisle are vocalizing their stances on the cryptocurrency. While Bitcoin has been mentioned by previous presidents and there have been Bitcoin-related policies in place, this election cycle marks the first time it is becoming a prominent issue. With numerous candidates in the race, each with their own perspective on Bitcoin, Bitcoin Magazine presents its official Bitcoin scorecard for the 2024 presidential candidates.
Robert F. Kennedy Jr.
Independent
Robert F. Kennedy Jr. has emerged as a standout Bitcoin candidate, with well-articulated positions on how his presidency would integrate the cryptocurrency. He proposes gradually backing the U.S. dollar with Bitcoin and exempting Bitcoin profits from capital gains taxes. Kennedy envisions a return to a hard currency standard and pledges to increase the allocation annually. Kennedy’s visionary approach distinguishes him from other politicians who may incorporate Bitcoin solely for clout or fundraising purposes.
Joe Biden
Democratic Party
Joe Biden’s administration has not been favorable toward Bitcoin, with policies that paint the cryptocurrency as a tool for criminals and a contributor to the climate crisis. Biden’s executive orders seem to favor regulatory control over Bitcoin. While he hasn’t banned anything yet, his actions suggest a lack of support and understanding for the potential benefits of Bitcoin.
Donald Trump
Republican Party
Despite his negative comments about Bitcoin, Donald Trump made significant legislative appointments that benefited the cryptocurrency. Brian Brooks, the former Coinbase CLO appointed by Trump, paved the way for financial institutions to enter the Bitcoin space by allowing banks to retain Bitcoin. Trump’s actions had a positive impact on Bitcoin’s price, but his policies on government lockdowns and excessive monetary inflation remain contentious.
Vivek Ramaswamy
Republican Party
Vivek Ramaswamy has expressed his support for Bitcoin and its potential to stabilize the U.S. dollar. He believes that Bitcoin should be treated equally in terms of energy consumption and taxation. Ramaswamy also recognizes the opportunity for a united country and unconventional political thinking. His proposed executive orders aim to dismantle the administrative state, restrict federal positions to eight-year terms, and address the role of government.
Ron DeSantis
Republican Party
Ron DeSantis has been a proponent of Bitcoin-friendly policies as the Governor of Florida. He upheld the right to transact Bitcoin without a transmitter license and included Bitcoin funding in the state’s budget proposal. DeSantis has also expressed opposition to central bank digital currencies (CBDCs) and aims to prevent their implementation. While he has displayed right-leaning governing principles, DeSantis has shown support for Bitcoin and stands against federal overreach.
Mike Pence
Republican Party
Although Mike Pence has not directly commented on Bitcoin, his former chief economist, Mark Calabria, expressed concerns about Bitcoin regulation in 2015. Pence’s stance on Bitcoin remains in the shadows, but his history of working with public Bitcoin proponents suggests a willingness to engage with the cryptocurrency. While he may not openly embrace Bitcoin, Pence has shown some level of support for the cryptocurrency.
Closing Remarks
As the 2024 presidential candidates share their Bitcoin stances, it is clear that there is a range of perspectives on the cryptocurrency. Some candidates, like Robert F. Kennedy Jr. and Ron DeSantis, demonstrate strong support for Bitcoin and its potential impact on the economy. Others, like Joe Biden and Mike Pence, have been more reserved or silent on the matter. While the future of Bitcoin’s political landscape remains uncertain, it is encouraging to see Bitcoin gaining attention and becoming a central issue in the national conversation.
