Republican Candidate DeSantis Vows to End ‘Bitcoin War’
Mitchell Nixon
Republican Candidate DeSantis Targets CBDCs and Defends Bitcoin
Republican candidate Ron DeSantis has made digital currency a central theme of his 2024 presidential campaign, anchoring his message in “economic independence.” Speaking at a July 31 campaign event in New Hampshire, the Florida Governor declared, “As president, on day one, CBDC goes into the trash can — we’re not going to allow it.”
DeSantis reiterated his firm stance against central bank digital currencies (CBDCs), pledging to ban them if elected. He also criticised what he called President Joe Biden’s ongoing “war on Bitcoin and cryptocurrency,” vowing to bring it to an end should he take office in 2025.
The specific policies DeSantis was referring to remain unclear; however, he indicated that they might be connected to the Federal Reserve. In March 2022, President Biden signed an executive order outlining a regulatory framework for digital currencies. Under Biden’s administration, the Securities and Exchange Commission has filed numerous lawsuits against crypto firms, and the Department of Justice has pursued criminal charges against former FTX CEO Sam Bankman-Fried and former Celsius CEO Alex Mashinsky.
Drawing a comparison, DeSantis contrasted the United States government’s plans for a CBDC with those of China, where the central bank is currently conducting trials of a digital yuan. He expressed doubt, asserting that “unaccountable elites” within the government could not be trusted to manage the potential rollout of a digital dollar.
“[The Fed wants] to go to a cashless society. They want to eliminate cryptocurrency,” claimed DeSantis. “As president, on day one, CBDC goes into the trash can — we’re not going to allow it.”
Various candidates from both the Democratic and Republican parties, competing for a spot in the 2024 presidential election, have expressed their views on cryptocurrencies, including Bitcoin and CBDCs. Robert F. Kennedy Jr., a Democratic party candidate, who trails by approximately 40-50 points behind Biden in polls, has been vocal about his support for cryptocurrencies during his campaign and has disclosed making several BTC purchases.
“I’m going to back my words with actions,” stated the Democratic presidential candidate, reaffirming his endorsement of Bitcoin.
Kennedy Jr. confirmed he purchased a significant sum of BTC earlier in 2023, buying two Bitcoin for each of his seven children.
During a Twitter Space conversation on July 26, Kennedy revealed that he arrived at this decision following substantial criticism from crypto industry experts and mainstream media after expressing his pro-Bitcoin stance at the Bitcoin Miami Conference in May.
“I am not an investor, and I am not here to give investment advice,” he said.
Kennedy admitted that he faced criticism for advocating a “volatile commodity” without having any personal investment in it.
During his speech at the conference, he also disclosed that he would accept campaign contributions in Bitcoin, but he explicitly denied having any personal financial involvement in the cryptocurrency at that time.
During the interview, Kennedy reiterated his proposal to support the U.S. dollar with Bitcoin and to grant the asset immunity from capital gains taxes in the event of his election as President.
He emphasised that he views Bitcoin as a means of revitalising innovation in America. Additionally, Kennedy suggested that any capital gains tax exemptions related to Bitcoin conversions should be limited to smaller investors and businesses to prevent significant windfalls for larger corporations such as BlackRock and Goldman Sachs.
Will be an interesting watch to see how much bearing this has on the voting!
Conclusion:
Republican candidate Ron DeSantis’s fierce opposition to CBDCs and his pledge to protect Bitcoin highlight how crypto trading and digital finance are taking centre stage in the 2024 election. His promise to end President Biden’s so-called “Bitcoin war” reinforces the rising political divide over cryptocurrency regulation — a debate with real implications for traders, miners, and DeFi users alike.
As digital assets like Bitcoin become campaign flashpoints, it’s more important than ever to understand how these developments could impact your crypto strategy — from crypto trading and crypto signals to crypto miner hosting and DeFi training.
At Imperial Wealth, we help Australians stay ahead of the curve with expert-led training and insights tailored to this evolving landscape.
Book your free 30-minute consultation today and learn how to secure your crypto portfolio, optimise your mining setup, and trade confidently in a shifting regulatory environment.