Free money or a scam? What do U.S. presidential candidates think of Bitcoin?

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Foresight News
3 months ago
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The peak competition for political power, the battle for the fate of Bitcoin.

Original author: Bitcoin Magazine

Original compilation: Luffy, Foresight News

Ahead of the 2024 U.S. presidential election, Bitcoin has been keeping a low profile on the national political stage. For the first time ever, Bitcoin has become a prominent issue for presidential candidates from both parties. Although previous presidents have mentioned Bitcoin and the current president has enacted Bitcoin-related policies, Bitcoin will be a focus of attention this election.

Many candidates have expressed their stance on Bitcoin in public. We took the opportunity to reach out to these candidates to hear from them directly. For those candidates who did not respond, and even some who did, we used previous quotes to assess their stance on Bitcoin. Below is Bitcoin Magazine’s Bitcoin Scorecard for the 2024 presidential candidates.

Robert F. Kennedy Jr.

Free money or a scam? What do U.S. presidential candidates think of Bitcoin?

Independent candidate, born January 17, 1954.

Previous political office/experience: Never held any office

Noteworthy Bitcoin Comments:

Backing the U.S. dollar and U.S. debt with hard assets can help the U.S. dollar regain strength, curb inflation, and usher in a new era of U.S. financial stability, peace, and prosperity.

“I began to understand that freedom of transactions is as important as freedom of speech, which is what Bitcoin is. I also saw the trajectory of central bank digital currencies and giving countries the ultimate power to decide whether we live or die. I understood that we need a free currency- A currency that is independent and not controlled by governments.

Bitcoin legislation worth watching:

Speaking at the PAC event, Kennedy outlined specific Bitcoin-focused policies he would enact if he became president, including gradually backing the U.S. dollar with Bitcoin and exempting Bitcoin from capital gains taxes. “My plan is to start very small, with 1% of the Treasury bills issued being backed by hard currency, gold, silver, platinum or Bitcoin,” Kennedy said. He added that depending on the results of the first step, he would increase the annual Issue additional such treasury bills.

Short editorial/opinion:

Kennedy is the new standard for Bitcoin candidates moving forward. In large part due to his clear and thorough stance on how to integrate Bitcoin, which he detailed throughout his presidency, Kennedy stood out for his bold vision for the United States and its monetary policy. This doesn’t feel like another politician throwing Bitcoin into the mix for influence or filling donor coffers; this feels like a full-blown legislative attack on the many economic issues the country faces today. That said, while his recent announcement to run as an independent wasnt a surprise, his firing of campaign manager Dennis Kucinich for his daughter-in-law, former CIA operative Amaryllis Hope Fox, was.

Candidate Rating: B+

Joe Biden

Free money or a scam? What do U.S. presidential candidates think of Bitcoin?

Democratic Party, born November 20, 1942.

Previous political positions/experience: Served as the 46th President of the United States from 2021, Served as the 47th Vice President of the United States from 2009 to 2017, Served as a Delaware Senator from 1973 to 2009, Served as a Senator from 1971 to 1973 Member of the New Castle County Council for District 4.

Noteworthy Bitcoin Comments:

Advances in the digitization of financial services and distributed ledger technology have led to dramatic growth in digital asset markets, which has far-reaching implications for consumer, investor and business protection, including data privacy and security, financial stability and systemic risk, national security, and the exercise of human rights. capabilities, financial inclusion and equity, as well as energy demand and climate change.”

“With regard to digital assets, my government will work to ensure that our core democratic values ​​are respected; consumers, investors and businesses are protected; appropriate global financial system connectivity and interoperability of platforms and architectures are preserved; global financial system and the security and soundness of the international monetary system are maintained.

“The growth of the decentralized financial ecosystem, peer-to-peer payment activities, and blockchain ledgers will create additional market and national security risks in the future without controls to reduce illicit finance.”

Free money or a scam? What do U.S. presidential candidates think of Bitcoin?

Brief editorial/opinion: Biden was the head of the executive branch during Operation Choking Point 2.0, which failed five (and counting) U.S. banks. Biden has promoted FedNow and has continually painted Bitcoin as the currency of criminals, which he also believes exacerbates the climate crisis. Simply put, the Biden administration is no ally of Bitcoin, let alone its voting bloc, and its callous legislation has been called a “war on Bitcoin” by Republican candidate DeSantis. While he’s not as outspoken in his tweets as President Trump, it’s fair to say that Biden’s executive order tilts the coming war on Bitcoin toward regulators. The best comment we can make is that he hasnt banned anything, anyway.

Candidate Rating: D

Donald Trump

Free money or a scam? What do U.S. presidential candidates think of Bitcoin?

Republican, born June 14, 1946.

Previous political positions/experience: Served as the 45th President of the United States from 2017 to 2021.

Noteworthy Bitcoin comments:

Bitcoin looks like a scam. I dont like it because its another currency competing with the U.S. dollar... I want the U.S. dollar to be the world currency.

“I am not a fan of Bitcoin and other cryptocurrencies. They are not currencies, their values ​​are highly volatile and arise out of thin air. Unregulated crypto-assets may facilitate illegal behavior, including drug trading and other illegal activities...”

Bitcoin legislation worth watching:

  • Brian Brooks OCC Appointment

  • Allows holding Bitcoin, cryptocurrencies and stablecoins

  • Peter Thiel Team Appointments

  • Mick Mulvaney appointed: Director of the Office of Management and Budget (OMB) from February 2017 to March 2020, and acting White House Chief of Staff from January 2019 to March 2020.

Brief Editorial/Opinion: Don’t overlook the legislative good that an “orange bad guy” has done for Bitcoin. One could argue that his selection of former Coinbase CLO Brian Brook as Comptroller of the Currency is the most important appointment in U.S. Bitcoin history. Brook allows banks to hold Bitcoin, clearing the way for financial institutions to enter the space. The regulation came into effect in mid-2020, and the price of Bitcoin increased 20-fold the following year. Despite positive price action and even his own success in casting Trumps image, his presidency has led to government lockdowns and excessive monetary inflation through stimulus bills.

Candidate Rating: C

Vivek Ramaswamy

Free money or a scam? What do U.S. presidential candidates think of Bitcoin?

Republican, born August 9, 1985.

Previous political office/experience: Never held any office

Noteworthy Bitcoin Comments:

“A booming Bitcoin would better enable me to do what a U.S. president wants to do, which is stabilize the dollar and return the Federal Reserve to its singular mandate.”

It is unfair and counterproductive to treat Bitcoin miners as different from any other energy consumer... We will build this into the rules and safeguard the freedom of mining by abolishing any special tax on the use of energy to mine.

“I believe that Bitcoin has not yet met the requirements of the commodity basket for a number of reasons. I am a Bitcoin fan, I have spoken at Bitcoin conferences. I would like to stabilize the dollar against agriculture and agricultural products, gold, silver and nickel .Bitcoin may become part of this commodity basket at some point. Due to some technical reasons, it will not be included today.”

I think were living in a moment where we can unite this country. In 1980, Ronald Reagan did that and won a landslide election. We have a chance to win a landslide election in 2024, I think thats the most unifying thing we can achieve in politics, thats what I think.

Bitcoin legislation worth watching:

If elected, Ramaswamy promised to unilaterally end protections for civil servants through executive order, impose eight-year term limits on federal positions, close the Department of Education, and replace the FBI, IRS and other agencies. Those who are elected should actually run the government.

Short editorial/opinion:

According to the collaborative encyclopedia, Ramaswamy paid to have his Wikipedia page changed. The changes include removing Ramaswamys receipt of the 2011 Daisy Soros New Americans Fellowship and his time on the Covid-19 response team.

Candidate Rating: B+

Ron DeSantis

Free money or a scam? What do U.S. presidential candidates think of Bitcoin?

Republican, born September 14, 1978.

Previous political positions/experiences: Served as the 46th Governor of Florida in 2019, and served as a member of the House of Representatives for Florida’s 6th District from 2013 to 2018

Noteworthy Bitcoin Comments:

“As president, we will protect the freedom of citizens to engage in Bitcoin-related endeavors. I just don’t want to control what people do in this space, and I think the current regime is clearly ready for Bitcoin if this continues for another four years. Years later, they may end up killing it.

Were going to get Americans investing in Bitcoin and cryptocurrencies, etc. When I become president, Bidens war on Bitcoin will be over.

“As president, CBDC will be thrown in the trash from day one — and we won’t allow it to happen.”

Bitcoin legislation worth watching:

  • CS/HB 273 - Money Services Business

  • Bill of May 12, 2022 Defining Virtual Currencies and Enable License-Free Transactions

  • SB 7054: Central Bank Digital Currencies

  • March 31, 2023 Bill Bans CBDC in Florida

Brief Editorial/Opinion: DeSantis served as Florida governor during the government lockdown, and his response was relatively quick (certainly compared to governors in most populous states). Oppose federal overreach to keep states open. Of course, DeSantis’s right-leaning governing style is no stranger to media controversy, and he has used his platform to promote national policies that are favorable to Bitcoin, including upholding the right to trade Bitcoin without a transmission license. His 2022 budget proposal even includes Bitcoin funding for state projects and announced the creation of infrastructure for Florida to accept Bitcoin sales tax payments. His disrespect for the federal digital dollar, both in clever signage and policy, is undoubtedly admirable. However, it is worth noting that he voted in the House vote to extend the Patriot Act (USA Freedom Act of 2015).

Candidate Rating: B

Mike Pence

Free money or a scam? What do U.S. presidential candidates think of Bitcoin?

Republican, born June 7, 1959.

Previous political offices/experience: Vice President to the 45th President Donald Trump

Noteworthy Bitcoin Comments:

While not making any direct comments on Bitcoin itself, his former chief economist Mark Calabria said in 2015 when asked about concerns about Bitcoin regulation:

“I don’t think the Bitcoin community should be complacent with the current regulatory environment, it’s definitely going to get worse.”

Bitcoin legislation worth watching:

  • Brian Brooks OCC Appointment

  • Allows holding Bitcoin, cryptocurrencies and stablecoins

  • Peter Thiel Team Appointments

  • Mick Mulvaney appointed: Director of the Office of Management and Budget (OMB) from February 2017 to March 2020, and acting White House Chief of Staff from January 2019 to March 2020.

Brief Editorial/Opinion: Like his presidential partner, Pence has only presented his Bitcoin stance from behind the scenes. Pence, Donald Trumps former vice president, has remained silent on Bitcoin, although his boss frequently railed against it on social media during his four years in office. His stance is that Bitcoin will not replace or compete with his favorite currency, the U.S. dollar. Pence has shown a willingness to work with Bitcoin supporters in the past, and his former chief economist, Mark Calabria, is a member of the libertarian think tank Cato Institute and a public advocate for Bitcoin. In addition, his nephew John Pence, who once worked at the cryptocurrency exchange Binance, served as a senior adviser to the Trump-Pence campaign from 2016 to 2020.

Candidate Rating: C

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