The peak contest of political power, the fate of Bitcoin.
Written by: Bitcoin Magazine
Compiled by: Luffy, Foresight News
Before the 2024 U.S. presidential election, Bitcoin has been low-key on the national political stage. For the first time in history, Bitcoin has become a prominent issue for the presidential candidates of both parties. Despite the mention of Bitcoin by the former president and the current president's formulation of policies related to Bitcoin, in this election, Bitcoin will be a focus of attention.
Several candidates have expressed their positions on Bitcoin in public. We took this opportunity to contact these candidates and directly listen to their opinions. For those candidates who did not respond, or even some who did respond, we used previous quotations to evaluate their stance on Bitcoin. Here is the Bitcoin scorecard for the 2024 presidential candidates summarized by Bitcoin Magazine.
Robert F. Kennedy Jr.
Independent candidate, born on January 17, 1954.
Previous political positions / experience: Has not held any political positions.
Notable Bitcoin comments:
"Backing the dollar and U.S. debt with hard assets can help the dollar regain strength, suppress inflation, and usher in a new era of financial stability, peace, and prosperity in the United States."
"I am beginning to understand that trading freedom is as important as freedom of speech, and that's what Bitcoin is. I also see the trajectory of central bank digital currencies, and the ultimate power they give to the state to decide our life and death. I understand that we need a free currency—a currency that is independent and not controlled by the government."
Notable Bitcoin legislation:
Kennedy outlined specific policies focused on Bitcoin that he would enact if elected president during a speech at a PAC event, including gradually supporting the dollar with Bitcoin and exempting Bitcoin capital gains tax. Kennedy stated, "My plan is to start on a very small scale, where 1% of the Treasury-issued securities will be supported by hard currency, gold, silver, platinum, or Bitcoin." He added that based on the results of the first step, he would issue more of these types of Treasury securities each year.
Brief editorial / opinion:
Kennedy is the new standard for Bitcoin candidates. To a large extent, Kennedy stands out with a bold vision for integrating Bitcoin into his presidency, largely due to his detailed articulation of how he would integrate Bitcoin into his presidency to address many of the economic issues facing the country today. That being said, while it is not surprising that he recently announced his candidacy as an independent, it is surprising that he fired campaign manager Dennis Kucinich for his daughter-in-law, former CIA agent Amaryllis Hope Fox.
Candidate rating: B+
Joe Biden
Democratic Party, born on November 20, 1942.
Previous political positions / experience: President of the United States since 2021, Vice President of the United States from 2009 to 2017, Delaware Senator from 1973 to 2009, Councilman for the Fourth District of Newcastle County from 1971 to 1973.
Notable Bitcoin comments:
"The advancement of digitalization in financial services and distributed ledger technology has led to a rapid growth in the digital asset market, which has far-reaching implications for consumer, investor, and business protection, including data privacy and security, financial stability and systemic risk, national security, the ability to exercise human rights, financial inclusion and fairness, and energy demand and climate change."
"With regard to digital assets, the government under my leadership will strive to ensure that our core democratic values are respected; consumers, investors, and businesses are protected; appropriate global financial system connectivity and platform and architecture interoperability are maintained; and the safety and soundness of the global financial system and international monetary system are preserved."
"Decentralized financial ecosystems, peer-to-peer payment activities, and blockchain ledgers are growing, and without control measures to reduce illicit finance, they will bring additional market and national security risks in the future."
Brief editorial / opinion:
Biden was the head of the executive branch during "Operation Choke Point 2.0," which led to the closure of five (and still increasing) U.S. banks. Biden has promoted FedNow and continuously portrayed Bitcoin as the currency of criminals, and he also believes that Bitcoin exacerbates the climate crisis. In short, the Biden administration is not an ally of Bitcoin, let alone its voting bloc, and its harsh legislation has been called "a war on Bitcoin" by Republican candidate DeSantis. Although he is not as outspoken as President Trump in his tweets, it is fair to say that Biden's executive orders are tilting the upcoming Bitcoin war towards regulatory agencies. The best comment we can make is that, in any case, he has not banned anything yet.
Candidate rating: D
Donald Trump
Republican Party, born on June 14, 1946.
Previous political positions / experience: 45th President of the United States from 2017 to 2021.
Notable Bitcoin comments:
"Bitcoin looks like a scam. I don't like it because it competes with the dollar… I want the dollar to be the world currency."
"I don't like Bitcoin and other cryptocurrencies. They are not currencies, their value fluctuates greatly and they come out of thin air. Unregulated crypto assets may foster illegal activities, including drug trafficking and other illegal activities…"
Notable Bitcoin legislation:
- Brian Brooks OCC appointment
- Allow holding Bitcoin, cryptocurrencies, and stablecoins
- Peter Thiel team appointment
- Mick Mulvaney appointment: served as Director of the Office of Management and Budget (OMB) from February 2017 to March 2020, and as Acting White House Chief of Staff from January 2019 to March 2020.
Brief editorial / opinion:
Do not overlook the legislative good deeds done for Bitcoin by an "orange bad guy." Some may say that his appointment of former Coinbase CLO Brian Brooks as the Comptroller of the Currency is the most important appointment in U.S. Bitcoin history. Brooks allowed banks to hold Bitcoin, clearing the way for financial institutions to enter the field. This regulation took effect in mid-2020, and the price of Bitcoin rose 20 times the following year. Despite the positive price trend, and even his successful casting of the Trump image, his presidency led to government lockdowns and excessive currency inflation through stimulus bills.
Candidate rating: C
Vivek Ramaswamy
Republican, born on August 9, 1985.
Previous political positions / experience: Has not held any political positions.
Notable Bitcoin comments:
"The flourishing Bitcoin can better enable me to do what an American president wants to do, which is to stabilize the position of the dollar and restore the Federal Reserve to its single responsibility."
"Treating Bitcoin miners differently from any other energy consumer is unfair and counterproductive… We will incorporate this into the rules and maintain mining freedom by abolishing any special taxes on energy mining."
"I believe that for various reasons, Bitcoin has not yet met the requirements of a basket of goods. I am a fan of Bitcoin, and I have spoken at Bitcoin conferences. I hope to stabilize the dollar against agricultural and agricultural products, gold, silver, and nickel exchange rates. Bitcoin may become part of that basket at some point. It is not included today for some technical reasons."
"I believe we are living in a moment that can unite this country. In 1980, Ronald Reagan did this and won the election by an overwhelming margin. We have the opportunity to achieve an overwhelming victory in the 2024 election, and I think this is the most unifying thing we can achieve in politics, that's my idea."
Notable Bitcoin legislation:
If elected, Ramaswamy promises to unilaterally terminate protection for public officials through executive orders, impose an eight-year term limit on federal positions, shut down the Department of Education, and replace the FBI, IRS, and other agencies. "Those elected should truly manage the government."
Brief editorial / opinion:
According to disclosures from collaborative Wikipedia, Ramaswamy paid to change his Wikipedia page. These changes include the removal of Ramaswamy receiving the 2011 Daisy Soros New American Fellowship and his experience on the Covid-19 response team.
Candidate rating: B+
Ron DeSantis
Republican, born on September 14, 1978.
Previous political positions / experience: Governor of Florida since 2019, U.S. Representative for Florida's 6th district from 2013 to 2018.
Notable Bitcoin comments:
"As president, we will protect the freedom of citizens to engage in Bitcoin-related activities. I just don't want to control people's actions in this area, and I think the current regime is obviously prepared for Bitcoin, and if this situation continues for another four years, they may eventually kill it."
"We will allow Americans to invest in Bitcoin and cryptocurrencies. When I become president, Biden's war on Bitcoin will end."
"As president, from day one, CBDC will be thrown in the trash—we will not allow it to happen."
Notable Bitcoin legislation:
- CS/HB 273 - Currency Services
- May 12, 2022 bill defining virtual currency and enabling license-free transactions
- SB 7054: Central Bank Digital Currency
- March 31, 2023 bill banning Florida CBDC
Brief editorial / opinion:
DeSantis served as Governor of Florida during government lockdowns, and his response was relatively quick (of course, compared to most governors of densely populated states). He opposed federal overreach to keep the state open. DeSantis' right-leaning governing style is no stranger to media controversy, and he uses his platform to promote national policies favorable to Bitcoin, including maintaining the right to trade Bitcoin without a transmission license. His 2022 budget proposal even included Bitcoin funding for state projects and announced the establishment of infrastructure for accepting Bitcoin sales tax payments in Florida. His lack of respect for the federal digital dollar, whether in clever signage or policy, is undoubtedly admirable. However, it is worth noting that he voted in favor of extending the Patriot Act (2015 USA Freedom Act) in the House of Representatives.
Candidate rating: B
Mike Pence
Republican, born on June 7, 1959.
Previous political positions / experience: Vice President to the 45th President, Donald Trump.
Notable Bitcoin comments:
While he has not made any direct comments on Bitcoin itself, his former chief economist Mark Calabria expressed concerns about Bitcoin regulation in 2015, saying, "I don't think the Bitcoin community should be complacent about the current regulatory environment, things are definitely going to get worse."
Notable Bitcoin legislation:
- Brian Brooks OCC appointment
- Allow holding Bitcoin, cryptocurrencies, and stablecoins
- Peter Thiel team appointment
- Mick Mulvaney appointment: served as Director of the Office of Management and Budget (OMB) from February 2017 to March 2020, and as Acting White House Chief of Staff from January 2019 to March 2020.
Brief editorial / opinion:
Like his presidential partner, Pence has only shown his stance on Bitcoin in the shadows. As the former Vice President to Donald Trump, Pence remains silent on Bitcoin, despite his boss frequently criticizing Bitcoin on social media during his four-year term. His stance is that Bitcoin will not replace or compete with his favorite currency, the dollar. Pence has shown 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 worked at the cryptocurrency exchange Binance, served as a senior advisor to the Trump-Pence campaign team from 2016 to 2020.
Candidate rating: C
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