Donald Trump vows to protect Bitcoin from Elizabeth Warren and regulatory abuses

Donald Trump’s new weapon against the Biden administration is cryptocurrency.

The former US president has made a striking shift in his stance on the industry, with the topic now becoming a prominent issue in the upcoming presidential election.

Trump Rejects CBDC

Speaking to a crowd at the Libertarian National Convention in Washington over the weekend, Trump assured that under his leadership, the future of cryptocurrencies and bitcoins will grow in the United States rather than being pushed abroad.

Trump has pledged to protect the rights of the country’s 50 million cryptocurrency holders to self-care, vowing to keep prominent critics like Elizabeth Warren away from their assets. He further pledged to oppose the establishment of a central bank digital currency (CBDC), marking a marked shift from his previous skepticism towards the asset class.

“I will ensure that the future of cryptocurrencies and the future of Bitcoin will be made in the US, not driven abroad. I will support the right to self-care for the country’s 50 million cryptocurrency holders. I will keep Elizabeth Warren and her thugs away from your Bitcoin. And I will never allow the creation of a central bank digital currency (CBDC).”

Trump’s open play to cryptocurrency investors in the country marks a significant departure from his critical stance during his presidency. The Republican Party has increasingly supported Bitcoin and other digital assets in recent years, while leading Democrats remain divided over whether to legitimize the industry after several high-profile scandals.

Additionally, Trump’s open endorsement marks a milestone for crypto companies, which are lobbying heavily in Washington and investing tens of millions of dollars to shape the 2024 elections.

Trump on the Silk Road, creator Ross Ulbricht

At the same convention, Trump promised to commute Silk Road founder Ross Ulbricht’s life sentence to prison if re-elected. This pledge was met with applause from the audience, many of whom held signs reading “Free Ross.”

Before the speech, Trump accused President Joe Biden on Truth Social of wanting the cryptocurrency industry to “die a slow and painful death,” vowing that would never happen under his leadership.