Trump backs Bitcoin as defense against foreign adversaries, centralized digital currency
Trump was reacting to a recent endorsement of his campaign written in Bitcoin Magazine
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Former President Trump offered a strong endorsement of Bitcoin, claiming the cryptocurrency will help the U.S. become "energy dominant."
Trump made the comments on his proprietary social media site Truth Social on Tuesday after Bitcoin Magazine called him "the best choice for Bitcoin."
"VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a [central bank digital currency]. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left," he wrote.
Former President Trump speaks during a campaign event at Wildwood Beach in Wildwood, New Jersey, on May 11. (Hannah Beier/Bloomberg via Getty Images / Getty Images)
He added, "We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!"
Trump has been a firm supporter of Bitcoin throughout the 2024 election cycle, telling the audience at the Libertarian National Convention last month that he will "will keep Elizabeth Warren and her goons away from your Bitcoin, and I will never allow the creation of a central bank digital currency."
A "central bank digital currency" is a virtual form of currency issued by a nation's central bank similar to physical money.
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Pile of Bitcoins. (Reuters/Benoit Tessier/Illustration)
The U.S. does not currently have such a currency, but the Federal Reserve has alluded to considering such a development in the future.
The Federal Reserve states that it "has made no decisions on whether to pursue or implement a central bank digital currency" but has been "exploring the potential benefits and risks of CBDCs from a variety of angles."
The crypto industry, determined to make its voice heard in the election, has raised more than $100 million through so-called super PACs, with major crypto firms like Ripple and Coinbase giving large donations.
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President Biden speaks at the White House Rose Garden in Washington, D.C., on May 14. (Tierney L. Cross/Bloomberg via Getty Images / Getty Images)
President Biden, meanwhile, has often upset the voluble crypto crowd since being in office, largely thanks to his Securities and Exchange Commission Chairman Gary Gensler, who has brought a myriad of enforcement actions against some of the biggest companies in the space, and Sen. Elizabeth Warren, D-Mass. who has touted building an "anti-crypto army."
FOX Business' Eleanor Terrett contributed to this report.