Trump describes Bitcoin mining as the final defense against a Central Bank Digital Currency CBDC

Following a reported meeting with several Bitcoin (
BTC
) miners at his Mar-a-Lago resort in Palm Beach, Florida, where he pledged support for
Bitcoin mining
if he were to be elected into the White House, former President of the United States, Donald Trump, had more to share on the subject.

Trump expressed his belief that “
Bitcoin
mining could serve as a crucial defense against a
CBDC
,” referring to the central
bank
digital currency that has been proposed and is seen as a threat to the nation’s economy. He shared this sentiment in a
post
on his Truth Social account on June 12.


Donald Trump’s post on Bitcoin mining. Source:
Truth Social
The CBDC debate in the US has been a contentious issue in politics, with Congressman Tom Emmer cautioning that CBDCs could be a “CCP-style surveillance tool” aimed at “undermining the American way of life.” He introduced the CBDC Anti-Surveillance State Act, arguing that:
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“Through this legislation, we will prevent unelected officials in the Biden Administration from implementing a central bank digital currency that poses a threat to the American way of life.”

Earlier in the year, the aspiring presidential candidate reiterated that he would “never allow a CBDC,” which is a digitized or tokenized currency issued and regulated by the central bank with potential blockchain technology, if he were to return to the White House. He stated:
“Tonight, I also make a pledge to protect Americans from government overreach. As your president, I will never permit the implementation of a central bank digital currency.”

On a global scale, numerous countries are actively exploring CBDCs, with more than 100 of them in various stages of research, development, or pilot programs as of last year, according to
data
obtained by
Finbold
in July 2023.
In October, the Governing Council of the European Central Bank (ECB) made strides in its digital euro project, despite ECB president Christine Lagarde previously raising privacy concerns by indicating that the Eurozone’s CBDC “will not offer complete anonymity.”