PATHUGO’S BLOG

Ron DeSantis defends Bitcoin and criticizes CBDC

May 28, 2023

In the race for the White House, Florida Governor Ron DeSantis has emerged as the most pro-Bitcoin and cryptocurrency Republican presidential candidate. While American cryptocurrency supporters seek a political leader who prioritizes fintech policies, DeSantis appears to fill this gap with his strong support for cryptocurrencies and financial decentralization.

During an announcement of his candidacy on Twitter Spaces, DeSantis stated that people should have the right to buy and hold Bitcoin, emphasizing that as president, “we will protect the ability to do things like Bitcoin.” This bold statement adds to his generally favorable policies toward Bitcoin, including the proposal to allow companies to pay taxes directly in cryptocurrency and his clear opposition to Central Bank Digital Currencies (CBDCs), seen as the antithesis of decentralized Bitcoin.

DeSantis’ position on cryptocurrencies has also garnered attention from cryptocurrency supporters and investors. During a conversation on Twitter Spaces with Elon Musk and David Sacks, DeSantis criticized the Biden administration’s approach to Bitcoin, stating that if the ongoing tough regulations continue, “they will likely end up killing it.” He emphasized that Bitcoin poses a threat to the current regime and that the administration wants to regulate it out of existence, but he will oppose this anti-Bitcoin legislation.

DeSantis’ stance on CBDCs is equally clear. He has banned central bank digital currencies in Florida, stating that they threaten financial independence and citizen privacy. During the Twitter Spaces conversation, DeSantis promised to oppose anti-Bitcoin legislation in Congress and to avoid implementing a CBDC during his presidency, highlighting concerns about potential abuse and extensive financial surveillance.

DeSantis’ support for cryptocurrencies has become a central point of his political platform. He has signed laws that define virtual currency in Florida statute, allowing individuals to trade cryptocurrencies without a license. He has also worked to accept cryptocurrency payments for business taxes. His vision as governor is to be cryptocurrency-friendly and ensure that the state government supports financial decentralization.

The issue of cryptocurrencies is becoming increasingly relevant in the 2024 elections. DeSantis is currently regarded as the leading Republican presidential candidate who values financial decentralization and the protection of financial privacy for citizens. While other candidates such as Nikki Haley and Mike Pence have not expressed themselves as explicitly on cryptocurrencies, DeSantis’ support could gain further consensus among voters who see cryptocurrencies as an opportunity for financial autonomy and the preservation of civil liberties.

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