At the conclusion of Elon Musk’s dialogue with Florida Governor Ron DeSantis, who is also the Republican presidential nominee, the conversation centered on digital assets—including Bitcoin, the digital dollar, and even a mention of Dogecoin for good luck.
The discussion between Musk and DeSantis, moderated by David Sacks, had a rocky start, with numerous Twitter users experiencing technical issues. Eventually, the talk started and towards the end, DeSantis expressed his support for the most popular cryptocurrency.
The Governor of Florida asserted that his backing of Bitcoin was due to protecting civil liberties, and declared his opponents’ efforts to restrict cryptocurrency as an example of governmental control that was excessive.
DeSantis declared that people have the right to engage in Bitcoin, claiming that the only motivation behind criticism from Washington is due to an inability to have control over it.
As the 2024 election season begins, Governor DeSantis’ comments echoed those of Robert F. Kennedy Jr., the Democratic presidential candidate, who praised Bitcoin as a symbol of democracy and a hindrance to authoritarians last week.
On Wednesday, DeSantis spoke about the augmented enforcement actions that the digital assets industry has faced in 2021, asserting that the government is attempting to suppress digital assets in order to maintain the power of the current ruling class.
DeSantis stated that Bitcoin poses a danger to the establishment, noting that they are attempting to regulate it out of existence.
DeSantis asserted that if Congress attempted to pass laws against “things like Bitcoin”, he would fight against it fervently. He also highlighted that if Biden is chosen for a second term, the current government could potentially put an end to Bitcoin.
DeSantis remarked that the current administration is hostile towards Bitcoin and if it continues during the next four years, it might end up being eradicated.
David Sacks remarked on the alteration of the political discourse to include cryptocurrency, emphasizing there is a sizable crypto group on Twitter. Elon Musk then jumped in to add that there is also a notable presence for Dogecoin on the platform.
Through his platform, DeSantis has consistently voiced his opposition to central bank digital currency, similar to what Tom Emmer has done, and has pushed for a prohibition of government-backed cryptocurrencies in Florida.
CBDCs share characteristics with certain assets such as stablecoins, which are tied to the exchange rate of a sovereign currency, for instance, the US dollar. However, these digital currencies are issued and regulated by government entities or central banks, rather than private companies on open networks.
The Chairman of the Federal Reserve, Jerome Powell, has expressed that Congress should bestow written consent for a CBDC, however Governor DeSantis has made it clear that this is not an option and will not occur during his tenure.
DeSantis commented that a CBDC would need to be authorized by Congress and went on to add that if he were to become president, no central bank digital currency would be implemented.
Governor DeSantis pointed out that a Central Bank Digital Currency (CBDC) could be utilized to inhibit transactions considered politically disagreeable by the tech’s regulators, potentially restraining matters related to the environment or hindering gun sales.
He expressed his viewpoint of a large shift from single purchasers to a governing body, and that he does not believe that is beneficial for an independent nation. His conclusion was that he is not in favor of a digital currency established by the central bank.
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