The re-election of Donald Trump marks a pivotal moment in the relationship between Big Tech and the U.S. government. While his first term was characterized by frequent clashes with tech giants over issues like content moderation and perceived bias, his second term ushers in a more cooperative dynamic. Tech leaders, including Meta CEO Mark Zuckerberg, Apple CEO Tim Cook, Google CEO Sundar Pichai, Amazon founder Jeff Bezos, and Tesla CEO Elon Musk, were seated in the frontFacade, face. See Obverse. More row at Trump’s inauguration, symbolizing their alignment with the new administration’s priorities.
This growing consolidation of Big Tech’s influence has profound implications for privacy, free speech, and digital governance. It also raises critical questions about the future of cashMoney in physical form such as banknotes and coins. More in a world that is increasingly digital, where tech giants are becoming the de facto rule-makers.
Trump’s re-election has emboldened major tech companies, resulting in:
Since Trump’s re-election on November 6, 2024, the value of BitcoinBitcoin is commonly said to be a cryptocurrency, a digital means of exchange developed by a set of anonymous authors under the pseudonym of Satoshi Nakamoto, which began operating in 2009 as a community project (Wikipedia type), without the relationship or dependency of any government, state, company or body, and whose value (formed by a complicated system of mathematical algorithms and cryptography) is not supported by any central bank or authority. Bitcoins are essentially accounting entries i... More has surged by 60%, from just under $68,000 to a new high of $108,535 on January 20, 2025, the day of his inauguration. Dogecoin, favored by Elon Musk, nearly tripled in value from $0.15 to $0.45 in the same period. Trump even launched his own cryptocurrency, a meme coinA coin is a small, flat, round piece of metal alloy (or combination of metals) used primarily as legal tender. Issued by government, they are standardised in weight and composition and are produced at ‘mints’. More called $Trump, which debuted at $50 on January 20. His wife, Melania, followed suit by launching $Melania coin just days earlier.
While cryptocurrencies don’t provide a straightforward alternative to cash or traditional paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More systems, under the new administration, their role as speculative financial assets is likely to grow.
In contrast, Meta’s failed attempt to launch its digital currencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More, Diem, under the Biden administration highlighted the challenges of creating a global peer-to-peer payment system. Diem faced immense regulatory opposition over concerns about monetary sovereignty, financial stability, and privacy. When Elon Musk acquired Twitter in 2022, many speculated he would use the platform to introduce payments and banking services. Would such a Big Tech-led initiative face similar resistance under the current administration?
Trump has already signaled his opposition to a U.S. Central Bank Digital Currency (CBDC)A digital payment instrument, denominated in the national unit of account, and a direct liability of the central bank, like banknotes. A general purpose CBDC can be used by the public for day-to-day payments like cash. More, promising to block its creation if re-elected. He argues that a CBDC would give the federal government “absolute control over your money” and could lead to economic “tyranny.” He has vowed to protect Americans from such a scenario, framing CBDCs as a potential threat to financial freedom.
It remains to be seen whether Trump’s stance will influence other countries’ plans for CBDCs. According to the Atlantic Council’s CBDC Tracker, 75 countries are exploring retail CBDC projects, with three nations—The Bahamas, Jamaica, and Nigeria—having already launched them.
As Big Tech’s influence grows, several risks become more pronounced:
In this context, cash’s future does not seem to be a priority for the new administration. While the U.S. has been considering legislation to mandate cash acceptance, such as the Payment Choice Act (which twice passed the House in 2022 but failed to advance in the Senate), it seems unlikely that federal action will gain traction under the current political climate.
However, several states and municipalities have taken action. States like New Jersey, Massachusetts, California, Oregon, and Rhode Island—and cities like New York, Philadelphia, San Francisco, Seattle, Chicago, Boston, and Detroit—have passed laws requiring retailers to accept cash. This trend could expand further in the future, particularly as political fragmentation grows.
In this tech-dominated world, cash remains an essential counterbalance:
The rise of Big Tech under Trump’s second term underscores the urgent need for checks and balances in an increasingly digital world. As tech companies expand their influence into nearly every aspect of life, cash serves as a vital safeguard for individual freedoms, privacy, and economic autonomy. Protecting access to cash is crucial to ensuring that individuals retain the ability to make independent choices free from surveillance, control, and the dominance of digital monopolies.