Former President Donald Trump has made a bold statement advocating for all remaining Bitcoin to be mined in the United States. This marks a significant shift in his stance on cryptocurrency, which he previously criticized. Trump’s comments come as he positions himself as a pro-crypto candidate for the 2024 presidential election.
Key Takeaways
- Trump wants all remaining Bitcoin to be mined in the U.S.
- He believes Bitcoin mining could be a defense against Central Bank Digital Currencies (CBDCs).
- Trump criticizes President Biden’s stance on Bitcoin, claiming it benefits U.S. adversaries.
- Trump’s position on cryptocurrency has evolved significantly since his presidency.
Trump’s Statements on Bitcoin Mining
In a late-night post on his social media platform, Truth Social, Trump declared, “We want all the remaining Bitcoin to be MADE IN THE USA!!!” He argued that Bitcoin mining might be the last line of defense against a Central Bank Digital Currency (CBDC), which he views as a threat to freedom. Trump has previously criticized the idea of a digital dollar issued by the Federal Reserve, calling it a “dangerous threat to freedom” and vowing to block its creation if re-elected.
Trump also claimed that mining Bitcoin in the U.S. would help the country become “energy dominant,” although this assertion is controversial given the high energy consumption associated with Bitcoin mining. He further criticized President Biden, stating that Biden’s “hatred of Bitcoin” only serves to help U.S. enemies like China and Russia, as well as the “Radical Communist Left.”
Meeting with Bitcoin Miners
Trump’s comments followed a meeting with Bitcoin miners at his Mar-a-Lago estate. The meeting included leaders from Bitcoin mining firms such as CleanSpark Inc. and Riot Platforms. According to reports, Trump told attendees that he loves and understands cryptocurrencies and vowed to be an advocate for Bitcoin miners if he returns to the White House. He also suggested that Bitcoin miners could help stabilize the energy supply from the grid.
Background and Context
Trump’s stance on cryptocurrency has evolved dramatically over the years. In 2019, he stated that he was “not a fan” of cryptocurrencies, describing them as “highly volatile” and “based on thin air.” He also criticized their potential for facilitating unlawful behavior. However, Trump has since revealed millions in digital assets, accepted campaign donations in cryptocurrencies, and even launched his own “digital trading cards.”
The supply of Bitcoin is limited to 21 million, with around 90% already mined. The process of mining Bitcoin becomes more energy-intensive as it approaches this limit, with the reward for successful mining operations halving at predetermined intervals. The U.S. is already a leading country in Bitcoin mining, accounting for between 35-40% of overall production.
Implications and Uncertainties
Several aspects of Trump’s assertions remain unclear. For instance, it is not evident how Bitcoin mining would defend against a central digital currency or how it would help the U.S. become “energy dominant.” Bitcoin mining is known for its significant energy consumption, and its environmental impact has been heavily scrutinized. President Biden’s proposed budget for 2025 includes measures to mitigate this impact, such as a 30% tax on miners’ total energy costs.
Trump’s national security angle is also difficult to parse, especially given Bitcoin’s potential to aid illicit activities. However, Trump may be raising concerns about the privacy implications of a central bank issuing its own digital currency.
Conclusion
Trump’s latest embrace of Bitcoin and his call for all remaining Bitcoin to be mined in the U.S. marks a significant shift in his stance on cryptocurrency. As he positions himself as a pro-crypto candidate for the 2024 presidential election, it remains to be seen how his views will influence the broader political and economic landscape.
Sources
- Trump Says ‘All’ Bitcoin Mining Should Be In The US In His Latest Embrace Of Crypto, Forbes.
- Trump digs deeper into Bitcoin, calls for remaining cryptocurrency to come from U.S. – Washington Times, Washington Times.
- Trump says he wants all remaining Bitcoin to be made in the US | Reuters, Reuters.
- Donald Trump wants all Bitcoin to be mined in the U.S., Quartz.
- Trump Advocates for Bitcoin Mining in the USA – Altcoin Buzz, Altcoin Buzz.
