In a surprising turn of events, former President Donald Trump has called for all remaining Bitcoin to be mined within the United States. This announcement marks a significant shift in Trump’s stance on cryptocurrency, which he previously criticized during his presidency.
Key Takeaways
- Trump wants all remaining Bitcoin to be mined in the U.S.
- He believes Bitcoin mining could be a defense against a Central Bank Digital Currency (CBDC).
- Trump claims this move will help the U.S. achieve energy dominance.
- The former president has previously been skeptical of cryptocurrencies.
Trump’s Announcement
On June 12, 2024, Donald Trump made a bold statement on his social media platform, Truth Social, declaring, “We want all the remaining Bitcoin to be MADE IN THE USA!!!” He emphasized that Bitcoin mining could serve as a defense against the potential threat of a Central Bank Digital Currency (CBDC), which he has labeled a “dangerous threat to freedom.”
Trump’s comments come as a part of his broader strategy to differentiate himself from President Joe Biden, who he claims is hostile towards the crypto industry. Trump argues that Biden’s stance on Bitcoin benefits U.S. adversaries like China and Russia.
Energy Dominance and National Security
Trump also linked Bitcoin mining to the concept of energy dominance, although the specifics of this claim remain unclear. Bitcoin mining is known to be energy-intensive, consuming significant amounts of electricity. Despite this, Trump suggests that mining Bitcoin in the U.S. could help stabilize the energy grid and contribute to national security.
Meeting with Bitcoin Miners
Trump’s announcement followed a meeting with leaders from Bitcoin mining firms, including CleanSpark Inc. and Riot Platforms, at his Mar-a-Lago estate. During the meeting, Trump expressed his support for the crypto sector and promised to advocate for Bitcoin miners if re-elected.
Background and Context
Trump’s stance on cryptocurrency has evolved significantly over the years. In 2019, he criticized Bitcoin and other digital assets, calling them “not money” and “based on thin air.” He also highlighted their potential for facilitating illegal activities. However, Trump has since embraced the digital sector, revealing millions in digital assets and accepting campaign donations in cryptocurrencies.
The Future of Bitcoin Mining
The supply of Bitcoin is limited to 21 million coins, with around 90% already mined. The process of mining new Bitcoin becomes increasingly difficult and energy-intensive as the supply nears its limit. Currently, the U.S. leads in Bitcoin mining, accounting for 35-40% of global production. Other major mining countries include China, Kazakhstan, Russia, Canada, and Germany.
Trump’s call for all remaining Bitcoin to be mined in the U.S. could have significant implications for the global crypto industry and the U.S. energy sector. As the debate over cryptocurrency regulation and environmental impact continues, Trump’s latest stance adds a new dimension to the ongoing discussion.
