Trump Calls for All Bitcoin Mining to Take Place in the US
Former Pres. and presumptive Republican nominee reaffirmed his commitment to the cryptocurrency industry, saying that he wants 'all the remaining Bitcoin to be MADE IN THE USA!!!' in a late Tuesday night post on his Truth Social platform....
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Facts
- Former Pres. and presumptive Republican nominee reaffirmed his commitment to the cryptocurrency industry, saying that he wants 'all the remaining Bitcoin to be MADE IN THE USA!!!' in a late Tuesday night post on his Truth Social platform.1
- He added that mining Bitcoin will help the US with energy independence and that it could be the 'last line of defense against' a central bank digital currency —something issued by a country's central bank, and an idea being considered by the US Federal Reserve.2
- Since Bitcoin mining requires extensive energy, Trump's reference to energy dominance likely relates to regulations. His statements contrast the policies of Pres. Joe Biden, whose 2025 budget imposes a 30% tax on Bitcoin miners' total energy costs.3
- The US surpassed China in 2021 as the world’s leader in Bitcoin mining, and Trump has embraced the industry in recent years. On Tuesday, he met with high-profile miners and crypto executives at Mar-a-Lago, vowing to be an advocate for the industry as President.4
- In 2019, Trump said he was 'not a fan' of crypto, but he has since changed his position on the issue. His campaign now accepts crypto donations, and he has slammed Biden’s 'hatred of Bitcoin,' saying it only benefits US adversaries like China and Russia.3
- At his Mar-a-Lago event, Trump said that miners help stabilize the grid's energy inventory. Meanwhile, Bitcoin's supply is capped at 21M, with 90% already mined. Estimates suggest it will be fully mined by 2140.5
Sources: 1The Hill, 2FOX News, 3Forbes, 4Bloomberg and 5Coindesk.
Narratives
- Pro-Trump narrative, as provided by Bitcoinmagazine. There is no doubt that Pres. Trump is the best candidate for the crypto community, and his effort to embrace Bitcoin shows that he will fight against the anti-crypto establishment in DC. Roughly 25% of Americans own Bitcoin, yet they have been largely ignored, if not demonized, by the political class. Trump has evolved on the issue and taken the time to learn more about this vital technology. He knows that crypto is a protector of our freedom, and he will fight against Democrats' plans to destroy financial freedom.
- Anti-Trump narrative, as provided by MSNBC. Donald Trump continues to show that he has no convictions on any issue and will say whatever he believes will help him politically. Once a staunch critic of Bitcoin and cryptocurrency, Trump has completely flip-flopped on the issue — likely because some of his allies told him to. Trump doesn't seem to understand anything about Bitcoin mining or cryptocurrency, but that won't stop him from making statements for the sake of donations and scoring political points.
