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Donald Trump Wants All Remaining Bitcoin To Be Mined In The US

Published 13/06/2024, 12:14
Donald Trump Wants All Remaining Bitcoin To Be Mined In The US

Crypto Daily - Republican presidential candidate Donald Trump has said that he wants all remaining Bitcoin to be mined in the US, adding that such a move would help the country become energy-dominant.

During his meeting with several Bitcoin miners, Trump stated that Bitcoin mining could be the “last line of defense” against a CBDC (Central Bank Digital Currency).

Trump Throws Weight Behind Bitcoin Mining

The cryptocurrency industry is increasingly trying to woo US politicians as it continues to face scrutiny from regulators because of major bankruptcies at prominent crypto firms that led to losses worth billions. The bankruptcies also exposed rampant fraud and misconduct. Against this backdrop, Republican presidential candidate Donald Trump has thrown his weight behind crypto. In a recent meeting with Bitcoin miners, including executives of Nasdaq-listed Bitcoin mining firm CleanSpark (NASDAQ:CLSK) Inc. and Riot Platforms (NASDAQ:RIOT), Trump stated he wants all the remaining Bitcoin to be mined in the US, adding that it would help the country become energy-dominant. In a post on the social media platform Truth Social, Trump stated,

“Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT.”

A New Mining Hotspot

Trump wants US companies to ramp up Bitcoin mining using local resources. Mining hotspots include El Salvador, Germany, China, and several Central Asian countries. Trump has promised support for Bitcoin mining should he become president. He also became the first US presidential candidate to accept donations in cryptocurrency.

Last Defense Against CBDCs

Trump stated that Bitcoin mining could be the last defense against central bank digital currencies (CBDCs), which many believe are a significant threat to the US economy. CBDCs have become a major bone of contention in US politics, with Congressman Tom Emmer going as far as to say they could be used as a CCP-style surveillance tool that could destroy the American way of life during his presentation of the CBDC Anti-Surveillance State Act.

“With this legislation, we are going to stop unelected bureaucrats in the Biden Administration from using a central bank digital currency that threatens to destroy the American way of life.”

In January, Trump stated that he would never allow a CBDC to be issued or regulated by the central bank.

“Tonight, I’m also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a central bank digital currency.”

While Trump is skeptical about CBDCs, several countries are actively exploring them, with CBDCs in various stages of development. In October, the governing council of the European Central Bank announced it was advancing its digital euro project despite privacy concerns after ECB president Christine Lagarde stated that the Eurozone CBDC will not be fully anonymous.

“We are working to protect privacy, but since digital money leaves a trace on the blockchain, it will not be completely anonymous as is the case with a banknote.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

This content was originally published on Crypto Daily

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