Benzinga - by Abbey Higginbotham, Benzinga Staff Writer.
Ex-President Donald Trump reiterated his desire for the U.S. to make “all the remaining Bitcoin” in order to be “energy dominant.”
It’s worth noting that Bitcoin has a capped supply of 21 million and 90% has already been mined. The leading cryptocurrency’s U.S.-based miners also use a tremendous amount of electricity.
Still, Trump insists in all caps on Truth Social that Bitcoin mining is crucial for American energy dominance.
"Bitcoin mining may be our last line of defense against a CBDC,” he wrote. CBDC refers to a "central bank digital currency" (a digital version of the American dollar).
“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," Trump continued.
President Joe Biden has not indicated an opposition to Bitcoin. His campaign is reportedly considering accepting cryptocurrency donations using the services of cryptocurrency exchange Coinbase.
Advocating for Domestic Bitcoin Mining Trump’s comments are in line with his America-first rhetoric.
But, according to data aggregated by Visual Capitalist, the U.S. is already first among the top three countries for Bitcoin mining. Many other countries mine Bitcoin, including China and Russia.
In a meeting at Mar-a-Lago with executives from Nasdaq-listed Bitcoin mining companies CleanSpark Inc. and Riot Platforms, Trump highlighted the role of Bitcoin miners in stabilizing the energy grid, seemingly overlooking all energy consumption and environmental impact concerns.
Dylan LeClair, director of bitcoin strategy at Metaplanet Inc., supports this vision, suggesting the U.S. should embrace Bitcoin as a strategic reserve asset, countering China’s ban on cryptocurrency.
Game theory 101. #Bitcoin pic.twitter.com/1Gi13zF2zt— Dylan LeClair