Former President Donald Trump reiterated his call for all remaining Bitcoin BTC/USD to be mined in the United States, framing it as a strategic move to bolster the country’s energy dominance.
What Happened: “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,” Trump emphasized in a post on Truth Social, a social media platform.
Trump’s statement reflects his desire to see a shift in Bitcoin mining towards U.S. companies utilizing domestic resources, as opposed to current hotspots like China, Central Asia, El Salvador, and some European countries.
This move, he suggests, aligns with his broader goal of energy dominance for the nation.
Earlier that day, Trump, known as the first U.S. presidential candidate to accept crypto donations, held discussions with executives from Nasdaq-listed Bitcoin mining companies CleanSpark Inc. CLSK and Riot Platforms RIOT at a Mar-a-Lago event.
Also Read: Billionaire Bill Miller Thinks Bitcoin Is Still ‘Significantly Undervalued’
During the meeting, Trump reportedly underscored the role of miners in stabilizing the energy grid’s supply.
Bitcoin’s capped supply of 21 million, expected to be mined by 2140, with 90% already in circulation, adds urgency to Trump’s call for U.S.-based mining operations.
The push for U.S.-based Bitcoin mining comes amidst growing concerns over energy consumption and environmental impact associated with mining activities globally.
Director of Bitcoin Strategy at Metaplanet Inc. Dylan LeClair said the United States should counter China’s decision to ban Bitcoin by embracing it and adopting it as a strategic reserve asset. He sees this prediction now playing out with Trump pivoting towards cryptocurrency support.
David Bailey, CEO of Bitcoin Magazine, sees Trump’s meeting with Bitcoin miners as “a historic moment in our journey towards hyperbitcoinization.” His conclusion: “Orange Man+Orange Coin= Good”
What’s Next: In light of these developments, insights into the future of digital assets and their impact on global economies and geopolitics will be discussed at Benzinga’s Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin Climbs Above $67.5K As Spot ETFs See $200M Outflows On Tuesday
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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