- Donald Trump took to his Truth Social platform on Wednesday to share his thoughts on Bitcoin, saying that all the remaining Bitcoin should be “MADE IN THE USA!”
- Trump also reportedly met with Bitcoin mining company leaders recently, telling them he “loves and understands” crypto, and will advocate for the industry if elected president.
Republican US Presidential candidate, Donald Trump, took to his social media platform, Truth Social, on Wednesday to make the interesting statement that all remaining un-mined Bitcoin should be mined in the United States. Trump further claimed that doing so will allow the country to become “energy dominant”—whatever that means.
The social media comments followed Trump’s meeting with Bitcoin mining executives at Mar-a-Lago on Tuesday at which he reportedly told attendees he “loves and understands” crypto.
Crypto has become an increasingly hot political topic recently for both Biden and Trump, as both candidates try to attract the sizeable degen vote for this year’s presidential election.
Trump’s post on his Truth Social platform is more bluster than any sort of statement of his policy position, making all sorts of wild claims and drawing unusual conclusions.
He begins by saying Bitcoin mining is “our last line of defense against a CBDC”, which is an interesting thought—could wider adoption of cryptocurrency protect against the use of cryptocurrency? In any case, it’s not at all clear that the US Government has any plans to implement a CBDC system at this time.
Trump then says Biden hates Bitcoin and that this hatred “only helps China, Russia and the Radical Communist Left”. This appears to be a blatant attempt to once again characterise himself as the candidate to vote for if you want to see your bags moon and finally get that Lambo you’ve had your eye on.
Finally, the Republican presidential nominee and convicted felon says, “We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT”. It’s a short statement, but a statement rich in confusion.
Bitcoin is decentralised, no single country can control 100% of the hash rate. Sure, the US could implement policies to encourage more Bitcoin mining and increase the nation’s overall hash rate, but the US can’t effectively own and control Bitcoin.
The ‘energy dominance’ comment is equally vague, however Trump has previously used this phrase when talking about the US becoming a net exporter of energy and speeding up production of its energy sources.
Trump’s post came after he reportedly met with executives from Bitcoin mining firms, including CleanSpark Inc. and RiotPlatforms, at his Mar-a-Lago property.
According to CleanSpark Inc. Chair, Michael Schultz, who spoke to Bloomberg about the meeting, Trump told the attendees he “loves and understands” cryptocurrencies and, if elected president, would advocate for Bitcoin miners. Trump also reportedly stated he believes miners can help stabilise the nation’s energy supply.
Bitcoin mining is notorious for requiring high levels of energy consumption, however some argue mining operations could support demand response programs that help to stabilise power grids.
Related: ‘I’m Good With It’ – Donald Trump Offers Strongest Crypto Endorsement Yet, Welcomes Crypto Campaign Donations
These supportive comments to Bitcoin mining executives are Trump’s latest attempt to draw a clear line between himself and Biden when it comes to their positions on crypto. During this election campaign Trump has repeatedly tried to woo crypto investors, in sharp contrast to the strongly anti-crypto stance he held during his previous stint as president.
In 2019, when he was last president, Trump said he’s “not a fan of Bitcoin and other Cryptocurrencies”, characterising them as “not money” and saying their value is “based on thin air”.
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