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Former President Donald Trump announced this week that he wants all the remaining bitcoin to be made in the United States, reiterating that it will help the country become energy-dominant.
“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 said in a late-night post on the social media platform Truth Social.
“Trump’s post likely indicates he’d like to see more bitcoin mining done by U.S. companies using local resources. Current mining hotspots are China, Central Asian countries, El Salvador, and some European countries such as Germany, data shows,” CoinDesk reported.
“Early Tuesday, Trump, the first U.S. presidential candidate to accept crypto donations, met with executives of Nasdaq-listed bitcoin mining firm CleanSpark Inc. and Riot Platforms. The former President reportedly told the attendees at the Mar-a-Lago event that miners help stabilize the grid’s energy supply. Bitcoin’s supply is capped at 21 million, which is scheduled to be mined through the year 2140, according to Coingecko. As of now, 90% of the supply has been mined,” the outlet added.
Trump made headlines earlier this month when he expressed support for Bitcoin and cryptocurrency at the Libertarian National Convention.
His endorsement signifies a monumental and historic shift from his previous skepticism and demonstrates the increasing influence of digital currencies in politics.
“I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas,” Trump told the audience during his speech.
During his presidency, Trump was vocal about his disdain for cryptocurrencies, once describing Bitcoin as a scam while adding: “I don’t like it because it’s another currency competing against the dollar.”
During his speech, Trump pledged to support the right to self-custody for the nation’s 50 million cryptocurrency holders. His commitment comes in the wake of growing concerns among Bitcoin enthusiasts, especially after the April arrest of developers from Samourai wallet, a privacy-focused non-custodial Bitcoin wallet, the outlet reported.
Trump’s 2024 campaign made history with an announcement late last month when officials revealed that the campaign will be the first in U.S. history to accept cryptocurrencies as donations, which is seen as a move that ought to bolster fundraising efforts among tech-savvy supporters.
“Today, President Trump’s campaign has launched a fundraising page that provides any federally permissible donor the ability to give – through its joint fundraising committees – using any cryptocurrency accepted through the Coinbase Commerce product,” the campaign announced.
“This addition to President Trump’s already groundbreaking digital fundraising operation marks the first time a major party Presidential nominee has embraced cryptocurrency for donations. Contribution limits and disclosure requirements for crypto donations will follow Federal Election Commission regulations,” the release continued.
“Starting today, people wanting to make federally permissible donations to the Trump campaign with crypto can do so at: https://www.donaldjtrump.com/crypto.”
The website indicates that the former president is accepting eight different types of digital currency, including Bitcoin, XRP, and USD Coin.
“Demonstrating President Trump’s success as a champion of American freedom and innovation, we proudly offer you a chance to contribute to the campaign with cryptocurrency,” the website says.
Trump’s crypto donation website notes further, “Saving our nation from Biden’s failures requires your support. As Biden piles regulations and red tape on all of us, President Trump stands ready to embrace new technologies that will Make America Great Again.”
