Trump Announces He's 'Made The Decision'
This week, former President Donald Trump announced his plan for all remaining bitcoin to be produced in the United States, highlighting his belief that this will contribute to the country's energy dominance.
“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 stated in a late-night post on Truth Social.
According to CoinDesk, “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.”
Early Tuesday, Trump, the first U.S. presidential candidate to accept crypto donations, met with executives from Nasdaq-listed bitcoin mining firms CleanSpark Inc. and Riot Platforms. During the Mar-a-Lago event, he reportedly told attendees that miners help stabilize the grid’s energy supply. Bitcoin’s supply is capped at 21 million, which is expected to be fully mined by 2140, according to Coingecko. Currently, 90% of the supply has been mined, the outlet added.
Earlier this month, Trump gained attention at the Libertarian National Convention by expressing his support for Bitcoin and other cryptocurrencies. His endorsement signifies the increasing influence of digital currencies in politics and marks a significant shift from his previous skepticism.
“I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas,” Trump declared during his speech.
Previously, Trump was vocal about his dislike of cryptocurrencies while in office. He reportedly called Bitcoin a hoax, stating, “I don’t like it because it’s another currency competing against the dollar.”
In his recent address, Trump vowed to protect the right of the country’s 50 million bitcoin owners to self-custody. His commitment comes amid rising concerns among Bitcoin enthusiasts, particularly following the April arrest of engineers from Samourai wallet, a privacy-focused non-custodial Bitcoin wallet.
Last month, organizers for Trump’s 2024 campaign made history by announcing that the campaign will be the first in American history to accept cryptocurrency payments. This move is expected to enhance 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.”
According to the website, the former president accepts eight various forms of virtual currency, such as USD Coin, XRP, and Bitcoin.
The website states, “We are pleased to offer you the opportunity to contribute to the campaign with cryptocurrency, demonstrating President Trump’s success as a champion of American freedom and innovation.”
Additionally, Trump’s cryptocurrency donation page states, “Your support is necessary to save our nation from Biden’s failures.” It further emphasizes, “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.”