Key facts:
Donald Trump, who is emerging as the Republican candidate in the 2024 presidential elections on November 5, intensified his support for the promotion of cryptocurrencies with a new statement in favor of adoption.
Yesterday, the former North American president supported Bitcoin mining and pointed out that the rest of the BTC that remains to be mined be extracted with hash generated in the United States, using this statement as a new front of attack against the administration of President Joe Biden .
«We want all remaining Bitcoins to be made in the USA! It will help us become Energetically Dominant!“Trump said in a post on his social media platform, Truth Social.
Trump also believes that the adoption of Bitcoin can be an exponent against the implementation of a Central Bank Digital Currency (CBDC), one of the proposals that the Democratic Party is in favor of.
The self-proclaimed “crypto president” questions the idea of a “digital dollar,” which is one of the alternatives that is under analysis by the Federal Reserve (FED). He called this potential innovation a “dangerous threat to liberty” and vowed to block its implementation if he is re-elected.
“Vote For Trump! 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,” Trump said in the same post published this Tuesday.
The motives behind several of Trump’s claims in his post are not entirely clear. He did not explain how the widespread adoption of cryptocurrencies will deter the monetary authority Federal Reserve from establishing a US digital currency, or how it would help the US confront its domestic and foreign enemies.
At a recent meeting at Mar-a-Lago, which featured leaders from Bitcoin mining companies such as CleanSpark Inc. and Riot PlatformsTrump reinforced his commitment to the cryptocurrency sector.
Matthew Schultzpresident of CleanSpark, stated that the “crypto president” promised to defend Bitcoin miners from the White House and highlighted that they could contribute to stabilizing the country’s electrical grid.
Several industry leaders expressed their support for Trump, as was seen at the latest fundraising event in Silicon Valley, where about $12 million was contributed. Among those attending the event were the founders of Gemini, Cameron and Tyler Winklevossamong others.
This support is part of the Republican leader’s initiative to accept donations in cryptocurrencies to boost his campaign.
Trump’s stance this year contrasted significantly with the Biden administration, which maintained a reserved or even hostile attitude toward the cryptocurrency industry.
The Democratic Party leader proposed a 30% tax on the energy costs of Bitcoin miners, as a measure to mitigate the environmental impact of energy-intensive mining, according to the draft Budget for 2025.
The billionaire and investor Mark Cuban warned that Biden’s policy towards the industry could cost him a second term and that Donald Trump could cleverly take advantage of this situation.
“I have said many times that Biden has to choose between Gensler or crypto voters, or it could cost him the White House,” said Cuban, in relation to the policy of the head of the Securities and Exchange Commission (SEC).
As reported by CriptoNoticias, the US industry was affected this year by a persecutory climate from the SEC and other organizations in cryptocurrency operations. The developers of Samourai Wallet were arrested, and the FBI warned about the use of platforms without Know Your Customer (KYC) measures.
In this context, several companies announced that they would stop providing service in the United States due to the climate of uncertainty. The impact of Trump’s support for cryptocurrencies on his 2024 election campaign remains to be seen. The controversy surrounding the regulation and energy consumption of cryptocurrencies, as well as their connection with illicit activities and the evasion of sanctions, continue to be a central point of discussion among citizens.
