Former President Donald Trump is calling for a domestic Bitcoin mining industry to be developed in the U.S. Perhaps with a BIT of hyperbole, the Republican presidential candidate said Tuesday that he wants “all the remaining Bitcoin,” around 2.1 million of units, is produced in the US, arguing that it would help the country become energy independent and counter the development of a central bank digital currency.
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The announcement, made on his social media platform Truth Social, followed a talk between Trump and Bitcoin magazine CEO David Bailey in front of representatives of major Bitcoin mining companies CleanSpark, Riot Platforms and Marathon Digital at the The former president’s Mar-a-Lago resort in Florida.
The latest in a series of increasingly pro-crypto statements, including vowing to defend the right to self-custody, accepting Crypto campaign donations and “KEEP Elizabeth Warren and her bullies away from her Bitcoin,” has sparked reactions found by Crypto defenders. Perhaps this is not so surprising, given how polarizing the former president (whose favorability rating never exceeded 50%) is in the United States.
However, it could be said that This is the first time since 2019, when Trump said he was “not a fan” of Bitcoin, that the former reality star got it wrong in the Crypto space. The idea of localizing Bitcoin mining is all well and good and has been happening since China banned the practice in 2021. But, if Trump is taken literally, calling for all Bitcoin miners to be located in a single region suggests profound ignorance. What is Bitcoin, how it works and why it is powerful.
“We absolutely want the most powerful man in the world to signal to all other power brokers that Bitcoin mining is a geopolitical issue. This is how you get everyone to start mining. “This is how the network is decentralized,” Bergeron wrote, responding to climate change expert and Bitcoin Regulation Summit co-founder Margot “jynurso” Paez.
In any case, it is unlikely that the hashrate will ever be centralized in one ONE region, given that there are bitcoiners all over the world, who would be difficult for even the president of the United States to prevent from mining.
So the real question here is whether the United States’ attempt to dominate the Bitcoin mining trade through government support or even subsidies would inspire other governments to incentivize domestic mining. It’s far-fetched, but world leaders often look to the United States to set their agendas. The problem is Trump’s remarkably low standing among such world leaders.
So, it’s hard to say if this campaign platform really moves the needle in Bitcoin mining. Especially since it is impossible to say whether Trump’s statements in favor of cryptocurrencies should be considered pandering or flattering. Without a doubt, he is a divisive figure among bitcoiners, and not just among progressives.
Many see it as downright shameful to be friends with any politician, leaving aside Trump’s Napoleonic ego. Bitcoin writer and privacy advocate L0la L33tz for ONE wrote an entire essay on the topic, arguing that politicians can’t be trusted, that Trump failed to deliver on many of his previous campaign promises, and that Bitcoin doesn’t even needs political support. .
“When your morals can be bought, you are not a patriot, you are a sellout,” wrote L33tz.
In addition to being an internally consistent view considering the “ethics of Bitcoin”, it is worth noting that L33tz’s position is also probably optically the best in the long term for the development of the industry.
It may seem convenient to align yourself with the standard-bearer of the Republican Party, given that most of the political support comes from the right. But I think the view from someone like Uniswap’s Marvin Ammori (who debated big Trump supporter Ryan Selkis at Consensus 2024 last month), that the crypto industry should strive to be neutral and apolitical, is probably the best strategy.
I have argued before that it is inevitable that Crypto, as a famous cause, will become an issue that the right must defend and the left must vilify. But should you want it to be that way?
