In the earlier election, Trump has already secured 279 electoral votes, surpassing the election threshold of 270 electoral votes. Reflecting on Trump’s series of statements and election pledges regarding cryptocurrency during this campaign, on June 12, he expressed his desire for all unmined bitcoins to be American-made, thereby showing support for the mining industry. However, Ben Gagnon, CEO of the mining company Bitfarms, stated that since mining farms are scattered worldwide, it is impossible for 100% of bitcoins to be mined by any single country.
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Both Parties Have Different Attitudes Toward Cryptocurrency, But Both Are Anti-China
At the time, Trump stated: “Bitcoin mining may be our last line of defense against CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the radical communist left. We want all remaining bitcoins to be American-made! It will help us become an energy-dominant nation!” Comparing this statement to Trump’s later speech at Bitcoin 2024 on July 28, his opposition to CBDC remained unchanged. Most importantly, regardless of whether it is the Republican or Democratic party, there is a prevailing anti-China stance regarding cryptocurrency. The difference is that Trump explicitly stated his intention to reclaim the discourse power in the global cryptocurrency industry for the United States, which also includes the mining industry.
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Democratic crypto-skeptics (such as Elizabeth Warren, who successfully secured re-election after defeating Ripple’s appointed lawyer) argue that countless criminals are using cryptocurrency to move illicit gains abroad (especially those of Chinese nationality) or that many domestic mining farms are located too close to national security agencies, or that these mining farms waste vast amounts of energy without creating actual value, among other concerns.
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Making 100% of Unmined Bitcoins American-Made? Mining Company Views It as Marketing Rhetoric
Returning to Trump’s bold statement to make all remaining bitcoins American-made, Ben Gagnon, CEO of Bitfarms, believes: “It’s entirely possible for the U.S. to become the number one bitcoin mining country, and that’s a good thing.” He added, “If Trump reduces red tape and increases support and investment in energy and power infrastructure, the U.S. will solidify its position as the world’s most competitive bitcoin mining nation.” However, he also believes that Trump’s promise to enable the U.S. to mine all remaining bitcoins is impossible. Centralizing mining in one country fundamentally violates Satoshi Nakamoto’s core principle of decentralization.
Despite the general perception that most of Trump’s statements are overly extravagant and largely marketing rhetoric, there are still some potentially realizable election promises, such as incorporating bitcoin into national reserves. We might as well revisit Trump’s speech at Bitcoin 2024 in detail to see what other election pledges might be realized, which could also be the next hot topic in the crypto world.
(Analyzing Trump’s Bitcoin 2024 Speech | The Perfect Combination of Bitcoin and Political Language, the Intersection of Crypto World Pain Points and American Glory)