Review of Trumps Election Proposal Can All Remaining Bitcoins Be Made in America Mining Companies Dismiss It as Impossible and Against Principles
In the earlier election campaign, Trump had secured 279 electoral votes, surpassing the threshold of 270 electoral votes required to win. Reflecting on this election, Trump made a series of statements regarding cryptocurrency and campaign promises. On June 12th, he expressed his desire for all unmined Bitcoin to be American-made, thereby showing support for the mining industry. However, Ben Gagnon, CEO of mining company Bitfarms, stated that since mining farms are spread across the globe, it is impossible for any country to mine 100% of Bitcoin.
(Trump reaches the victory threshold of 270 votes, Bitcoin holds its historic high, statistics show favorable coin price performance 90 days post-election)
Both parties have different attitudes towards cryptocurrency, but both oppose China
At the time, Trump stated, “Bitcoin mining might 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 Bitcoin to be made in America! It will help us become an energy-dominant nation!” Comparing this statement to Trump’s later speech at Bitcoin 2024 on July 28th, his opposition to CBDC remained unchanged. Most importantly, both the Republican and Democratic parties share an anti-China stance on cryptocurrency. The difference is that Trump explicitly stated his intention to reclaim global leadership in the cryptocurrency industry for the United States, including the mining industry.
(Bitcoin surges to 66K! Trump interview: Cryptocurrency must be American-made, cannot lose to China) Democratic anti-cryptocurrency figures (such as Elizabeth Warren, who defeated Ripple’s appointed lawyer and successfully got re-elected) argue that countless criminals are using cryptocurrency to move illicit gains abroad (especially Chinese nationals), or that many domestic mining farms are located very close to national security agencies, or that mining farms waste vast amounts of energy without creating actual value.
(Former U.S. presidential candidate Robert Kennedy Jr. refutes The Economist’s fallacy on Bitcoin mining’s energy consumption)
Making all unmined Bitcoin 100% American-made? Mining companies see it as marketing rhetoric
Returning to Trump’s bold claim to make all remaining Bitcoin American-made, Ben Gagnon, CEO of mining company Bitfarms, believes, “It is entirely possible for the U.S. to become the number one Bitcoin mining country, and this is 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 country.” However, he also believes that Trump’s promise to allow the U.S. to mine the remaining Bitcoin is impossible. Concentrating mining in one country fundamentally violates Satoshi’s core principle of decentralization.
Although the public generally perceives most of Trump’s statements as overly exaggerated and largely marketing rhetoric, both Trump’s and the Republican Party’s statements still reveal some potentially realizable campaign promises, such as incorporating Bitcoin into national reserves. In detail, we might as well review Trump’s speech at Bitcoin 2024 to see which other campaign promises might be realized, as this could be the next hotspot in the crypto world.
(Interpreting Trump’s Bitcoin 2024 Speech: The perfect combination of Bitcoin and political language, the intersection of cryptocurrency pain points and American glory)
