Former President Donald Trump has made a bold statement urging Americans to vote for him in the upcoming election with a promise to make Bitcoin mining a priority. “We want all the remaining Bitcoin to be made in the USD,” he said via his TruthSocial media account.
According to the 45th President of the United States and current running candidate under the Republican Party, the crypto asset will serve as the last beacon of hope against a US-based CBDC for Americans.
The United States is actively exploring the development of a central bank digital currency (CBDC), but the prospects for its adoption are uncertain.
Earlier in March 2022, Current US President, Joe Biden issued Executive Order 14067, directing the United States Department of Treasury, the Federal Reserve, and other relevant agencies to begin exploring the adoption of a U.S. Central Bank Digital Currency (CBDC).
However, the decision to explore CBDC for the nation has been met with mixed reactions. A poll by the Cato Institute suggested that only 16% of Americans support the government issuing a CBDC, while 68% would oppose it if the government could monitor what people buy.
For Trump, “Bitcoin mining may be our last line of defense against a CBDC.” He further criticized President Joe Biden’s stance on Bitcoin, claiming that it benefits adversarial nations and political factions.
“Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left,” Trump stated, emphasizing his belief that these entities could gain an advantage if the United States does not fully embrace the cryptocurrency. Trump stressed the importance of domestic Bitcoin production, rallying for it to be “MADE IN THE USA!!!”
Bitcoin to give US energy dominance
The former President also highlighted the potential energy benefits of Bitcoin mining, asserting that it could contribute to American energy independence. “It will help us be ENERGY DOMINANT,” he proclaimed which suggests that Bitcoin mining could align with broader economic and strategic goals for the country.
His remarks come amid a broader debate over the future of digital currencies and the role they should play in the global financial system. As the 2024 election approaches, his stance on Bitcoin and CBDCs is likely to become a significant talking point, revealing the growing intersection of technology, finance, and politics.
Biden, Trump, and crypto
The Biden administration has been hostile to Bitcoin and the broader cryptocurrency ecosystem. Key actions include regulators issuing new rules via press release, and instructing banks to stop doing business with companies in the digital asset space.
Additionally, the White House proposed a 30% tax on the energy used to mine Bitcoin, making it unprofitable and uneconomical for the industry in the United States. The Energy Department also attempted to collect information regarding Bitcoin miners’ energy contracts as a step towards regulating them out of business.
This is not the first time in recent weeks that Donald Trump has discussed cryptocurrencies. In late May, Trump pledged to protect the cryptocurrency industry from President Biden, whom he believes wants to dismantle it.
He stated that he would ensure the future of crypto and that Bitcoin is made in the USA, not driven overseas. He further stated:
“I will support the right of self-custody. To the nation’s 50 million crypto holders, I say this: with your vote, I will keep Elizabeth Warren and her goons away from your bitcoin. And I will never allow the creation of a central bank digital currency.”
“I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place. Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me!” he added.
Speaking before the Libertarian National Convention, the former President, who is running for re-election, also expressed his desire to commute the sentence of Ross Ulbricht.
Ulbricht, the founder of a dark web marketplace for illicit activities such as illegal drug exchange and money laundering, has been in jail for 11 years.
Trump wants to bring him home. “If you vote for me, on day one, I will commute the sentence of Ross Ulbricht to a sentence of time served.”
