Trump wants all Bitcoin to be "made in the United States"

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Jack
24-06-13 19:11
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"Crypto President" Trump has declared his strong support for Bitcoin.


Today, former US President Donald Trump posted on his social media company Truth Social that "Bitcoin mining may be our last line of defense against central bank digital currencies (CBDCs). We hope that all remaining Bitcoins will be made in the United States (MADE IN THE USA). This will help us achieve energy dominance."



As a controversial former president, Trump's campaign is always inseparable from the crypto industry. In order to gain support from well-funded crypto lobbying groups, Trump has been constantly showing goodwill.


From calling it a scam to Bitcoin is really good


Former US President Donald Trump, who once regarded Bitcoin as a "scam", has recently repeatedly expressed his support for Bitcoin and cryptocurrency, which has attracted widespread attention from the outside world.


On May 28, 2024, David Bailey, CEO of Bitcoin Magazine and a cryptocurrency assistant to the Trump campaign team, revealed that Trump had asked "whether Bitcoin could be used to solve the U.S. national debt problem."


Looking back on Trump's involvement in cryptocurrency, "Mrs. Trump first announced the launch of the Melania Trump NFT platform, which will regularly release NFTs based on the Solana blockchain." On December 16, 2021, according to PR Newswire, Mrs. Trump Melania Trump announced the launch of the Melania Trump NFT platform, which will exclusively release NFTs on a regular basis. The Melania Trump NFT platform uses the Solana network and will accept SOL cryptocurrency and credit card payments through MoonPay.



During his tenure and for quite a long time after leaving office, "former US President Donald Trump's attitude towards cryptocurrencies has always been clearly divided both inside and outside of office": On the one hand, the Trump administration has promoted public education on Bitcoin and the construction of a crypto-friendly environment to a certain extent. For example, the then Treasury Secretary once said that the United States was studying the establishment of digital currency, and the chairman of the Securities and Exchange Commission also called for reasonable regulation of cryptocurrencies. On the other hand, in personal remarks, Trump personally has a negative attitude towards crypto assets such as Bitcoin. He has publicly criticized Bitcoin many times as "a scam" and "competing with the US dollar", and said that they will encourage criminal activities and should be closely regulated.



But on the eve of the Libertarian Party National Convention, Trump changed his tune and posted on social media that he was "positive and open" to the cryptocurrency industry. He promised that "if re-elected president, he will ensure that the future of Bitcoin and cryptocurrency is in the United States, rather than being "expelled overseas." At the same time, he will support the self-custody rights of 50 million cryptocurrency holders across the country and oppose the intervention of Elizabeth Warren and others in Bitcoin.


To prove his pro-crypto attitude, Trump has invested in a large number of crypto assets. Data shows that Trump's current crypto assets are worth more than $10 million, including about $7.3 million in TRUMP tokens, $1.81 million in ETH, and $120,000 in USDC. In addition, Trump concept tokens MAGA (TRUMP) and MAGA Hat have also continued to rise recently, with the coin prices hitting record highs of $12.65 and $0.0005287, respectively.



Love cryptocurrency or need political donations?


Former US President Donald Trump today once again expressed his support for Bitcoin mining, and regarded it as the "last line of defense" against central bank digital currencies (CBDCs).


On June 11, 2024, Trump posted on his social media Truth Social that "Bitcoin mining may be our last line of defense against CBDCs. We hope that all remaining Bitcoins are 'made in the United States'!" He believes that the development of local Bitcoin mining will help the United States "dominate the energy field." Previously, Federal Reserve Chairman Powell said that the United States has no plans to launch a CBDC."


According to reports, Trump recently met with executives of several Bitcoin mining companies, including Riot Platforms, CleanSpark and TeraWulf, at his Mar-a-Lago estate in Florida. Participants said that they discussed with Trump the role of Bitcoin mining in strengthening the power grid and promoting employment.



Source: Jason Les


Analysts point out that Trump's recent support for cryptocurrencies "may be to curry favor with the industry's now well-funded lobbying groups on the eve of the election." He also recently announced that he would begin accepting cryptocurrency donations and hold a dinner for NFT holders. Previously, Trump had regarded Bitcoin as a "scam." But now he emphasizes that the United States must not take the "second place" on the issue of cryptocurrency, and even calls himself the "cryptocurrency president." Industry insiders believe that whether Trump truly supports cryptocurrency remains to be seen. But his series of statements will undoubtedly further promote the exposure of cryptocurrency topics in the election.


A week ago, cryptocurrency exchange Coinbase said it donated $25 million to Fairshake, a cryptocurrency-focused super PAC, to step up lobbying ahead of the November U.S. election.



The crypto industry is increasingly mainstream


On May 19, 2024, Bloomberg reported that "the crypto industry has contributed a record $94 million to the 2024 U.S. election," a figure that was $83 million in the previous election cycle (2020). Most donations come from political action committees (PACs).


In addition, Coinbase and Ripple Labs also made significant donations, donating $20.5 million and $20 million respectively.


Coinbase CEO Brian Armstrong said in a June 3 blog post that “the latest donation brings the total raised by the PAC and its affiliates this election cycle to $160 million.” The amount is comparable to donations from Ripple and venture capital firm Andreessen Horowitz last week.



In addition to the frequent crypto industry movements in American politics, more and more celebrities and Internet celebrities are also participating in the crypto industry.


Half a month ago, the meme coin $JENNER, which came out of nowhere, increased 160 times in one night. Its development team came from "33 million Twitter followers, a member of the American Internet celebrity family, Kardashian's father, and a transgender woman Caitlyn Jenner." Jenner not only uses Pump.fun, but also mentions Ansem, Paul and other crypto community meme OGs in the comment area to warm up the token.


More than a week ago, celebrity coins once again dominated the meme trading heat. "Female rapper Iggy Azalea posted a tweet on X saying "Don't let your mother down", and added the contract of meme coin $MOTHER. MOTHER exploded 30 times in 2 minutes."


Related reading: "MOTHER increased 1,000 times in a week. Will Vitalik be "slapped in the face" by celebrity coins? "



At present, the encryption industry is receiving more and more attention and mention from the mainstream society. Trump's strong statement this time is a good diffusion. This also brings new user increments and expectations to the encryption industry.


Although some people say that Trump’s statement is to hope for more "political donations", these activities also tell the mainstream people that the exploration of the crypto world is not only full of charm, but also becoming more and more popular.



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