Former US president Donald Trump has vowed to protect the Bitcoin mining industry because it might be the last line of defense against Central Bank Digital Currencies (CBDC). This is his latest pro-crypto statement as the Republican presidential candidate doubles down on support for the industry with November elections on the horizon.
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In recent weeks, Trump has been making the news for his vocal support and admiration for the crypto industry. He recently hosted Bitcoin mining stakeholders at his Mar-a-Lago resort in Florida, and his public statements have made crypto a key election issue.
Trump sides with crypto stakeholders on CBDC
In a post on his social media platform, Truth Social, Trump expressed his desire for all the remaining Bitcoins to be mined in the US. He believes this would make the country energy-dominant and prevent the creation or adoption of a digital dollar or CBDC. He wrote:
“Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”
Trump’s anti-CBDC sentiment aligns with that of many crypto stakeholders who also oppose national digital currencies. According to them, these assets pose several risk factors, including potential tools for government surveillance and economic manipulation.
CBDC Tracker. (Source: Atlantic Council)
Nevertheless, these currencies continue to make advances outside of the US, with the Atlantic Council stating that 19 of the Group of 20 (G20) countries are now in the advanced stages of CBDC development. The group wrote:
“134 countries & currency unions, representing 98% of global GDP, are exploring a CBDC.”
Parlay with Bitcoin miners
Meanwhile, Trump also shared a link to an opinion piece published in Bitcoin Magazine titled “Trump is the best choice for Bitcoin.” The article by Brian Morgenstein, the head of policy at Bitcoin miner Riot Platforms, highlighted why the presidential candidate would be best for the crypto industry. Morgenstein served as the White House deputy press secretary during the Trump administration.
Also Read: The Trump Crypto Campaign – Everything You Need to Know
As part of his efforts to court crypto industry stakeholders, Trump recently met with several Bitcoin miners at the Trump resort in Florida. At the roundtable, which featured executives from several mining firms, including Riot Blockchain, CleanSpark, and others, the former president promised to support Bitcoin mining if elected.
US Presidential Elections (Source: Polymarket)
The crypto industry is gradually warming up to Trump’s efforts, especially with the current White House opposition. Biden recently vetoed a bill that repealed an SEC rule that made it difficult for financial institutions to custody crypto. Evidence of that support was clear at a recent fundraiser in San Francisco, where Trump described himself as a crypto president. The Republican candidate raised $12 million in donations from attendees, including several crypto investors.
