-Trump Makes Big Promises About Crypto in US -
Former president and 2024 Republican presidential candidate Donald Trump has delivered many broken promises in his political career.
This year, Trump has taken up crypto in an attempt to lure in crypto voters. On July 7, the Republican Party unveiled a draft of its political program, and crypto was specifically mentioned under its innovation program, next to the development programs for artificial intelligence and space expansion. The document summarized the main crypto objective of a Trump administration:
“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.”
The political program was codified following Trump’s comments at the 2024 Bitcoin Conference in Nashville, where he said, “I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” stating firmly that “it will end. It will be done.”
But will Trump really follow through on these bold promises?
Bitcoin “made in the USA”
On June 12, Trump posted on Truth Social that he wanted “all the remaining Bitcoin to be made in the USA,” claiming it would help the US become “energy dominant.” Currently, 90% of the 21-million-capped Bitcoin supply has been mined.
Trump’s aims to bolster the US mining industry and keep Bitcoin production onshore could face significant logistical and regulatory challenges due to the decentralized nature of Bitcoin mining.
Ben Gagnon, CEO of crypto mining firm Bitfarms, told Cointelegraph it’s “absolutely possible and desirable to make America the number one country for Bitcoin mining.”
