The incoming U.S. President Trump ensuring that all remaining bitcoins are 'made in America' should be one of the least likely promises to fulfill.
Industry insiders generally view Trump's promise as more of a symbolic support for the cryptocurrency industry, which is almost impossible to implement in practice. This is because blockchain is a decentralized network, with no one controlling or being prohibited from participating in the process. The computing power of domestic miners in the U.S. is still far below half of the global total, making it nearly impossible for U.S. companies to fully support the entire Bitcoin network.
Ethan Vera, COO of Seattle-based Luxor Technology, which provides software and services for miners, said, 'This is Trump-style rhetoric, but it is absolutely not reality.'
Analysts also pointed out that U.S. economic sanctions and severe inflation in some emerging economies have prompted overseas miners to further expand their businesses.
Taras Kulyk, CEO of Synteq Digital, said, 'There are several different markets that have seen tremendous growth.' The company is one of the largest brokers of computers specifically for Bitcoin mining.
Kulyk mentioned that demand from Eastern European countries like Kazakhstan has increased, 'Sales to Asia, Africa, and the Middle East are all on the rise.'
There are also analysts who point out that Trump's policies could pose challenges for U.S. miners, such as his trade policies potentially leading to increased costs for Bitcoin mining equipment. For miners, electricity and equipment are the two largest expenses. However, overall for the cryptocurrency sector, Trump's benefits outweigh his drawbacks. (Financial Associated Press)

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