Former U.S. President Trump sees Bitcoin mining as the last defense against the adoption of CBDCs, influenced by his criticism of Biden’s policy towards the cryptocurrency.
Strategy against Central Bank Digital Currencies
Trump has labeled Bitcoin mining as the “last line of defense against CBDCs” (central bank digital currencies), criticizing the Biden administration’s approach to Bitcoin. He argues that Biden’s hostility towards crypto only aids nations like China, Russia, and what he refers to as the “radical communist left.”
According to Trump, centralizing Bitcoin mining in the United States would help strengthen the country’s energy dominance.
Bitcoin Mining in the United States
During his address on the social network Truth, Trump emphasized the importance of increased Bitcoin mining by American companies using local resources. He highlighted the role of miners in stabilizing the energy supply of the network, a point he underscored during his meeting at Mar-a-Lago. Current Bitcoin mining hotspots include China, some Central Asian countries, El Salvador, and European countries like Germany.
The total amount of Bitcoin is capped at 21 million, with the last BTC expected to be mined by 2140. To date, 90% of this quantity has already been mined. Trump sees increasing mining capacity in the United States as a strategy to ensure that the remaining bitcoins are “made in the USA,” thereby strengthening the country’s position in blockchain technology and the global energy sector.
