Trump wants all Bitcoin mining in the US to stave off CBDC talks

credit: Shutterstock
credit: Shutterstock

Donald Trump last night during a post on social media platform Truth Social declared that he wants all remaining Bitcoin to be mined in the US. 

The Republican Presidential Candidate has recently been favouring the private cryptocurrency sector as his Presidency and Democrat opponent, Joe Biden, has been opposed to it. 

Trump’s post read: “Bitcoin mining may be our last line of defence 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.”

Currently, most Bitcoin mining locations are predominantly in Asian countries, such as China, with El Salvador recently becoming another hotbed for mining as the country is one of the biggest supporters of Bitcoin as a currency. 

This latest statement by Trump aligns with speeches he has made at rallies in recent weeks, declaring that he would “stop Biden’s crusade to crush crypto”.

He told the Libertarian National Convention last May: “I will also stop Joe Biden’s crusade to crush crypto. We’re going to stop it. I am going to ensure that the future of crypto and the future of Bitcoin will be made in the USA and not driven overseas. 

“I will support self-custody. To the nation’s 50 million crypto holders I say this – with your vote, I will keep Elizabeth Warren and her goons away from your Bitcoin, and I will never allow the creation of a Central Bank Digital Currency.”

While Trump has been talking up the benefits of crypto adoption, Biden is a firm critic. The current President vetoed a Congress bill that would have introduced new rules designed for financial services’ handling of crypto and other digital assets.

On the other hand, Biden has been reportedly keen on the exploration of a US Central Bank Digital Currency (CBDC), or a Digital Dollar, which Trump is vehemently against

Whilst research into a US CBDC has not fully taken off the ground, its discussion has raised the ire of Trump, who believes the digital currency is “very dangerous” and will “nix” any notion of a Digital Dollar if he is elected for a second stint as President. 

Fears around CBDCs stem from the accessibility government’s have over them, as well as online/offline worries in case customers are unable to access funds.