Bittime - Donald Trump, the former President of the United States, recently made a surprising statement after attending a campaign event with Bitcoin miners. Trump stated that he wants "all the remaining Bitcoin to be produced in the US".
Trump Calls for Truth Social
This statement was made through its alt-tech social media platform, Truth Social, after meeting with Bitcoin Magazine CEO, David Bailey, as well as executives from public BTC mining companies such as CleanSpark, Riot Platforms, and Marathon Digital. This call is part of his efforts to attract support from the US crypto industry ahead of the 2024 presidential election.
In the latest poll, Trump is slightly ahead of President Joe Biden with 41% support compared to Biden's 40%. Robert F. Kennedy Jr., who is running as an independent candidate, still has 9% of the vote.
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Reject CBDCs
Trump added that domestic Bitcoin production would help the US become "dominant in energy" and stated that this "may be our last line of defense against CBDCs".
Trump promised to "never allow" CBDCs if re-elected, though he did not explain how increased Bitcoin mining could prevent the formation of a central bank digital currency.
CBDCs are a digital form of fiat currency and have become a controversial issue in the crypto community as central banks around the world consider whether their issuance will be beneficial.
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Trump Wants U.S. Miners to Dominate Bitcoin
To encourage Bitcoin mining dominance in the US, Trump may intend for America to increase the hashrate portion of the network. Currently, the US accounts for 38% of Bitcoin's global hashrate, according to The Chain Bulletin. The closest competitors are China with 21% and Canada with 6.5% of the total hashrate.
Although the U.S. increases its hashrate as Trump expects, this will not deter miners in other countries from operating and earning BTC in return. To date, about 94% of the total 21 million Bitcoins have been given to miners in exchange for processing blocks of transactions on the network.
Also read: Donald Trump Rejects CBDC If Re-Elected
The push to use and improve the "American Bitcoin" section is not new. In 2020, the Chamber of Digital Commerce sent $50 in BTC to all members of Congress.
The BTC used in this publicity stunt is mined by Core Scientific, a US mining hardware company, which provides Bitcoin miners from Kentucky and North Carolina to the Luxor mining pool whose servers are located in Iowa.
Conclusion
Trump's call to increase Bitcoin production in the US reflects his efforts to rally support from the domestic crypto industry ahead of the 2024 presidential election. Despite its big ambitions, the global challenges and dynamics in Bitcoin mining remain decisive factors in achieving this vision.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR. To be able to buy BTC IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have a sufficient balance by depositing a certain amount of funds into the wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can only buy crypto assets on the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and does not constitute an offer or solicitation to sell or buy any crypto assets. Crypto asset trading is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly over time and Bittime is not responsible for changes in fluctuations in the exchange rate of crypto assets.
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