Earlier in the election, Trump had already obtained 279 electoral votes, reaching the threshold of 270 electoral votes needed to win. Reviewing Trump's series of statements and election promises regarding cryptocurrency, he had stated on June 12 that he would ensure that all yet-to-be-mined Bit coins are "Made in the USA", expressing his support for the mining industry. However, Ben Gagnon, the CEO of mining company Bitfarms, stated that due to mining facilities being distributed globally, it is impossible for any single country to mine 100% of Bit coins.
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ToggleThe two parties have different attitudes towards crypto, but they are both anti-China
At the time, Trump said: "Bit coin mining may be our last line of defense against CBDC. Biden's hatred of Bit coin will only help China, Russia, and the radical communist left. We want all remaining Bit coins to be Made in the USA! It will help us become an energy superpower!"
Comparing this statement to Trump's later remarks at the Bit coin 2024 event on July 28, his opposition to CBDC remains the same. Most importantly, regardless of the Republican or Democratic party, there is an anti-China attitude in the crypto space. The difference is that Trump directly stated that he wants the US to regain its voice in the global crypto industry, which of course includes the mining industry.
(Bit coin surges to $66K! Trump interview: Crypto must be Made in the USA, can't lose to China)
Democratic anti-crypto figures (like Elizabeth Warren, who successfully defeated Ripple's appointed lawyer and was re-elected) believe that countless criminals are using crypto to move their illicit proceeds out of the country (especially Chinese nationals), or that many US-based mining facilities are too close to national security agencies, or that mining wastes a lot of energy without creating real value.
Make all yet-to-be-mined Bit coins 100% Made in the USA? Mining companies believe it's just marketing rhetoric
Regarding Trump's boast of making all remaining Bit coins "Made in the USA", Ben Gagnon, the CEO of mining company Bitfarms, believes "It is entirely possible for the US to become the world's largest Bit coin mining country, and this would be a good thing." He added, "If Trump reduces red tape and increases support and investment in energy and power infrastructure, the US will cement its position as the world's most competitive Bit coin mining nation."
However, he also believes that Trump's promise to allow the US to mine all remaining Bit coins is impossible. Concentrating mining in a single country fundamentally goes against Satoshi Nakamoto's core principle of decentralization.
Although the public generally perceives most of Trump's statements as overly exaggerated, more as marketing rhetoric. But whether it's Trump or the Republican party's statements, there are still some election promises that may be realizable, such as incorporating Bit coin into the national reserve. As for the details, we can review Trump's speech at Bit coin 2024 and see which other election promises may be realized, as this could be the next hot topic in the crypto space.
