Former
President
Donald
Trump
is
calling
for
a
domestic
bitcoin
mining
industry
to
develop
in
the
U.S.
Perhaps
with
a
bit
of
hyperbole,
the
Republican
presidential
candidate
said
Tuesday
he
wants
“all
the
remaining”
bitcoin
–
about
2.1
million
units
–
to
be
produced
in
the
U.S.,
arguing
it
would
help
the
country
become
energy
independent
and
counter
the
development
of
a
central
bank
digital
currency.
This
is
an
excerpt
from
The
Node
newsletter,
a
daily
roundup
of
the
most
pivotal
crypto
news
on
CoinDesk
and
beyond.
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Note:
The
views
expressed
in
this
column
are
those
of
the
author
and
do
not
necessarily
reflect
those
of
CoinDesk,
Inc.
or
its
owners
and
affiliates.
The
announcement,
made
on
his
Truth
Social
social
media
platform,
followed
a
talk
between
Trump
and
Bitcoin
Magazine
CEO
David
Bailey
in
front
of
representatives
from
leading
bitcoin
mining
firms
CleanSpark,
Riot
Platforms,
Marathon
Digital
at
the
former
president’s
Mar-a-Lago
resort
in
Florida.
The
latest
in
a
series
of
increasingly
pro-crypto
statements
–
including
a
pledge
to
defend
the
right
of
self-custody,
accept
crypto
campaign
donations
and
“keep
Elizabeth
Warren
and
her
goons
away
from
your
Bitcoin”
–
has
drawn
mixed
reactions
from
crypto
advocates.
Perhaps
that
is
not
so
surprising,
given
how
polarizing
the
former
president
(whose
favorability
rating
never
stood
above
50%)
is
in
the
U.S.
However,
this
is
arguably
the
first
time
since
2019
–
when
Trump
said
he
was
“not
a
fan”
of
Bitcoin
–
that
the
former
reality
star
missed
the
mark
on
crypto.
The
idea
of
onshoring
bitcoin
mining
is
all
well
and
good,
and
has
been
happening
ever
since
China
banned
the
practice
in
2021.
But,
if
you
take
Trump
literally,
calling
for
all
bitcoin
miners
to
be
located
in
a
single
region
suggests
a
profound
ignorance
of
what
Bitcoin
is,
how
it
works
and
why
it’s
powerful.
Geopolitical
signal?
However,
that’s
just
one
opinion.
There
are
many
others.
Bitcoin
Magazine’s
Alex
Bergeron,
for
instance,
argues
Trump’s
statement
is
a
powerful
signal
for
the
importance
of
crypto.
“We
absolutely
want
the
world’s
most
powerful
man
to
signal
to
every
other
power
brokers
that
Bitcoin
mining
is
a
geopolitical
issue.
That’s
how
you
get
everyone
to
start
mining.
That’s
how
you
decentralize
the
network,”
Bergeron
wrote,
responding
to
climate
change
expert
and
co-founder
of
the
Bitcoin
Policy
Summit
Margot
“jynurso”
Paez.
Paez
argued
that
centralizing
hashrate
production
in
any
one
country
–
specifically
one
where
politicians
and
regulators
have
in
recent
memory
been
hostile
to
crypto
–
is
perhaps
unwise.
President
Biden’s
administration,
for
instance,
has
floated
the
idea
of
a
steep
30%
bitcoin
mining
tax.
In
any
event,
it’s
unlikely
the
hashrate
would
ever
centralize
in
any
one
region,
given
that
there
are
bitcoiners
the
world
over,
who
would
be
difficult
even
for
the
President
of
the
United
States
to
prevent
from
mining.
See
also:
Why,
for
Some,
Crypto
Is
a
Defining
Political
Issue
|
Opinion
So
the
real
question
here
is
whether
the
U.S.
attempting
to
dominate
the
bitcoin
mining
trade
through
government
support
or
even
subsidy
would
inspire
other
governments
to
incentivize
domestic
mining.
It’s
far-fetched,
but
global
leaders
do
often
look
to
the
U.S.
to
set
agendas.
The
problem
is
Trump’s
notably
low
standing
among
said
global
leaders.
So
whether
this
campaign
platform
actually
moves
the
needle
on
bitcoin
mining
is
difficult
to
say.
Especially
because
it’s
impossible
to
say
whether
Trump’s
pro-crypto
statements
should
be
taken
as
pandering
or
flattering.
He
is
certainly
a
divisive
figure
among
bitcoiners
–
and
not
even
just
the
progressive
ones.
Lying
with
dogs
Many
see
it
as
frankly
embarrassing
to
be
buddying
up
with
any
politician,
putting
aside
Trump’s
Napoleonic
sized
ego.
Bitcoin
writer
and
privacy
advocate
L0la
L33tz,
for
one,
wrote
a
whole
essay
about
the
subject,
arguing
that
politicians
cannot
be
trusted,
that
Trump
failed
to
deliver
on
many
of
his
previous
campaign
promises,
and
that
Bitcoin
doesn’t
really
even
need
political
support.
See
also:
The
Biden
Administration
Is
Easing
Up
on
Crypto
(a
Vibes
Analysis)
|
Opinion
“When
your
morals
can
be
bought,
you
are
not
a
patriot
–
you
are
a
sell
out,”
L33tz
wrote.
Apart
from
being
an
internally
consistent
take
considering
the
“Bitcoin
ethos,”
it’s
worth
noting
that
L33tz’s
position
is
also
likely
long
term
optically
best
for
the
industry
development.
It
may
seem
expedient
to
fall
in
with
the
Republican
party
standard-bearer
given
that
most
political
support
comes
from
the
right.
But
I
think
the
view
of
someone
like
Uniswap’s
Marvin
Ammori
(who
debated
big-time
Trump
supporter
Ryan
Selkis
at
Consensus
2024
last
month)
–
that
the
crypto
industry
should
strive
to
be
neutral
and
apolitical
–
is
likely
the
better
strategy.
I’ve
argued
before
that
it’s
inevitable
for
crypto,
as
a
cause
celeb,
to
become
an
issue
for
the
right
to
defend
and
left
to
vilify.
But
should
you
want
it
to
be?
