Former President Donald Trump has called for domestic bitcoin mining in the U.S. He said that he wanted “all” the bitcoins – around 2.1 million – to produced in the U.S. he argued it would help to make the country energy independent and prevent the development of central bank digital currencies.

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The announcement was made via his Truth Social platform on social media. It followed an talk that took place between Trump and Bitcoin Magazine’s CEO David Bailey, in front of representatives of leading bitcoin mining companies CleanSpark Riot Platforms Marathon Digital, at the former President’s Mar-a-Lago Resort in Florida.

Crypto advocates have had mixed reactions to the latest in a long line of pro-crypto statements. These include a pledge that they will defend self-custody rights, accept crypto donations for campaigns and “keep Elizabeth Warren’s goons and her cronies away from your Bitcoin”. It’s not surprising that crypto advocates have mixed reactions to 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”

this is perhaps first time since Trump stated that he “was not a fan” Bitcoin in 2019, the former reality show star has missed the mark when it comes to crypto. Onshoring bitcoin mining has been a good idea since China banned in 2021. If you take Trump’s call for all bitcoin mining to be concentrated in one region literally, it shows a lack of understanding about what Bitcoin is and how it functions.

Geopolitical signals?

This is just one opinion. Many others exist. Alex Bergeron of Bitcoin Magazine, for example, believes that Trump’s comment is an important signal about the importance crypto.

“We want the most powerful man in the world to send a signal to all other power brokers, that Bitcoin mining is an issue of geopolitics. This is how you get people to start mining. Bergeron responded to Margot “jynurso”, a climate change expert who is also the co-founder and co-founder the Bitcoin Policy Summit, by writing: “That’s how you can decentralize the system.”

Paez argued it may not be wise to centralize hashrate production into a single country, especially one in which politicians and regulators are hostile towards crypto. President Biden, for example, floated the idea that a steep bitcoin mining tax of 30% would be a good thing.

It’s unlikely that the hashrate will ever be centralized in one area, as there are bitcoiners all over the world, and it would be impossible for even the president of the United States to stop them from mining.

Opinion

The real question is whether or not the U.S.’s attempt to dominate the bitcoin-mining trade by government support, or even subsidy, would inspire other countries to encourage domestic mining. It may seem far-fetched but many global leaders look to the U.S. for agenda setting. Trump’s low ranking among global leaders is the problem.

It is hard to tell if this campaign platform will have any impact on bitcoin mining. It’s difficult to tell whether Trump’s pro crypto statements are meant as flattery or pandering. He’s certainly a controversial figure among bitcoiners, and not just progressive ones.

Dogs lying to each other

Most people find it embarrassing to associate with politicians, even if they don’t mind Trump’s ego. L0la L33tz is a Bitcoin writer and privacy activist who wrote an entire essay on the topic. She argued that politicians are not to be trusted and that Trump has failed to fulfill many of his campaign promises.

Opinion

L33tz wrote: “When you can sell your morals, you’re not a patriot. You are a sellout.”

L33tz’s position, while consistent with the “Bitcoin philosophy,” is likely to be the best long-term for the development of the industry.

The Republican Party is the party that receives the most support from the right. Marvin Ammori, Uniswap’s CEO (who debated Trump-supporter Ryan Selkis last month at Consensus 2024) believes that the crypto-industry should be neutral and apolitical. This is the best strategy.

has argued before , that crypto is inevitable to become a topic for the left to demonize and for the right defend. But do you really want it to?