Former President Trump on Wednesday pushed for all remaining Bitcoin to be mined in the United States, marking his latest shift in support for the crypto industry.
“We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!” Trump wrote Wednesday on Truth Social.
The former president argued domestic Bitcoin, which is acquired through an energy-intensive computational process called mining, could be the “last line of defense” against a CBDC, or central bank digital currency. The world’s largest CBDC pilot is currently being led by China.
Other countries are also planning domestic digital currencies, however the U.S. House last month passed a bill barring the Federal Reserve from issuing a CBDC unless it has explicit authorization from Congress.
Trump’s Truth Social post also went after President Biden, claiming his “hatred of Bitcoin only helps China, Russia and the Radical Communist Left.”
The Biden administration has been cautious in its approach to cryptocurrency, during a period in which the sector has largely been defined by high-profile scandals that have hurt investors.
Biden signed an executive order in 2022 calling for government agencies to evaluate the risks and benefits of cryptocurrencies as it pertains to consumer protection, financial stability and illicit activity.
Trump’s post came a day after he met with leaders of several Bitcoin mining companies at his Mar-a-Lago estate in Florida.
His latest court of support from the cryptocurrency industry comes after years of his own skepticism over digital currencies
Trump, in 2019, said he was “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
Earlier this year, the former president said he would not allow the creation of a central bank digital currency if elected, calling it a “dangerous threat to freedom.”
The Hill reached out to the White House for further comment.
Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
For the latest news, weather, sports, and streaming video, head to The Hill.
