Donald Trump: 'The remaining Bitcoin will be produced in the US'

Donald Trump said he would continue to support cryptocurrencies and push for most of the current Bitcoin mining systems to be brought to the US if he becomes president.

"I want all remaining Bitcoin to be created in the United States. It will give us energy dominance," former US President Donald Trump posted on the social network Trust Social on June 12. According to him, supporting Bitcoin mining "is the last line of defense" against the US central bank's digital currency (CBDC).

According to BTC.com , as of December 2023, 19,573,975 Bitcoins have been mined, which means there are 1.4 million left out of a total supply of 21 million. According to calculations, it will take another 116 years, or until 2140, for the community to mine all Bitcoins.

Former US President Donald Trump appears outside Trump Tower on May 30. Photo: Reuters

He also criticized President Joe Biden's hatred of Bitcoin, saying it would "only help China." However, he did not provide a detailed explanation for his comment.

Donald Trump's call for support for Bitcoin mining comes after he hosted a meeting with Bitcoin miners and suppliers at his Mar-a-Lago estate in Florida this week. The group discussed how Bitcoin mining could help "strengthen the electric grid and create jobs."

On June 7, Reuters quoted three people who attended Mr. Trump 's fundraiser in San Francisco as saying that the former US president affirmed that he was an enthusiastic supporter of cryptocurrencies. "He declared that he would be the crypto president ," said Trevor Traina, a former US ambassador to Austria and now a technology leader in San Francisco.

A growing number of San Francisco-based crypto investors and entrepreneurs are expressing support for Trump, citing what they see as the Biden administration ’s over-regulation. “Trump has said the Biden-Gensler war on crypto will end within an hour of his election,” said Jacob Helberg, an adviser at data analytics firm Palantir, referring to President Biden and SEC Chairman Gary Gensler.

While he was president in 2021, Mr. Trump once commented that Bitcoin "looks like a scam." However, he recently changed his mind. Observers assessed that this could be a tactic to attract lobbying groups before the election, scheduled to take place on November 5.