(RepublicanReport.org) – In 2019, when former President Donald Trump was in the White House, he noted on social media posts that he was “not a fan of Bitcoin and other cryptocurrencies,” which he explained were “not money.” He claimed the coins could “facilitate unlawful behavior.” Now, it seems the presumptive GOP nominee has changed his mind about crypto.
At a recent rally in Wisconsin, Trump blasted President Joe Biden, claiming he has a current “war on crypto,” vowing to “end” it and “ensure that the future of crypto” and “Bitcoin will be made in America.” The former president also posted about Bitcoin on his social media platform, alleging that “Bitcoin only helps China, Russia, and the Radical Communist Left.” Trump went on to say that he wants all Bitcoin mining to happen in the US, claiming it will help the country be “energy dominant.” He could also speak at the July Bitcoin 2024 convention in Nashville.
Some reports say the switch might be a way the Trump campaign believes will attract young voters. The former president recently said he would accept donations in cryptocurrency, promising to “build a crypto army” that would propel him to victory in November.
According to The Motley Fool, there is likely little benefit to mining Bitcoin in America. The process reportedly puts tremendous strain on the energy grid since it takes a lot of power to mine the crypto. However, some states in the US might welcome Bitcoin mining, where energy is less expensive, as a way to grow regions that are struggling economically. That said, bringing all Bitcoin mining to the US would have virtually no impact on job growth, as only a small margin of those working at such companies actually mine. One other possible benefit would be a boost for the AI industry in the US.
However, The Motley Fool reported concern about Trump’s stance on the issue, indicating that he could very well reverse it if he were to win the election.
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