Bitcoin
Trump embraces Bitcoin in bizarre post on Truth Social
Donald Trump has vocalized his support for Bitcoin – and for bringing mining operations for the digital currency to the United States – in a Truth Social post, weeks after defending the crime-linked currency at the Libertarian National Convention, boo.
O publish, placed minutes before midnight ET on Tuesday, reads “VOTE FOR TRUMP! Bitcoin mining could be our last line of defense against a CBDC,” or central bank digital currency, a digital form of currency that a bank like the Federal Reserve could hypothetically implement.
Although he spoke out against the potential niche currency, Trump also demonstrated his lack of digital fluency in the post, arguing that producing or mining all Bitcoins in the United States “will help us be ENERGY DOMINANT.” Bitcoin mining is among the most energy-consuming computational processes and there is no link between energy production and the invented currency.
Cryptocurrencies like Bitcoin, which reached an all-time high in March, have grown significantly in popularity in recent years, but Trump’s attempt to court his crypto brother’s vote is unlikely to be a deciding factor in the election, with a 2023 Bank poll finding that the vast majority of Americans reject currency as a safe and reliable store of value.
Trump also attacked “Biden’s hatred of Bitcoin,” claiming he was helping foreign powers by not adopting the inherently worthless tokens.
Although the Biden administration has been silent on the Bitcoin issue, the Biden campaign supposedly Even considering accepting digital merchandise in donations, Democrats in the Senate introduced a bill through the intelligence select committee that put more scrutiny in cryptocurrency transactions, worrying some traders.
Highly volatile digital currencies have been linked to numerous illicit activities, including drug and human trafficking, blows, and terrorism. The use of blockchain in coins, which anonymizes the exchange process, makes them ideal for crime. Head of cryptocurrency exchange Sam Bankman-Fried landed 25 years in prison after defrauding customers and investors to the tune of nearly $10 billion.