Donald Trump Courts Crypto Industry, Promises to Make US a “Bitcoin Superpower”

Former President Donald Trump's campaign pledge to have all remaining Bitcoin made in the U.S. is unlikely to come to fruition, according to industry observers.

“It is a Trump-like comment but it is definitely not in reality,” Ethan Vera, chief operating officer at Seattle-based Luxor Technology, which provides software and service to cryptocurrency miners, told Bloomberg News.

Vera added that while Trump may be able to influence some aspects of crypto mining in the U.S., such as favorable regulation and energy prices, it would be difficult for him to change the overall distribution of mining operations, which are spread across the world.

“The U.S. has less than half of all crypto mining,” the Energy Information Administration told the outlet.

Vera also noted that a trade war with China, like the one Trump is proposing, would further increase costs in the U.S., as most miners use Chinese-made computers.

Despite the challenges, the Trump campaign courted the crypto industry throughout his 2024 campaign, promising to make the U.S. a “Bitcoin superpower,” with the government buying a strategic reserve of cryptocurrency.

Trump also promised to remove Securities and Exchange Commission Chair Gary Gensler, who is viewed as an opponent within the industry, and even unveiled a crypto venture of his own in September.

The industry, in turn, has handsomely rewarded the Trump campaign.

It contributed over $200 million to Trump and his allies, with donations from firms involved in crypto including Ripple, Coinbase, and venture capital powerhouse Andreessen Horowiz.

In December, Bitcoin hit a record high price, in part because of optimism over the incoming administration.

Crypto exchanges Coinbase and Kraken have also donated $1 million to the Trump inaugural committee.

They join inauguration donors, including Amazon and Meta, as the tech industry seeks to build close relationships with the new White House.

As The Independent has reported, the 2024 campaign marked a sea change in tech politics, in which many top figures in the industry, including Elon Musk, left behind their traditional Democratic allies and supported Republicans.