“Bitcoin Mining as the Last Line of Defense Against CBDCs” - Former President Trump

Former President Donald Trump has declared that Bitcoin mining might be the last line of defense against Central Bank Digital Currencies (CBDCs).

He announced plans to boost Bitcoin mining in the U.S. and promised to protect Bitcoin-related rights if re-elected.

Trump’s stance has gained significant support from the cryptocurrency community, especially as he continues to accept donations in various cryptocurrencies.

Trump’s Stance on Bitcoin Mining and CBDCs

On June 12, 2024, former U.S. President Donald Trump expressed his belief that “Bitcoin mining might be the last line of defense against Central Bank Digital Currencies (CBDCs).”

This comment was made on Trump’s social media platform, Truth Social, where he also criticized President Biden, stating, “Biden’s disdain for Bitcoin only aids China, Russia, and the extreme communist left.”

Trump further shared his intentions to intensify Bitcoin mining within the United States, expressing a desire to “mine all remaining Bitcoins in the U.S. and make them American-made Bitcoins.”

What are Central Bank Digital Currencies (CBDCs)?

CBDCs are digital currencies issued by central banks. Currently, various countries are developing and testing CBDCs.

The full implementation of CBDCs is expected to eliminate the need for physical cash and facilitate fast, low-cost transfers. However, there are significant concerns prompting some regions to push for the prohibition of CBDCs.

Benefits of CBDCs

1. Elimination of the need for physical cash.

2. Lower transaction fees.

3. Faster transfer times.

Concerns about CBDCs

1. Privacy: Potential for governments to monitor and track all financial transactions, infringing on privacy.

2. Security: Risks of hacking and financial system instability.

3. Sovereignty: Potential adverse effects on the national debt market.

4. Asset Seizure: Fears of asset confiscation under unreasonable pretexts.

In the U.S., opposition to CBDCs is widespread. In May 2023, Florida’s governor signed a bill prohibiting the use of CBDCs in the state. Similarly, North Carolina’s House unanimously passed a bill to ban state payments using CBDCs.

Meeting with Bitcoin Mining Industry Leaders

On June 8, it was reported that Trump would host a roundtable on Bitcoin mining in the U.S. Today’s report confirms that Trump met with executives from the mining industry, including representatives from CleanSpark, Riot Platforms, Marathon Digital, Fabiano Consulting, Galaxy, and Fidelity.

Trump pledged to support Bitcoin mining and, if elected, protect several rights related to Bitcoin:

• The right to own Bitcoin.

• The right to mine Bitcoin.

• The right to trade Bitcoin.

• The right to work in the Bitcoin industry.

Trump has been accepting donations in various cryptocurrencies, including BTC, ETH, SOL, USDC, XRP, DOGE, ZRX, and SHIB, and has recently started accepting BTC donations via the Lightning Network. This move has garnered increasing support for Trump within the cryptocurrency community.