Is Trump’s ‘Made in USA’ Bitcoin Promise Realistic?
President Trump’s pledge to make all remaining Bitcoin in the U.S. may not be as straightforward as it sounds, industry experts say. Ethan Vera, the COO of Luxor Technology, a Seattle-based company that supports cryptocurrency miners, expressed doubts about the feasibility of Trump’s proposal, calling it more of a “Trump-like comment” rather than a practical plan.
For those unfamiliar, Bitcoin is “mined” through a process that involves using powerful computers to solve complex math problems that validate transactions on the blockchain network. Miners who successfully solve these problems are rewarded with Bitcoin. However, the production of Bitcoin is spread across the globe, with many mining operations based in countries with affordable and plentiful energy sources to support the energy-intensive process.
Currently, the U.S. accounts for less than half of all cryptocurrency mining globally, according to the Energy Information Administration. Changing this distribution would require more than just rhetoric from Trump—it would involve creating policies that attract miners to the U.S., such as favorable regulations and energy prices. Trump has also proposed a trade war with China, which could further increase costs for miners as they often rely on Chinese-made computers.
Despite these challenges, the Trump campaign actively courted the crypto industry during the 2024 election, promising to position the U.S. as a “Bitcoin superpower” and even considering the government purchasing a strategic reserve of cryptocurrency. This marked a shift from Trump’s previous dismissal of crypto as being “based on thin air.” The industry, in turn, supported Trump’s campaign generously, contributing over $200 million from firms like Ripple, Coinbase, and Andreessen Horowitz.
As Bitcoin reaches record high prices, optimism surrounding the future of cryptocurrency under the new administration has been a driving force behind the recent surge. One can’t help but wonder what the future holds for digital currency in the U.S. and how Trump’s promises will play out in reality.
