How quickly things can change.
Years ago, I remember when leaders in the U.S. government rarely talked about Bitcoin. It almost never happened, and if it did, it was almost always done so in a negative light.
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Fast forward to today – Bitcoin (crypto) has become a major election issue.
Just last week, former President Donald Trump said he wants all remaining Bitcoin mined in the United States. Whoa! That’s an enormously significant statement.
Let’s break down its meaning.
When Trump said he wants all “remaining bitcoin” mined in the United States, he is referring to the 1.2ish million bitcoins left to be produced. As of this writing, there are currently 19,713,981 in existence today.
Recall from previous editions of this newsletter that the maximum amount of bitcoins that will ever exist in the world is 21,000,000. This is a planned supply that is coded right into the Bitcoin network’s DNA. It can’t change! And Trump wants to produce (mine) all future coins in the United States.
I’m excited about this, as are other bitcoin investors and American bitcoin mining companies, based on what I’ve seen online.
Side note – in April, I posted on X (twitter) the top 5 countries in the world that mine the most bitcoin. Guess where the United States stands?
#Bitcoin Fact – Here are the top 5 countries that mine the most bitcoin, per several online sources:
1. 🇺🇸 United States (~37%)
2. 🇨🇳 China (~21%)
3. 🇰🇿 Kazakhstan (~13%)
4. 🇨🇦 Canada (~6%)
5. 🇷🇺 Russia (~4%)— Brad Lathrop (@BradLathrop) April 9, 2024
That’s right. The United States currently mines the most bitcoin, with China at #2.
So, how has Bitcoin and crypto become an election issue?
Well, last week many news outlets speculated that Trump’s opponent, President Biden, is considering accepting crypto donations through Coinbase (source). This is incredibly significant too, because President Biden has not been pro-bitcoin/crypto at all, and the move is almost certainly a reaction to Trump’s recent pro-crypto statements.
Suddenly Bitcoin (and crypto) has become a U.S. Presidential Election issue.
