The post Experts Debate Trump’s Vision to Mine All Bitcoin in the US appeared on BitcoinEthereumNews.com.

Former President Donald Trump’s recent statement about wanting all Bitcoin to be made in the US has sparked a debate within the crypto community. While some Bitcoin enthusiasts initially welcomed the idea, many experts argue that Trump’s stance misunderstands Bitcoin’s fundamental principles. Trump’s Bitcoin Vision Sparks Debate Crypto journalist Laura Shin raised a critical question. She asked why Bitcoiners celebrated Trump’s statement about making all Bitcoins in the US. She emphasized that this could create jurisdictional risk, making Bitcoin less decentralized and more vulnerable to attacks. Margot Paez, a Bitcoin advocate and sustainability consultant, echoed this sentiment. “We do not want hashrate centralization in the US. This should be obvious. Please get it together,” she said. Read more: How Much Electricity Does Bitcoin Mining Use? Congressman Sean Casten also expressed his disagreement with Trump’s statement. In a series of tweets, Casten highlighted Bitcoin’s practical limitations. He emphasizes the energy-intensive nature of Bitcoin mining and its limited utility in modern banking. However, Nic Carter, a partner at Castle Island Ventures, disagreed with Casten’s “correction” to Trump’s view. While Carter acknowledged that Bitcoin does not need to be mined in the US, he believed that Casten’s criticisms of Trump’s statement were exaggerated and warranted a response. Several prominent figures in the crypto industry shared their perspectives on Trump’s statement. Alex Thorn, Head of Research at Galaxy Digital, argued that Trump’s statement could be seen as a geopolitical signal. This could potentially encourage other nations to consider Bitcoin mining seriously. “There’s a view that competition will accelerate, ultimately accelerating and entrenching global adoption. If your geopolitical adversaries (or allies, for that matter) think it’s important, you must also play the game or risk falling behind,” he said. Matthew Pines, National Security Fellow at the Bitcoin Policy Institute, further emphasized the potential geopolitical implications…

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Filed under: News - @ June 14, 2024 4:22 am