Federal budget documents and industry reports

Trump's 'Made in USA' Bitcoin Promise Unrealistic Amid 95% Minted, 21 Million Cap

Dec 26, 2024, 10:35 PM

President-elect Donald Trump has pledged to ensure that all remaining Bitcoin is 'made in the USA,' a promise he made following a meeting with cryptocurrency mining executives at Mar-a-Lago. This commitment, announced via a post on his Truth Social account in June, marks a significant shift from his previous skepticism towards cryptocurrencies to becoming one of the industry's strongest allies. However, industry experts, including Ethan Vera, chief operating officer at Luxor Technology, have described the pledge as a 'Trump-like comment' that is 'definitely not in reality.' The decentralized nature of blockchain networks makes it nearly impossible to control or restrict participation in Bitcoin mining, which is becoming increasingly competitive globally. Despite the rapid growth of the U.S. Bitcoin mining sector into a multi-billion dollar industry, the total computing power from U.S.-based miners remains well below 50%, making it infeasible for domestic companies to power the entire network. About 95% of the 21 million Bitcoin that will ever be created have already been minted, though the hard cap on production isn’t expected to be met for about 100 years. Trump's support for cryptocurrencies has helped generate about $135 million in campaign contributions during the last election cycle, the most by any industry.