Former President Donald Trump’s recent support for Bitcoin mining in the United States has sparked intense debate and speculation among experts, policymakers, and the broader crypto community. Trump’s statements, made Tuesday evening, suggest a strategic pivot aimed at making the United States a dominant force in the BTC mining sector.
“Bitcoin mining could be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia and the radical communist left. We want all remaining Bitcoins to be MADE IN THE USA!!! This will help us be ENERGY DOMINANT,” Trump declaredemphasizing his vision of Bitcoin as an essential asset in the country’s energy strategy.
Bitcoin Game Theory is in full swing
This statement has far-reaching implications, particularly in the context of global dynamics and the ongoing competition among nations to assert dominance in this emerging sector. Samson Mow, founder of JAN3, a company dedicated to nation-state adoption of BTC, Underlines the transformative potential of Trump’s position.
“A lot of people don’t seem to understand the importance of Trump adopting Bitcoin. This is not a partisan issue, or even whether promises will be kept. This is a narrative shift that precedes competition between nation states to achieve Bitcoin dominance,” Mow said on X.
He stressed that this development would likely be discussed behind closed doors by governments around the world, with mainstream media already picking up the story. “We saw ICBC in China adopt BTC yesterday. This will move things forward even further,” Mow added, highlighting the Chinese Industrial and Commercial Bank’s recent support for BTC.
Laura Shin, a prominent crypto journalist, raised critical questions regarding the decentralization and security implications of Trump’s proposal. On X, she asked: “Why is everyone celebrating Trump by saying all Bitcoin should be made in the USA? Doesn’t this create jurisdictional risk and make BTC less decentralized and less vulnerable to attacks? » Shin’s concerns focus on the potential centralization of BTC miningwhich could call into question its fundamental principle of decentralization and make the network more vulnerable to geopolitical pressures and cyberattacks.
Responding to Shin’s concerns, Alex Thorn, head of research at Galaxy Digital, Free a strategic perspective. “Many believe that global adoption of Bitcoin will involve nation states. If BTC is to become a widely held, even global, reserve asset, game theory demands it. If a US president makes Bitcoin a national priority, other countries will too,” Thorn explained.
He argued that the move could accelerate the global adoption of Bitcoin, as nations seek to compete for dominance of the ecosystem. “Some believe that competition will increase, which will ultimately accelerate and consolidate 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. Many Bitcoiners have written and spoken about this: Michael SaylorFidelity Digital Assets, Parker Lewis and Onramp,” Thorn added, referring to key figures and organizations that champion BTC’s role in the global financial system.
Shin, however, remains skeptical about the strategic intent behind Trump’s statement. “Okay, but I’m 1000% sure that Trump didn’t make that statement with other countries’ game theory around Bitcoin in mind,” she remarked.
Thorn countered, pointing out that the essence of the problem lies in the game theory that is taking place. “Maybe, but the question is not whether or not he knows game theory. Bitcoiners applaud game theory as it plays out as expected. Trump (or any candidate or national leader) advocating for national Bitcoin policies is expected, if not inevitable, and is now accelerating,” Thorn asserted.
Adding another layer to the conversation, Matthew Pines, director of Sentinel One, sharing his ideas on the potential consequences of Trump’s pro-BTC stance. “Trump says a lot of things. Not everyone turns into politics. But I have a feeling he’s serious about this,” Pines remarked, emphasizing the unpredictable nature of political promises versus actual policy implementation.
He further emphasized that it is less about what this means for Bitcoin in the United States and more about the reaction it triggers in other countries. “Depending on the scope and scale of its potential BTC-related national policy actions – and their quality of execution and calibration against existing institutional systems and market expectations – the geopolitical impact could be something ranging from a shrug, but- watch and wait for a hell of a hustle, or something in between,” Pines remarked.
At press time, BTC was trading at $67,375.
Featured image created with DALL·E, Trading chart
