Trump's 'Made in America' BTC promise cannot be fulfilled

This article is from: Finance World

President-elect Trump is preparing to fulfill a long list of campaign promises, one of which is to ensure that all remaining bitcoins are 'Made in America,' which may be one of the hardest promises to fulfill.

After meeting a group of cryptocurrency mining executives at his estate in June, Trump made this promise in a post on his Truth Social account. These companies' large high-tech data centers are responsible for facilitating transactions on the blockchain in exchange for payment in Bitcoin or other cryptocurrencies.

This gathering marks a crucial moment for Trump's transformation from a skeptic of cryptocurrency to one of the industry's most powerful allies. "This is Trumpian rhetoric, but definitely not reality," said Ethan Vera, COO of the Seattle-based software and service provider for miners, Luxor Technology.

Although widely seen as a symbolic commitment to support, it is almost impossible in practice because blockchain is a decentralized network where no one controls or can be prohibited from participating in the process. From a practical perspective, as large-scale operations emerge around the world to capture a portion of the industry's annual revenue of hundreds of billions of dollars, the competition in the industry is becoming increasingly fierce.

Source: Sina

Author: Finance Home Website