All sorts of A-listers have boosted Bitcoin’s exposure over time. As the saying goes, there’s no such thing as bad advertisement, but only promotion that builds fame around the criticized topic, be it a personality, product, or even investment tool. Bitcoin’s seeing more high-profile personalities back it up, especially as it received the green light from the SEC to make the element of the recently launched exchange-traded funds (ETFs).
Institutional investments in the crypto have exploded, as emphasized by the updated Bitcoin price chart, leading to excellent asset performance on crypto exchange platforms right before it started to retract. Now, Bitcoin steals the spotlight again, but not through news that many would’ve seen coming.
Once a stubborn critic of Bitcoin, Donald Trump has had a change of heart and begun warming up to it. And it’s not another clickbait story and fake news like the 2020 bogus Bitcoin and Ethereum giveaway associated with the then-president that caught everyone’s attention and drew many into the traps we’re talking about. This time, the former president is openly advocating for Bitcoin. How?
130 Minutes of Bitcoin-centered Talk
In an unexpected turn of events, former U.S. President Donald Trump exhibited what seems to be a new stance towards Bitcoin and the crypto industry, leaving the audience open-mouthed. The “not a fan” of crypto A-lister has changed his position and opinion and no longer believes that “thin air” supports digital currencies.
A reported meeting of the 45th president with a group of Bitcoin mining experts and executives brought out Trump’s slightly changed opinion on the most prominent crypto by market cap after the attendees tried to spur his interest in the sector. The conference represents the first time the ex-leader meets the node masters and coders who make Bitcoin’s $1.3TN network possible.
Additionally, the businessman met representatives from big-name companies like CleanSpark, Terawulf, and Riot Platforms, all dealing in Bitcoin-centric technological solutions. Out of all the topics touched on, one stood out and had the president come with a heartwarming follow-up.
The CEO of the earlier mentioned Bitcoin mining and digital infrastructure firm stressed that efforts should concentrate on the Bitcoin creation process. This focus comes amid growing attention on BTC’s mining, with more voices calling for heightened, if not exclusive, domestic production, as well as in greater quantities.
Just hours before the meeting, the yet-to-be-confirmed Republican presidential candidate expressed his newfound tolerance for the flagship crypto and claimed to endorse it. This activity took place on his Truth Social media portal and caused a stir, having the audience interpret the communication in numerous ways. The runner expressed his thoughts a week after the crypto community and industry took center stage as a topic of discussion, and the move turned out to be worth the effort.
Amid rising attention on the two elements of controversy, a BTC mining executive emphasized his industry’s efforts to gather over 5MN voters to prop Trump up during the upcoming elections. All of these occurred five years after the business mogul championed the USD as the only viable currency in the U.S.
How Trump Brings Bitcoin to Everyone’s Attention Again?
The crypto community has grown seriously attentive regarding what they give an ear to. Before taking for granted threads receiving mass attention on social media, those seeking to separate the wheat from the chaff take a look back to ensure the truthfulness of the events. This time, much of the discussion revolves around Trump’s former attitude toward Bitcoin and the concept of digital currency.
Trump made his point clear about how Bitcoin’s value could be overblown. Noteworthy, a few years ago, there was considerably less clarity around Bitcoin, not to mention regulatory support to ensure the industry’s healthy growth. Bitcoin began stealing the spotlight from other currencies during the last few years, especially against the backdrop of failing traditional financial systems and monetary and fiscal policies.
The sale, purchase, and trade of Bitcoin is legal in the U.S., but the asset isn’t a legal tender like it is in El Salvador. U.S. companies have the freedom to introduce cryptocurrency in their payment systems, representing a commonplace practice. At the same time, the U.S. government approaches digital holdings as property subject to capital gains taxation.
Things have evolved dramatically since 2020 and probably in a direction that took the ex-president aback. As to how the publicized meeting between the business mogul and the technicians supporting Bitcoin’s network unfolded, many agreed the former asked informed questions and worked hand in glove with the teams. Not only did the country’s energy insufficiency issue take centre stage, but Trump later took to the online community to praise enterprises in the Bitcoin mining sector.
Understanding Bitcoin’s Mining Process
Bitcoin is a proof-of-work cryptocurrency, meaning that it is created through an energy-consuming process that requires effort from a costly computing system. In addition to investing in CPUs and GPUs, mining operations require a setting and nonstop energy usage. Other cryptocurrencies are also generated through the proof-of-work system, including Dogecoin, Litecoin, and even Ethereum Classic.
It’s essential to differentiate the latter from Ethereum, the cryptocurrency that switched from the energy-intensive proof-of-work system to a proof-of-stake algorithm and slashed energy consumption by over 99.95%. Due to its peculiarities, Bitcoin is unlikely to move to a proof-of-stake consensus mechanism. The proof-of-work involves solving mathematical calculus and is represented as algorithms that naturally require computer system investments.
Moreover, this is regarded as more secure than the proof-of-stake model because its mechanism works on real resources, like hardware and electricity. While the POVs vary wildly regarding Bitcoin’s creation process, the current reality is that the number of systems used for mining could rise, depleting energy. Miners are actively searching for more affordable power sources, which is where the focus should concentrate.
The Key Lies in Renewable Energy
The former U.S. president’s recent donation of cryptocurrencies proves there’s hope for an ecosystem that grows increasingly reliant on eco-friendly power sources. Donald Trump expressed his wish to see Bitcoin minted in the U.S., calling for extensive efforts in this regard, including building mining plants on renewable energy resources like solar, wind, and geothermal energy.
