Bitcoin mining has recently received backing from former president Donald Trump, who sees it as the last “barrier” to central bank digital currencies (CBDC).
Predictably, Donald Trump’s increasing fascination with cryptocurrency has pushed him back into the spotlight as a presidential contender.
The significance of Bitcoin (BTC) mining has been recently highlighted by him. At a meeting in Trump’s Palm Beach club, Mar-a-Lago, the former president pledged to back Bitcoin mining if he were to run for office again.
Several prominent people from the industry were present at the conference, including Riot Platforms and CleanSpark Inc., two Bitcoin mining companies listed on the Nasdaq.
Meanwhile, Trump recently defended Bitcoin miners, saying on Truth Social that he wants the US to create all the remaining Bitcoin. Trump went even further, accusing Joe Biden of being anti-BTC in his criticism of the present administration.
Trump has stated his belief that this stance will only benefit Russia and China, and he sees Bitcoin mining as the last line of defense against CBDCs created by other countries.
For a long time, Bitcoin mining has been controversial, with critics from both the Democratic Party and environmental groups pointing to the activity’s high energy usage as a major issue.
Rumor has it that the US uses an astounding one-third of the world’s electricity for Bitcoin mining, making it the biggest user of this kind of power. It is true that the nation uses 145.6 GWh annually.
Second place goes to China with 81.2 GWh, while third place goes to Kazakhstan with 50.9 GWh. The exchange-traded funds (ETFs) that invest in cryptocurrencies like Solana are very susceptible to political swings, and the 2024 US presidential elections are quickly approaching.
Fund managers are now able to offer spot ETFs on Ethereum, according to the SEC’s recent leniency. Nevertheless, the SEC chief, Gary Gensler, has cautioned that the availability of these ETFs would be delayed. The likelihood of approving an ETF on Solana may rise if Trump wins.
Solana has emerged as one of the leading contenders in the ongoing rumors about the next possible crypto ETFs.
According to Cathie Wood, CEO and CIO of ARK Invest, big banks will probably propose new exchange-traded funds (ETFs) focused on top cryptocurrencies, with Solana being one potential target.
Also Read: UwU Lend Deals with Hacker After $23 Million Hack
Wallets