Donald Trump’s vow to ensure that all of the remaining Bitcoin is “made in the USA” might be one of his toughest promises to keep, according to Bloomberg. The president-elect made this pledge after meeting with crypto miner executives at Mar-a-Lago. However, experts like Ethan Vera, chief operating officer at Luxor Technology, are skeptical, calling it a “Trump-like comment” that’s not grounded in reality.
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The challenge lies in the decentralized nature of blockchains, which can’t be controlled or restricted to a specific country. The crypto mining sector is becoming increasingly competitive, with global players like Russian oligarchs, Dubai royal families, and Chinese businessmen in Africa entering the industry.
Despite the U.S. being home to a multi-billion dollar Bitcoin mining industry, the total computing power generated by U.S.-based miners is less than 50%, and industry analysts believe it’s impossible for domestic companies to power the entire network.
A Shifting Landscape
As the crypto market continues to grow, U.S. miners are looking to Trump to ease environmental scrutiny, curb overseas competition, and roll back restrictive guidelines. However, the global landscape is shifting, with economic sanctions and inflation spurring overseas miners to ramp up operations.
Indeed, eastern European countries like Kazakhstan and regions like Asia, Africa, and the Middle East are seeing increased demand, with some countries offering cheaper energy options and higher margins. Even U.S. miners are expanding overseas, with some forming joint ventures in the Middle East.
Is Bitcoin a Buy?
Using TipRanks’ technical analysis tool, the indicators seem to point to a positive outlook for Bitcoin. Indeed, the summary section pictured below shows that 11 indicators are Bullish, compared to six Neutral and five Bearish indicators.
See more Bitcoin technical analysis
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
