MARA Holdings, a mining firm, has incorporated an artificial intelligence depiction of Donald Trump into the Bitcoin blockchain, reflecting the sector’s increased excitement about the possible pro-cryptocurrency stance of America’s first president.
On January 17th, as announced on the X social media platform by Fred Thiel, the company chairman and CEO of MARA, it was MARA who mined a block known as “Trump 47.” This action, according to Thiel, was carried out in tribute to President-elect Trump for his support of Bitcoin (BTC).
In June, Trump’s support for miners became apparent as a group of business leaders presented him with a plan to transform America into the global leader in Bitcoin mining. Since that time, he has vowed to guarantee that all remaining Bitcoins will be produced domestically, aiming for “USA-made” coins.
At the given time, Riot Platforms CEO Jason Les stated that he held an “extremely productive discussion” with President Trump regarding Bitcoin and American leadership in energy.
According to Hive Digital, the move of their headquarters from Vancouver, Canada to Texas was influenced by Donald Trump’s win in the presidential election. In Texas, they will now be alongside companies such as MARA, Riot Platforms, and Bitdeer.
Trump has pledged to create an environment that makes America an appealing and secure destination for Bitcoin mining, through enacting policies aimed at securing the lowest energy costs worldwide, according to the statement from Hive.
Gimmick or real anticipation?
Trump’s stance on Bitcoin has significantly evolved from labeling it as a threat to the dollar back in 2021. But based on recent actions, it appears that the incoming president could indeed fulfill many of his pledged crypto-friendly initiatives.
On December 4th, Donald Trump declared his intention to appoint Paul Atkins, a supporter of digital currencies, as the head of the Securities and Exchange Commission. Meanwhile, during the same week, he bestowed upon David Sacks, former COO of PayPal, the title of “AI and Cryptocurrency Advisor” within the White House.
Based on recent reports from CryptoMoon, it appears that a potential pro-cryptocurrency figure might be appointed to lead the Commodity Futures Trading Commission (CFTC). The candidate under consideration is Summer Mersinger, who currently serves as a commissioner at the CFTC. If this appointment goes through, it could have significant implications for the crypto market.
Could it be that the most significant unspoken issue is if Trump intends to take substantial actions to institute his proposed Bitcoin reserve strategy? Senator Cynthia Lummis has already proposed the BITCOIN Act of 2024, which mandates the Treasury to acquire one million Bitcoins over a five-year period.
Certain figures within the industry, such as Strike’s CEO Jack Mallers, speculate that President Trump might classify Bitcoin as a reserve asset immediately upon taking office. Conversely, others like Mike Novogratz, CEO of Galaxy Digital, consider this possibility to be highly unlikely.
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2025-01-17 19:32