Former President Donald Trump’s 2024 campaign made history with an announcement.
The campaign revealed that it will be the first in U.S. history to accept cryptocurrencies as donations, which is seen as a move that ought to bolster fundraising efforts among tech-savvy supporters.
“Bitcoin would be the most obvious, no-brainer beneficiary of Trump’s support. One knock against this crypto has always been that Bitcoin mining is tremendously energy-inefficient. In September 2022, for example, the Biden administration issued a lengthy research report (Climate and Energy Implications of Crypto-Assets in the United States) detailing all the ways that Bitcoin mining imposes significant strains on America’s energy grid,” the report said.
“So, at the very least, any type of nationwide ‘Make Bitcoin Mining Great Again’ initiative would remove one of the key obstacles to Bitcoin’s mainstream acceptance. Yes, environmental activists like Greenpeace will continue to put out reports about ‘energy guzzling Bitcoin mines,’” but more U.S. states would be likely to embrace Bitcoin mining. That’s especially true for states with cheap sources of renewable energy, or states looking to revitalize certain economic regions,” the report added.
