In a very genial nod to Bitcoin, Cramer asked about the new administration’s plans for crypto and, in his question, drew a comparison to the U.S. strategic petroleum reserve. Will the White House push for something like that?
“Yeah, I think so,” Trump answered. But the rest of his answer really showed an understanding of the cryptocurrency sector’s importance to the global economy in terms of first principles.
That may be the influence of tech engineer and government efficiency advisor Elon Musk, who is famous for saying, “I think it’s important to reason from first principles rather than by analogy.”
“We’re going to do something great with crypto,” Trump told Kramer.
“Because we don’t want China or anybody else— others are embracing it and we want to be the head. We want to be the head of AI. We’re gonna be ahead of AI,” he added.
Then Trump said something that proves he’s a crypto fundamentalist, not just a headline reader doing what Elon Musk or his son Barron are telling him:
“And we’ve got to produce a tremendous amount of electricity. And you know that,” he explained. “It’s unbelievable when you think that we need more than twice what we already have. But we’ll be able to do it.”
Solar panel prices have already fallen on a parabolic trajectory since the 1970s, pacing like Moore’s Law dictates of computer microchip prices. But electricity could become even more abundant and cheap.
Bitcoin is not only new Internet money. It’s also an industry with immediate incentives to develop cheap, abundant, renewable energy production.
Each time the chip race for more efficient Bitcoin miners catches up to the state of the art, the only place left for miners to compete is on electricity costs. They are already poised to race each other for profit against this expense line in their business model.
The possibilities of a smart electrical grid metered by blockchain platforms that are more articulately interchangeable with monetary currencies are scintillating.
Before his inauguration on Jan. 20, Trump has already delivered enormous wins for the blockchain cryptocurrency sector.
His nominations for Treasury Secretary, SEC Chair, and White House Crypto “Czar” are very bullish signals for prices on crypto exchange markets.
Two have strong ties to cryptocurrency, and one (Trump’s pick for SEC Chair) is supportive of the industry, according to Mr. Trump.
US Treasury Secretary: Howard Lutnick
SEC Chair: Paul Atkins
Crypto and AI Advisor: David Sacks
The post Trump Gets It: Bitcoin Is a Bounty on Abundance Electricity Production appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
