30s Summary

Crypto miner firm MARA Holdings has urged the US to make further investments into Bitcoin and its mining, arguing it would enhance national security. The firm said the US needed to be as strong in Bitcoin as it was in its gold reserves, highlighting their belief that Bitcoin could also come to represent national security interest. MARA provided a six-step plan to counter Bitcoin threats and gain an upper hand in its ownership and trading, encouraging domestic production of mining hardware. Currently, the US holds just above 200,000 Bitcoin, compared to China’s 190,000.

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Crypto miner firm, MARA Holdings, has recently spoken up, urging the United States to take more serious action towards establishing a firm footing in Bitcoin and Bitcoin mining. They argue that getting a strong grip in this field is an essential factor for national security.

MARA elaborates that given the growing trend of countries becoming less dependent on US currency, the US needs to step up its game. They suggest that the country should hold a leading position when it comes to Bitcoin, similar to its stronghold in gold reserves.

They further explain that just as keeping substantial gold reserves has always been a national security interest, the same should hold true for Bitcoin. Especially considering that the dollar is no longer directly backed by gold.

According to MARA’s stats, the US currently holds just slightly above 200,000 Bitcoin, with China tailing closely with approximately 190,000 BTC. While World Gold Council data shows that as of the second quarter of 2024, the US held 8,133 metric tonnes of gold, compared to China’s 2,264 tonnes.

In the light of all these, MARA suggests that the US should take swift action to gain an upper hand in Bitcoin and Bitcoin mining. They stress that having a significant share of the global hashrate will prevent other countries from manipulating or blocking US Bitcoin transactions into their favor.

A six-step plan has been proposed by MARA to counter this threat, a part of which encourages domestic production of mining hardware to minimize dependence on foreign providers.

Currently, Bitmain from China is the world’s top producer of crypto mining hardware, claiming about 75% of the marketplace. Another Chinese firm, MicroBT, trails behind.

In order to ensure the US holds its ground in this area, MARA suggests investing in Bitcoin mining, creating a strategic Bitcoin reserve, and encouraging Bitcoin miners and investors with clear legal guidelines and incentives. The ultimate goal being for the US to set international standards for decentralized networks.

Formed in 2010 and operating mainly in Texas, North Dakota and Nebraska, MARA also has joint ventures in Paraguay and Dubai.