Wall Street Bitcoin mining giant MARA Holdings (NASDAQ: MARA) issued a stark warning about the United States’ need to secure dominance in Bitcoin holdings and mining operations. The company framed this as a critical national security imperative in the wake of growing global competition.
MARA Urges US Government
to Secure Bitcoin Dominance
The Fort
Lauderdale-based company, formerly known as Marathon Digital
Holdings, highlighted that the US currently holds approximately 200,000
Bitcoin, maintaining only a slim lead over China’s 190,000 BTC holdings.
This gap
appears particularly concerning when compared to the nation’s commanding lead
in gold reserves, where the US maintains 8,133 metric tonnes versus China’s
2,264 tonnes.
With @SenLummis‘s #Bitcoin Act in the pipeline, the US must lead in mining, blockspace, & hashrate so we can ensure that “…a sovereign can have sovereignty.” – @fgthiel Read more: https://t.co/UNbfDAsZpr
— MARA (@MARAHoldings) November 26, 2024
The largest
Bitcoin miner by
market capitalization on Wall Street, warns that the United States must
maintain its dominance in the cryptocurrency market, both in terms of reserves
and hash rate. The company emphasizes that digital asset sector could become
more significant than gold reserves or USD in the future.
“The dollar
is no longer directly backed by gold, yet holding substantial gold reserves
remains a matter of national security,” MARA commented. “These reserves provide
the US with the ability to transact should foreign nations lose confidence in
the dollar.”
MARA’s
proposal outlines several critical areas requiring immediate attention:
- Mining
Infrastructure: The
company emphasizes the urgent need to develop domestic ASIC chip production,
reducing dependence on Chinese manufacturers who currently control up to 90% of
the mining hardware market. - Hashrate
Control:
“Failing to secure a sufficient share of blockspace and hashrate leaves
the US vulnerable to external pressures,” warns MARA CEO Fred Thiel,
pointing to growing mining influence from competing nations.
The timing
of MARA’s advisory coincides with renewed interest in Bitcoin as a strategic
asset, particularly following Donald Trump’s recent election victory. Senator
Cynthia Lummis’s Bitcoin Act proposes an ambitious government acquisition of
one million bitcoin over five years.
MARA’s own
strategic positioning also reflects these concerns. The
company recently completed a $1 billion convertible senior notes offering,
with…
