Trump Gets Stumped by Bitcoin Billboards
If Mexico doesn’t pay for a wall with the US, Donald Trump announced he will try to cease money transmissions to the country. Many have laughed at the concept especially those who bolster the digital currency Bitcoin. One cryptocurrency company, Genesis Mining has announced a billboard campaign that shows the virtual money’s ability to trump the candidate’s financial speed bump.
Also read: Fedspeak: What the Federal Reserve Really Thinks About Bitcoin
Your Wall Won’t Stop Bitcoin, Mr. Trump
Recently U.S. presidential candidate Donald Trump revealed his idea to block remittances from immigrants from Mexico and stop them from sending money to their homeland. The Republican billionaire says he plans have the country pay for his proposed border wall to stop illegal immigration in a two-page memo he wrote to the Washington Post.
Mexican officials have scoffed at this, but Trump says if they don’t pay he will create a financial wall stopping the remittance flow into the country. According to the World Bank research, incoming money transmissions into the region equal $25 billion USD per year and is roughly 2% of Mexico’s GDP.
The idea of stopping the remittances was mocked as soon as the news of Trump’s financial threat reached the cryptocurrency community. Mining company Genesis Mining believes Bitcoin can help Mexicans living in the U.S. send money back home to their families. Genesis Mining’s blog explains that since Bitcoin has no central authority, bypassing Trump’s absurd plan would not be a problem for the cryptocurrency.
Bitcoin is the solution they claim as it’s far cheaper to use than current money transfer solutions such as Western Union. It can also help people sending cross-border payments to their families without being stopped by “financial walls” or capital controls. So the mining business decided to launch a few billboards against Trump’s proposal. The company states in their blog post:
The solution would be Bitcoin because Bitcoin can’t be stopped. Not by Trump. Not by Putin. Not by anyone. Sure, you can pass regulations to make it more difficult to use but at the end of the day, if people need it, they will always find a way.
In November of 2015, Genesis Mining launched the #ExploreBitcoin campaign creating Bitcoin awareness with large billboards and signs. Marco Streng CEO and Co-founder of the mining business explained at the time the signs would be displayed in various cities and communities as the company travels to events.
One notable example is the giant Jamie Dimon Bitcoin poster advertised in Miami’s financial district during the TNABC. Now the Genesis team is taking Trump’s statements to a whole new level with the #ExploreBitcoin campaign. The company has rented some billboard space across Southern and Northern California to raise awareness for people sending money across the Mexican border.
Genesis Mining explains:
Now again, we aren’t here to take sides. We just saw this as a great opportunity to raise awareness for Bitcoin as a potential use case to a major potential problem. So, across Southern and Northern California, we’ve taken out billboards that will run for the upcoming weeks that aim to raise awareness for Bitcoin as part of our ongoing #ExploreBitcoin campaign. We believe as a community that we need to come up with creative ideas that get people talking about Bitcoin.
Whether or not Trump can actually implement such a plan if he’s president will be a different story. But it’s a great opportunity to get the Bitcoin word out there and shine some light on the cryptocurrency’s advantages. Bitcoin.com likes the idea of billboards raising awareness as our publication also displays some cryptocurrency signage in Silicon Valley, California. We hope that Genesis Mining succeeds catching the attention of the public so they can read up on the benefits of Bitcoin and what it can do for the world.
What do you think about Genesis Mining’s Trump billboards? Let us know in the comments below.
Images courtesy of Business Insider, Genesis Mining’s blog, Pixbay