Donald Trump slows down Nvidia exports: the consequences for Bitcoin

INFBusiness
03.11.2025
Markets

As Donald Trump explained to reporters on Sunday, Nvidia's new superchip will initially be reserved for the US. This could also have consequences for the crypto industry.
Blackwell is “ten years ahead of all other chips,” and this lead is something they do not want to share, the Republican said on Sunday, implying that export licenses will be difficult to obtain.
The situation is currently delicate for Nvidia: Although Chinese President Xi Jinping and US President Donald Trump have temporarily defused the trade dispute, the approval of the new Blackwell superchips for the Chinese market was not up for discussion.
This could also have consequences for Bitcoin: Although mining the largest cryptocurrency has long been based on specialized ASIC miners – Nvidia's GPUs hardly play a role anymore – the indirect effects are likely to become noticeable.
Blackwell is accelerating the expansion of data centers worldwide, thereby intensifying competition for electricity, space and network capacity – precisely those resources that also shape the cost structure and location choice of mining companies.
In China, an export ban would primarily affect the local AI industry, not Bitcoin miners, whose supply chains are more dependent on ASIC manufacturers. A subdued AI boom could even reduce pressure on energy prices regionally and benefit miners.
Meanwhile, Trump defended his pardon of Binance founder Changpeng Zhao. He stated that he did not know the crypto entrepreneur personally. He dismissed criticism that this move was politically motivated, saying he had only heard that the case of “CZ” was a “Biden witch hunt.”
He continued: “Cryptocurrencies have become a huge industry, if you want to call it that. And I am very proud to say that we are far ahead of China and everyone else. And China is just now entering this market on a large scale.”
Trump's comments about Zhao followed a series of allegations suggesting potential conflicts of interest due to Binance's connections to Trump's crypto project World Liberty Financial.

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