Donald Trump reaffirmed his backing for the Bitcoin (BTC) mining industry on Wednesday following a meeting with various executives from American crypto mining companies. In a post on June 11 on the Trump-owned Truth Social platform, the former president expressed his desire for all remaining Bitcoin to be produced in the USA, claiming it would bolster the country’s energy dominance. He emphasized that Bitcoin was crucial as a defense against a central bank digital currency, contrasting with Federal Reserve Chair Jerome Powell’s statement in March that the US was not close to considering such a currency.
This move comes after Trump previously met with Bitcoin miners at his Mar-a-Lago residence in Florida, where he engaged with industry figures like Riot Platforms CEO Jason Les, CleanSpark executive chairman Matthew Schultz, and TeraWulf board member Amanda Fabiano. Fabiano highlighted the discussions with Trump on how Bitcoin mining could support the electrical grid and job creation. Schultz mentioned that Trump pledged to support the sector if elected as president in November.
TeraWulf’s Fabiano stressed the need for politicians to understand the advantages of Bitcoin and Bitcoin mining, given the industry’s challenges with misinformation and misconceptions. In contrast, President Joe Biden has proposed a 30% electricity tax on Bitcoin miners in the US, placing pressure on the sector due to concerns about emissions, energy consumption, and grid stability.
Despite previously criticizing Bitcoin as a scam during his presidency in 2021, Trump has shifted his stance in an attempt to appeal to the industry’s influential lobbying groups ahead of the 2024 presidential election. He has emphasized the importance of the US maintaining a leading position in the crypto sector and declared himself the “crypto president” in June.
Additionally, Trump has begun accepting crypto donations for his presidential campaign and recently hosted an event for holders of his Mugshot non-fungible tokens. Following his conviction on 34 felony counts for falsifying business records, Trump attended his first parole officer meeting on June 10, conducting the virtual interview from his Mar-a-Lago resort. Despite the ongoing political divide on crypto issues, with GOP crypto enthusiasts clashing with the Democratic party’s anti-crypto stance, Trump’s evolving approach reflects the growing significance of the industry in shaping political discourse.