Donald Trump reaffirmed his backing for the Bitcoin (
BTC
) mining sector on Wednesday following a meeting with a group of top executives from American crypto mining companies. In a post on his Truth Social platform, Trump expressed his desire for all remaining Bitcoin to be produced in the USA, stating that it would bolster the country’s energy dominance. He referred to Bitcoin as the nation’s last defense against a central bank digital currency. Federal Reserve Chair Jerome Powell had previously stated that the US was not close to considering or adopting a central bank digital currency.
This announcement came after Trump had previously met with Bitcoin miners at his Mar-a-Lago estate in Florida, which included prominent figures like Jason Les from Riot Platforms and Matthew Schultz from CleanSpark. The group discussed how Bitcoin mining could contribute to enhancing the electrical grid and creating jobs. Schultz mentioned that Trump had pledged his support for the industry if he were to win the presidential election in November.
A representative from TeraWulf, Amanda Fabiano, emphasized the importance of politicians being informed about the benefits of Bitcoin and Bitcoin mining. President Joe Biden’s proposal of a 30% electricity tax for Bitcoin miners in the US has caused increased pressure on the sector due to concerns about emissions, energy consumption, and strain on power grids.
Despite previously labeling Bitcoin as a scam during his presidency in 2021, Trump has now shifted his stance in an effort to appeal to the industry’s growing influence ahead of the 2024 presidential election. He has positioned himself as the “crypto president” and has even begun accepting cryptocurrency donations for his campaign. Additionally, Trump recently met with holders of his Mugshot non-fungible tokens at a dinner event.
Trump’s legal troubles, including being found guilty on 34 felony counts, have not deterred his involvement in the crypto industry. He recently had a parole officer meeting from his Mar-a-Lago resort, which was described as uneventful. The former president’s statements and actions regarding crypto have sparked discussions about the alignment of political parties with the industry.