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Donald Trump Backs American Bitcoin Mining After Meeting Industry Leaders

Key Takeaways

  • Donald Trump supports Bitcoin mining after meeting industry leaders;
  • Trump sees Bitcoin as a defense against central bank digital currency (CBDC);
  • Despite previously calling Bitcoin a "scam," Trump now emphasizes US leadership in crypto and seeks support from the crypto sector for his 2024 presidential campaign.
Donald Trump Backs American Bitcoin Mining After Meeting Industry Leaders

Donald Trump has voiced his support for Bitcoin mining following a meeting with leaders from the industry.

On June 11, Trump posted on his social media platform, Truth Social, expressing his desire for all remaining Bitcoin to be "MADE IN THE USA!!!" He believes this would contribute to the US becoming "energy dominant."

Trump described Bitcoin as the last defense against a central bank digital currency (CBDC). In contrast, Jerome Powell, the Chair of the Federal Reserve, said in March that the US was "nowhere near" considering a CBDC.

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Trump's comments came after he hosted Bitcoin miners at his Mar-a-Lago home in Florida. Among the attendees were TeraWulf board member Amanda Fabiano, CleanSpark executive chairman Matthew Schultz, and Riot Platforms CEO Jason Les.

Fabiano shared on X that their discussion with Trump covered how Bitcoin mining can strengthen the electrical grid and create jobs. She also said:

Our industry has faced an enormous amount of political struggle, fueled by misinformation and misguided narratives. Our industry needs politicians that are interested in learning about the benefits of Bitcoin and Bitcoin mining.

Schultz told Bloomberg that Trump promised to support the industry if he becomes president in November.

Despite calling Bitcoin a "scam" in 2021, Trump has seemingly changed his opinion since then. Trump's recent statements emphasized that the US must lead in the crypto race and that he was the "crypto president." Furthermore, he started accepting crypto donations for his presidential campaign.

This shift seems aimed at gaining support from the crypto industry ahead of the 2024 presidential election on November 5.

The Bitcoin mining sector is under political pressure for its environmental impact, energy use, and potential effects on power grids. Trump's opponent in the election, President Joe Biden, has proposed a 30% electricity tax on Bitcoin miners.

Nonetheless, Trump's pledge to support the Bitcoin mining industry if elected president appears to be a strategic move to gain more voters from the crypto sector. That is particularly needed for him, as he has recently been found guilty on 34 felony counts related to falsifying business records.

Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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