Former President Donald Trump has reignited his support for the Bitcoin mining industry, emphasizing the importance of producing Bitcoin domestically. This statement followed a meeting with several key figures from the United States crypto mining sector at his Mar-a-Lago residence in Florida. In a post on his Truth Social platform on June 11, Trump declared his ambition for “all the remaining Bitcoin to be MADE IN THE USA!!! [sic]” and asserted that this would contribute to making the country “energy dominant.”
Trump also framed Bitcoin as a crucial defense against the potential implementation of a central bank digital currency (CBDC) in the United States. He referenced Federal Reserve Chair Jerome Powell’s March statement, which indicated that the U.S. was “nowhere near recommending or adopting a central bank digital currency in any form.”
Meeting with Bitcoin Mining Executives
The meeting hosted by Trump included prominent executives from the Bitcoin mining industry, such as Riot Platforms CEO Jason Les and its public policy head Brian Morgenstern, CleanSpark Executive Chairman Matthew Schultz, and TeraWulf board member Amanda Fabiano. During the discussion, the group explored how Bitcoin mining could play a role in “strengthening the electrical grid and fostering job creation,” according to Fabiano’s post on X (formerly Twitter).
CleanSpark’s Matthew Schultz shared with Bloomberg that Trump expressed a strong commitment to supporting the Bitcoin mining sector if he is elected president in November. This support comes at a time when the industry faces significant political challenges, including misinformation and opposition over its environmental impact and energy consumption.
Amanda Fabiano from TeraWulf emphasized the need for informed political advocacy for the Bitcoin industry. She pointed out that the sector has been battling political adversity driven by “misinformation and misguided narratives.” Fabiano underscored the importance of having politicians who are willing to understand the benefits that Bitcoin and Bitcoin mining can offer.
- Strengthening Electrical Grid: Bitcoin mining’s potential to contribute to grid stability.
- Job Creation: Opportunities for new jobs within the crypto mining sector.
- Political Advocacy: The need for political figures to support and understand the Bitcoin mining industry.
- Economic Dominance: Promoting Bitcoin mining as a path to economic and energy dominance for the U.S.
Trump’s supportive stance stands in contrast to the current administration’s policies towards Bitcoin mining. President Joe Biden has proposed a 30% electricity tax on Bitcoin miners, aimed at curbing the industry’s energy consumption and environmental footprint. This proposal has added to the mounting political pressure on the sector regarding its emissions and potential impacts on power grids.
Trump’s Shift in Perspective
Interestingly, Trump’s recent support for the Bitcoin industry marks a significant shift from his previous views. During his presidency in 2021, he described Bitcoin as something that “seems like a scam.” However, his tone has changed notably as he seeks to align himself with the industry’s growing influence and financial power ahead of the 2024 presidential election, scheduled for November 5.
In a recent statement, Trump emphasized that the United States must not settle for “second place” in the realm of cryptocurrency. He even went as far as to dub himself the “crypto president” earlier in June, highlighting his pivot towards embracing the digital asset sector.
Trump’s newfound advocacy for Bitcoin and cryptocurrencies is not just rhetorical. In May, he began accepting cryptocurrency contributions for his presidential campaign. He also hosted a dinner event specifically for holders of his Mugshot non-fungible tokens (NFTs), further cementing his engagement with the digital asset community.
- Campaign Funding: Acceptance of cryptocurrency donations for his presidential campaign.
- NFT Engagement: Hosting events for holders of his Mugshot NFTs.
- Public Advocacy: Promoting the importance of Bitcoin mining being conducted in the U.S.
Legal Troubles and Public Appearances
Amid his political maneuvers, Trump is also dealing with ongoing legal challenges. On June 10, he had his first meeting with a parole officer after being found guilty on 34 felony counts of falsifying business records on May 30. This virtual interview, conducted from his Mar-a-Lago resort, was described as “uneventful” and lasted less than 30 minutes, according to The Hill, citing unnamed sources.
Trump’s recent statements and actions indicate a strategic embrace of the Bitcoin mining industry as part of his broader campaign narrative. By aligning himself with the sector, Trump positions himself as a champion of both technological innovation and economic independence. Whether this stance will resonate with voters and the broader public remains to be seen, especially as the debate over the environmental and economic impacts of Bitcoin mining continues.
As the 2024 election approaches, the discourse around Bitcoin and cryptocurrencies will likely intensify, with Trump’s evolving perspective adding a new dimension to the political landscape.
Featured image credit: Trump White House Archived via Flickr