Trump Advocates for U.S. Bitcoin Mining After Meeting Industry Leaders

Donald Trump has reaffirmed his support for the Bitcoin mining industry. On Wednesday, he hosted a meeting with top executives from several U.S. crypto mining companies.

In a June 11 post on his Truth Social platform, Trump expressed his desire for all remaining Bitcoin to be “MADE IN THE USA!!!” He argued that this initiative would contribute to the country achieving “energy dominance.”

Trump also described Bitcoin as the nation's “last line of defence” against the implementation of a central bank digital currency (CBDC). Despite this, Federal Reserve Chair Jerome Powell stated in March that the U.S. is far from considering, let alone adopting, a CBDC in any form.

The meeting at Trump’s Mar-a-Lago residence in Florida included notable figures such as Riot Platforms CEO Jason Les, public policy head Brian Morgenstern, CleanSpark executive chairman Matthew Schultz, and TeraWulf board member Amanda Fabiano.

Fabiano shared that the group discussed how Bitcoin mining could help to strengthen the electrical grid and foster job creation. She emphasized the potential benefits of the industry in terms of energy infrastructure and employment opportunities. Schultz told Bloomberg that Trump pledged his support for the Bitcoin mining sector if he is elected president in November. He highlighted Trump’s commitment to the industry and the positive impact it could have under his leadership.

Schultz told Bloomberg that Trump pledged his support for the Bitcoin mining sector if he is elected president in November. He highlighted Trump’s commitment to the industry and the positive impact it could have under his leadership.

Fabiano pointed out that the Bitcoin mining industry has faced significant political challenges due to misinformation and misguided narratives. She stressed the need for politicians to educate themselves about the benefits of Bitcoin and its mining processes.

Currently, the sector is under political pressure from proposals like President Joe Biden's 30% electricity tax on Bitcoin miners. There are also ongoing concerns about the industry's emissions, energy consumption, and its potential impact on power grids.

While Trump previously labelled Bitcoin a scam during his presidency in 2021, he has since altered his stance. This change appears to be an effort to garner support from the industry's now influential lobbying groups as the 2024 presidential election approaches.

Trump has recently emphasized that the United States should not settle for “second place” in the realm of cryptocurrency. Earlier in June, he even declared himself the “crypto president.”

In a bid to support his presidential campaign, Trump has started accepting cryptocurrency donations and recently hosted a dinner for holders of his Mugshot non-fungible tokens (NFTs).

On June 10, Trump had his first meeting with a parole officer after being found guilty of 34 felony counts for falsifying business records on May 30. The virtual interview, conducted from his Mar-a-Lago resort, was brief and uneventful, lasting less than 30 minutes according to sources cited by The Hill.