TLDR
- Donald Trump recently met with executives from U.S. bitcoin mining firms CleanSpark Inc. and Riot Platforms at Mar-a-Lago.
- Trump expressed support for bitcoin mining in the U.S., saying it could help the country become “energy dominant” and that miners contribute to energy grid stability.
- Trump said he wants all remaining bitcoin to be “made in the USA” and claimed bitcoin mining is the last defense against central bank digital currencies.
- This comes as Trump has recently taken a more pro-crypto stance in his 2024 presidential campaign, accepting crypto donations and hosting a dinner for NFT holders.
- The bitcoin mining industry has faced political pressure in the U.S. over emissions and energy use, with President Biden proposing a 30% electricity tax on miners.
Former U.S. President and current Republican presidential candidate Donald Trump recently met with executives from American bitcoin mining companies at his Mar-a-Lago resort in Florida.
In the meeting, Trump reportedly expressed strong support for the U.S. bitcoin mining industry.
According to Bloomberg, the meeting on Tuesday night included representatives from Nasdaq-listed mining firms CleanSpark Inc. and Riot Platforms. Following the meeting, Trump made a post on his Truth Social platform reiterating his backing of U.S. bitcoin mining.
“Bitcoin mining may be our last line of defense against a CBDC,” Trump wrote, referring to central bank digital currencies. “We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT.”
Trump reportedly told the mining executives that he believes bitcoin miners can help contribute to the stability of the U.S. energy grid.
The attendees of the meeting, including CleanSpark executive chairman Matthew Schultz, later posted photos with Trump and shared positive comments about the discussion.
This show of support marks a shift in tone for Trump compared to his comments on bitcoin while president in 2021, when he claimed it “seems like a scam.”
However, as the 2024 presidential election approaches, Trump has taken a more favorable public stance toward the crypto industry.
In May, Trump began accepting cryptocurrency donations for his presidential campaign. He also recently hosted a dinner at Mar-a-Lago for holders of his “Mugshot” NFTs. These moves appear aimed at courting the crypto industry and its well-funded political lobbying groups.
Trump’s appeals to the bitcoin mining sector in particular come as the industry faces increasing political pressure within the United States. The energy-intensive mining process has drawn criticism over its environmental impact and power consumption.
President Joe Biden’s administration has proposed a 30% tax on electricity usage for crypto miners, and the White House has broadly taken a more cautious and critical view of cryptocurrencies compared to Trump.
However, the former president claimed in his social media post that Biden’s stance against bitcoin “only helps China, Russia and the Radical Communist Left.” Trump presented support for U.S. mining as a matter of national energy independence and dominance.
With about 10% of the total 21 million bitcoins still left to be mined globally, Trump’s call for that mining to happen domestically within the United States could provide a political boost to U.S.-based mining operations.
