Republican presidential candidate and convicted felon Donald Trump reaffirmed his support for the fledgling Bitcoin mining sector after hosting Bitcoin mining industry heads. Trump declared that he wants to mine all the remaining Bitcoin in the U.S. as he believes it will help the nation become “energy-dominant.”
“Made In The USA” Bitcoin
In a key meeting at Mar-a-Lago on Tuesday night with Nasdaq-listed Bitcoin mining firm CleanSpark Inc. executives and Riot Platforms., ex-president Donald Trump promised to advocate for Bitcoin miners in the White House. Trump told the Palm Beach resort meeting attendees that miners contribute to energy grid stability.
In a late-night post after the meeting on the Trump-owned alt-tech social media platform, Truth Social, the ex-POTUS said he wanted “all the remaining Bitcoin to be MADE IN THE USA!!!” claiming it would help the country be “energy dominant” and that it “may be our last line of defense against a CBDC.”
Trump likely implies he’d like to see U.S. companies mining more Bitcoin using local resources. As it stands, approximately 90% of BTC’s 21 million supply has been mined. The remaining 10% is slated to be mined through the year 2140.
Trump has previously pledged to “never allow” a CBDC if he’s re-elected, but he didn’t clarify why fostering Bitcoin mining could help block the introduction of a central bank digital currency.
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Nonetheless, Federal Reserve Chair Jerome Powell said in a March hearing before the Senate Committee on Banking, Housing, and Urban Affairs that the U.S. was “nowhere near recommending or let alone adopting a central bank digital currency in any form.”
Trump Commits To Bitcoin
Trump infamously called Bitcoin “a scam” while he was president, but has recently softened his stance in a bid to woo crypto voters ahead of the 2024 presidential election scheduled for Nov. 5.
He recently emphasized that the United States must not settle for “second place” when it comes to cryptocurrencies and even presented himself as the “crypto president”, as ZyCryto reported.
Trump, who was the first U.S. presidential candidate to accept crypto donations, was recently found guilty on 34 felony charges. But his odds of retaking the White House are still high.
In a recent development, Republican presidential candidate and former president Donald Trump has expressed strong support for the Bitcoin mining sector. During a meeting at his Mar-a-Lago resort with executives from Bitcoin mining firms CleanSpark Inc. and Riot Platforms, Trump announced his desire to mine all remaining Bitcoin in the U.S. to bolster the nation’s energy dominance. He emphasized that Bitcoin mining could stabilize the energy grid and serve as a defense against a central bank digital currency (CBDC), although the Federal Reserve has stated there are no current plans for a CBDC in the U.S. This stance marks a significant shift for Trump, who previously criticized Bitcoin but now aims to attract crypto voters ahead of the 2024 presidential election. Despite facing 34 felony charges, Trump remains a strong contender for the White House.
