Trump pledges to turn the U.S. into a Bitcoin mining powerhouse if re-elected
Former US President Donald Trump turned his attention to Bitcoin miners to embrace the cryptocurrency industry.
Trump expressed support for Bitcoin mining in a June 12 post on Truth Social, highlighting its potential to strengthen energy dominance. He specifically promised to support these technologies if he were to be re-elected as President of the United States. He wrote:
“Bitcoin mining could be the last line of defense against CBDCs. Biden’s hatred of Bitcoin only helps China, Russia and the radical communist left. We want every remaining Bitcoin to be MADE IN THE USA!!! This will help us master our energy!!!”
This statement follows a recent June 11 meeting with several prominent U.S. Bitcoin miners, including representatives from CleanSpark, Riot Platforms, and Marathon Digital.
Matthew Schultz, president of CleanSpark, argued that Trump has a decent understanding of the sector. He is reported to have said:
“President Trump will protect the rights of many of us to own Bitcoin, mine Bitcoin, transact with Bitcoin, and work in the Bitcoin industry.”
Another attendee, David Bailey, CEO of Bitcoin Magazine, described the conference as “a historic moment in the journey towards HyperBitcoinization.” He added:
“The past and future presidents of the United States have done their best to harvest America’s hashrate and champion our cause in D.C. and on the world stage. Bitcoin will thrive in America.”
The development comes as cryptocurrency miners come under increased scrutiny over their environmental impact and the strain they place on local power grids. Earlier this year, US authorities attempted to collect data on the energy consumption rates of cryptocurrency miners, but were met with strong opposition from stakeholders in the sector. Trump’s support for the sector is likely to influence political perceptions of how the sector operates.
Meanwhile, the former president’s support for cryptocurrency appears to increase his chances of being elected. According to PolyMarket, a leading cryptocurrency-based prediction platform, Trump’s probability of winning was 56%, while Joe Biden’s probability of winning fell to 35%.
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