Donald Trump Pledges US-Made Bitcoin if Re-Elected President
Trump is capitalizing on his pro-crypto rhetoric. He recently raised $12 million in a meeting attended by crypto fuigures the Winklevoss twins.
June 12, 2024 04:00 AM
Reading time: 1 minute, 46 seconds
TL;DR Donald Trump has pledged his support for Bitcoin miners, promising to advocate for them if re-elected. His pro-crypto stance has become a major topic in the presidential race, drawing significant attention from the crypto community.
After meeting at his Mar-a-Lago estate with Bitcoin mining leaders, Donald Trump said he wanted "all the remaining Bitcoin to be made in the USA!". He promised to support the country's Bitcoin mining industry if he is re-elected late this year.
Trump Meets Bitcoin Miners
Trump's meeting at Mar-a-Lago included representatives from major Bitcoin mining companies like CleanSpark Inc. and Riot Platforms.
S. Matthew Schultz of CleanSpark shared a picture with Trump, praising his support for their efforts in states like Georgia, Mississippi, and Wyoming. This gathering was wider than closed doors, as many participants expressed enthusiasm on social media.
Cryptocurrency Fundraising
Trump's pro-Bitcoin stance has resonated with the crypto community. A recent fundraising event in Silicon Valley raised $12 million and was attended by notable figures like Cameron and Tyler Winklevoss.
Trump's campaign has even started accepting cryptocurrency donations, further solidifying his position as a crypto-friendly candidate.
"Biden's hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!!" - Donald Trump on Truth Social (sic)
Contrast with Biden Administration
The current administration, led by President Joe Biden, has taken a more skeptical approach toward cryptocurrencies. Biden's campaign is now seeking advice on digital asset policies, indicating a potential shift from its previous stance.
However, Trump's support for Bitcoin miners starkly contrasts Biden's cautious approach.
U.S. as Bitcoin Mining Hub
Since China's industry ban in 2021, the U.S. has become the epicenter of Bitcoin mining. Trump's promise to advocate for Bitcoin miners highlights their role in stabilizing the energy grid.
This energy-intensive process involves using power-hungry computers to validate transactions on the Bitcoin blockchain, earning rewards in tokens.
Future of Crypto in U.S. Politics
Trump's commitment to the crypto industry could be pivotal in the upcoming election.
With over 50 million Bitcoin and cryptocurrency holders in the United States, his support for Bitcoin mining and digital assets may secure him substantial backing from the crypto community.
As the election approaches, the debate on the future of cryptocurrencies in the U.S. political sphere continues to heat up.
