US Presidential Candidate Donald Trump Meets Bitcoin Miners, What’s Cooking?
Highlights
- Donald Trump pledged to advocate for Bitcoin miners if he returns to the White House.
- Amid backlash from Biden administration, Trump has positioned himself as a defender of Bitcoin mining.
- Bitcoin mining may be our last line of defense against a CBDC, he said.
Former US President Donald Trump is making every possible move to sway the crypto community and is reaching out to all contributors within the crypto industry. In the latest outreach, Trump met several Bitcoin miners on Tuesday at Mar-a-Lago. Some of the popular personalities meeting Trump, from the Bitcoin mining industry included Matthew Schultz, executive chairman at crypto mining company CleanSpark Inc.
Donald Trump Praises Bitcoin Miners
At a recent event, former President Donald Trump also expressed his support for cryptocurrency, stating that he loves and understands digital assets, and highlighted how Bitcoin miners contribute to stabilizing the energy grid, according to Schultz. Trump pledged to advocate for miners if he returns to the White House.
Trump, who recently declared himself as Crypto President, has increasingly focused on Bitcoin and other digital assets during his campaign, aiming to attract new voters. He has sought advice from Elon Musk and promised at a recent Libertarian Party convention to commute the sentence of Ross Ulbricht, the convicted founder of the Silk Road online marketplace. Additionally, his campaign is now accepting cryptocurrency donations.
Jason Les, CEO and director of Riot Platforms Inc., also met with Trump at Mar-a-Lago, according to a post on X. This meeting comes as Bitcoin miners have been facing major backlash from the Biden administration on issues of climate change and the impact on local power grid. As a result, the Democrats have been ramping up scrutiny to monitor Bitcoin miners’ carbon emissions and energy consumption.
BTC Miners to Flourish Under Trump
Since China enforced an industry ban in 2021, the US has become the epicenter of Bitcoin mining. This energy-intensive process involves using power-hungry computers to validate encrypted transactions on the Bitcoin blockchain, earning rewards in the form of tokens.
On his own social media platform Truth Social, Donald Trump wrote a message stating: “VOTE FOR TRUMP! . 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!!! It will help us be ENERGY DOMINANT!!!”
Recently, the Bitcoin price has also come under selling pressure ahead of the FOMC meeting on Wednesday. As per on-chain data, there’s strong Bitcoin miner capitulation leading to the BTC price drop.
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