Former President and 2024 presidential candidate Donald Trump reiterated his support for the Bitcoin mining industry after a meeting with several executives from major U.S. crypto mining firms. Trump expressed his desire for Bitcoin to be produced domestically, emphasizing the potential benefits for the country’s energy sector and job market.
Meeting with Bitcoin Mining Executives
In a June 11 post on Truth Social, Trump declared, “I want all the remaining Bitcoin to be MADE IN THE USA!!!” He argued that Bitcoin could help the United States achieve energy dominance and serve as a defense against the implementation of a central bank digital currency (CBDC). Federal Reserve Chair Jerome Powell, however, has stated that the U.S. is not close to adopting a CBDC.
Key Attendees
The meeting, held at Trump’s Mar-a-Lago residence in Florida, included:
- Jason Les, CEO of Riot Platforms
- Brian Morgenstern, Riot Platforms’ public policy head
- Matthew Schultz, Executive Chairman of CleanSpark
- Amanda Fabiano, TeraWulf Board Member
Fabiano highlighted that the discussion centered on how Bitcoin mining could strengthen the electrical grid and foster job creation. Schultz reported that Trump promised to support the industry if elected in November.
Political Context
The U.S. crypto mining sector has faced significant political pressure, including a proposed 30% electricity tax by President Joe Biden. The industry is under scrutiny for its emissions, energy consumption, and potential impact on power grids.
Trump’s recent shift in stance on Bitcoin reflects an attempt to garner support from the cryptocurrency industry’s influential lobbying groups. Although he previously labeled Bitcoin a “scam” in 2021, Trump now advocates for the U.S. to lead in the crypto space, positioning himself as the “crypto president.”
Also Read: Trump to Participate in Presidential Roundtable on Bitcoin Mining
Campaign and Legal Challenges
Trump has integrated cryptocurrency into his campaign strategy, accepting crypto donations and engaging with industry stakeholders. Additionally, he hosted a dinner for holders of his Mugshot non-fungible tokens (NFTs).
Amid his campaign efforts, Trump faces legal challenges, including 34 felony counts for falsifying business records. His first parole officer meeting on June 10, conducted virtually from Mar-a-Lago, was reported as uneventful and brief.
