Trump calls for Bitcoin to be manufactured in the United States following meeting with mining industry leaders

Donald Trump expressed his continued backing for the Bitcoin (
BTC
) mining industry on Wednesday following a gathering with various executives from American crypto mining companies. In a post on Truth Social, a platform owned by Trump, on June 11, the former president advocated for the production of all remaining Bitcoin to be done in the USA, asserting that it would contribute to the nation’s energy dominance. He highlighted Bitcoin as a crucial defense against the potential introduction of a central bank digital currency. Federal Reserve Chair Jerome Powell stated in March that the US was not close to considering the adoption of a central bank digital currency.
This statement came after Trump hosted a group of Bitcoin miners at his Mar-a-Lago residence in Florida, which included executives from Riot Platforms, CleanSpark, and TeraWulf. The discussions at the meeting revolved around the role of Bitcoin mining in strengthening the electrical grid and creating job opportunities. CleanSpark’s chairman, Matthew Schultz, mentioned that Trump pledged to support the industry if he were to be re-elected as president in November.
A board member of TeraWulf, Amanda Fabiano, emphasized the importance of politicians understanding the benefits of Bitcoin and Bitcoin mining. President Joe Biden’s proposal for a 30% electricity tax on Bitcoin miners and the increasing political pressure on the industry due to concerns about emissions, energy consumption, and grid impact have created challenges for the sector.
Despite previously labeling Bitcoin as a potential scam while in office in 2021, Trump has shifted his stance in an attempt to appeal to the crypto industry ahead of the 2024 presidential election. He has positioned himself as the “crypto president” and stressed the need for the US to lead in the crypto space. Trump has also begun accepting cryptocurrency donations for his campaign and recently hosted a dinner for holders of his Mugshot non-fungible tokens.
Following his conviction on multiple felony counts, Trump had a routine meeting with his parole officer on June 10, which was reportedly uneventful. As the political landscape continues to evolve, Trump’s engagement with the crypto industry reflects a strategic approach to align himself with its influential lobbying groups.