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Donald Trump Wants Bitcoin 'Made in USA'

12 Jun, 2024 Crypto News

Donald Trump Wants Bitcoin 'Made in USA'

Donald Trump reaffirmed his backing for the Bitcoin mining sector on Wednesday, following a meeting with top executives from U.S. cryptocurrency mining companies.

In a June 11 update on the Trump-owned platform Truth Social, the presidential candidate expressed his desire for “all the remaining Bitcoin to be MADE IN THE USA!!! [sic]” and stated it would contribute to the nation's “energy dominance.”

He described Bitcoin as the nation's “last line of defense” against a central bank digital currency.

This follows a comment from Federal Reserve Chair Jerome Powell in March, where he noted the U.S. was “nowhere near recommending or let alone adopting a central bank digital currency in any form.”

This statement was made subsequent to Trump's earlier engagement with Bitcoin miners at his Florida residence in Mar-a-Lago, attended by individuals such as Riot Platforms CEO Jason Les, the firm’s public policy leader Brian Morgenstern, CleanSpark executive chairman Matthew Schultz, and TeraWulf board member Amanda Fabiano, as revealed in posts on X.

Fabiano mentioned on X that their discussions with Trump revolved around how Bitcoin mining could bolster the electrical grid and encourage job growth.

According to Bloomberg, Schultz from CleanSpark relayed that Trump pledged support for the sector if he wins the presidency in November.

TeraWulf’s Fabiano highlighted on X the political challenges the industry faces, largely due to "misinformation and misguided narratives," and stressed the need for politicians who understand the benefits of Bitcoin and its mining processes.

Amidst this support from Trump, President Joe Biden has suggested imposing a 30% electricity tax on Bitcoin miners in the country, underlining the political and environmental concerns associated with the industry’s emissions, energy usage, and potential effects on power grids.

Previously critical of Bitcoin in 2021, calling it “seems like a scam,” Trump has shifted his stance, aiming to attract the support of the industry’s influential lobbying groups ahead of the 2024 presidential elections scheduled for November 5.

Earlier in June, he went as far as to brand himself as the “crypto president” and underlined the importance of the U.S. not settling for “second place” in the crypto race.

The billionaire has also begun accepting cryptocurrency contributions for his presidential campaign as of May and has hosted a dinner event for holders of his Mugshot non-fungible tokens.

Trump also attended his first parole officer meeting on June 10 after being convicted on 34 felony counts of falsifying business records on May 30.

According to The Hill, citing anonymous sources, the virtual meeting from his Mar-a-Lago resort was “uneventful” and lasted under 30 minutes.

Sources:

https://cointelegraph.com/news/trump-bitcoin-miners-meet-latest-show-of-industry-support

https://truthsocial.com/@realDonaldTrump/posts/112601639679885930

https://x.com/_amanda_fab/status/1800685641010708678

https://www.bloomberg.com/news/articles/2024-06-12/trump-meets-bitcoin-btc-miners-in-his-latest-pro-crypto-overture

https://x.com/JasonLes_/status/1800678181893980669

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