Key Points
- Former U.S. President Donald Trump met with Bitcoin miners, expressing support for the industry.
- Trump’s recent engagement with cryptocurrencies is part of a strategy to appeal to new voter demographics.
On Tuesday night, a group of Bitcoin miners had a meeting with former U.S. President Donald Trump at his Mar-a-Lago estate. This meeting was revealed by Matthew Schultz, the executive chairman of crypto mining company CleanSpark Inc. It showcased Trump’s increasing interest in the digital asset sector and his support for the industry.
Bloomberg reported that during the meeting, Trump demonstrated a deep understanding and appreciation for cryptocurrency. He acknowledged the role of Bitcoin miners in stabilizing the energy supply from the grid. Schultz also reported that Trump expressed his intention to back Bitcoin miners if he returns to office, positioning himself as a supporter of the industry.
Trump’s Views on Cryptocurrency
In a statement on his Truth Social account, Trump pointed out that Bitcoin mining could be essential in combating the rise of a central bank digital currency (CBDC). He emphasized the need to keep Bitcoin mining operations within the U.S., insisting that all remaining Bitcoin should be “MADE IN THE USA!!!”.
He has voiced strong criticism of CBDCs and recently stated his intention to terminate the digital dollar project if he returns to power. According to Trump, CBDCs “would be a dangerous threat to freedom”.
Trump’s recent involvement with Bitcoin and digital assets is part of a larger strategy to attract new voter demographics. He has made significant pledges, such as promising to commute the sentence of Ross Ulbricht, the founder of the Silk Road online marketplace, during a Libertarian Party convention.
Shift in Trump’s Approach to Cryptocurrency
In addition, Trump’s campaign has begun accepting cryptocurrency donations, indicating a significant change in his stance towards digital assets. In a 2019 post on X, the former president stated that he was “not a fan of Bitcoin and other cryptocurrencies” since their value is highly volatile and is “based on thin air”.
Since China’s 2021 ban on Bitcoin mining, the U.S. has become a new hub for this energy-intensive industry. The process involves using powerful computers to validate encrypted transactions on the blockchain, earning tokens as rewards. With the 2024 Bitcoin halving in April, the block rewards have been reduced to 3.125 BTC, and the mining difficulties have increased.
It’s important to note that following Trump’s support of cryptocurrencies, meme coins associated with the former U.S. president have gained popularity, representing the PolitiFi sector. Tokens like MAGA (TRUMP), TRUMP (TRUMP), Super Trump (STRUMP), and FreeTrump (TRUMP) have seen significant gains for holders.
