The presidential candidate met with mining company executives and wrote that thanks to them, the US can maintain "energy dominance"; Mining company stocks surged following the statement.
Donald Trump, the leading presidential candidate for the Republican Party, expressed strong support for the American Bitcoin mining industry. In a post he shared on the social network Truth Social, which he owns, Trump argued that increasing local mining "may be our last line of defense against the central bank digital currency (CBDC)."
"ââBiden's hatred for Bitcoin only helps China, Russia, and the extreme communist left," Trump wrote. "We want all remaining Bitcoin to be mined in the United States! This will help us become dominant energy-wise."
The statement follows a meeting Trump held on Tuesday with executives from American Bitcoin mining companies CleanSpark and Riot Platforms, whose stocks are traded on NASDAQ. According to Bloomberg's report, Trump told participants that he "loves and understands digital currencies" and pledged to act on their behalf in the White House if elected. Following the meeting and Trump's statements, CleanSpark's stock (CLSK symbol) surged over 8%, while Riot Platforms' stock (RIOT symbol) climbed about 6% at the close of trading.
David Bailey, CEO of Bitcoin Magazine, who attended the meeting, tweeted on his X account (formerly Twitter) that this was a "historic moment in our journey towards hyperbitcoinization." According to him, "the former and future president of the United States gathered the computing power dedicated to Bitcoin mining (hashrate) of America and committed to advancing our goal in Washington and globally. Bitcoin will flourish during the orange man's era and the orange currency."
This marks a shift in Trump's approach, as during his previous tenure as president, he expressed skepticism towards Bitcoin and digital currencies. It seems that towards the 2024 election cycle, he aims to position himself as a defender of the crypto industry and to differentiate himself from the current Democratic administration perceived as less friendly to the industry.
The tribute to miners joins other recent steps taken by Trump in the field, including a commitment to protect the right to self-custody of digital currencies, willingness to accept campaign donations in crypto, and issuing his own NFT collection.
While most bitcoins â about 19 out of 21 million coins â have already been mined, and the US already leads with a share of 35% to 40% of the global mining, Trump's statement of support is a significant political tailwind for the industry.
Now it remains to be seen whether these words will translate into policies that benefit Bitcoin miners in particular and the local crypto market in general. Nevertheless, it seems that the issue is expected to become another battleground between Republicans and Democrats in the race for the White House.
