Trump’s recent engagement with Bitcoin and digital assets is part of a broader strategy to appeal to new voter demographics.
On Tuesday night, several Bitcoin miners met with the former President of the United States Donald Trump at his Mar-a-Lago estate. The meeting, revealed by Matthew Schultz, executive chairman of crypto mining company CleanSpark Inc, highlighted Trump’s growing interest in the digital asset sector and his advocacy for the industry.
According to a report by Bloomberg, Schultz revealed that Trump expressed a deep understanding and appreciation for cryptocurrency during the meeting. He emphasized the role of Bitcoin miners in stabilizing the energy supply from the grid. Schultz also said that Trump voiced his intention to support Bitcoin miners if he returns to the White House, positioning himself as a proponent of the industry.
In a statement on his Truth Social account, Trump stated that Bitcoin mining could be crucial in countering the rise of a central bank digital currency (CBDC). He stressed the importance of keeping Bitcoin mining operations within the United States, declaring that all remaining Bitcoin should be “MADE IN THE USA!!!” and adding:
“Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!”
The billionaire has been a staunch critic of CBDCs and recently stated that he would make sure to end the digital dollar project if voted to power. According to Trump, CBDCs “would be a dangerous threat to freedom”.
Trump’s Campaign and Crypto
Trump’s recent engagement with Bitcoin and digital assets is part of a broader strategy to appeal to new voter demographics. The billionaire has made notable pledges, such as promising to commute the sentence of Ross Ulbricht, the founder of the Silk Road online marketplace, during a Libertarian Party convention.
Additionally, Trump’s campaign has started accepting cryptocurrency donations, signaling a significant shift in his approach to digital assets. In a post on X in 2019, the former president stated that he is “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 United States has become the 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 surged as well.
It is also crucial to note that following Trump’s support of cryptocurrencies, meme coins associated with the former US president have risen in popularity while representing the PolitiFi sector. Tokens like MAGA (TRUMP), TRUMP (TRUMP), Super Trump (STRUMP), and FreeTrump (TRUMP) printed significant gains for holds.
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