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After meeting with cryptocurrency mining company leaders, Donald Trump stressed the need for all Bitcoin to be produced in the USA, highlighting its role in energy dominance.
Trump’s Call for Domestic Bitcoin Production
On Wednesday, following a meeting that he hosted with numerous CEOs from cryptocurrency mining companies in the United States, Donald Trump reaffirmed his support for the Bitcoin mining business.
In a message published on Truth Social, which is owned by Trump, on June 11th, the presidential candidate expressed his desire for "all of the remaining Bitcoin to be MADE IN THE USA!!! [sic]" and asserted that it would assist the nation in becoming "energy dominant."
In his statement, he asserted that Bitcoin was the nation's "last line of defense" against a digital currency issued by the central bank. In March, Jerome Powell, the chair of the Federal Reserve, stated that the United States was "nowhere near recommending or let alone adopting a central bank digital currency in any form."
Mining Industry Leaders Gather at Mar-a-Lago
According to posts on X, Trump had previously welcomed Bitcoin miners to his Mar-a-Lago estate in Florida. Among those who attended were Riot Platforms CEO Jason Les and Brian Morgenstern, the company's general public policy manager; CleanSpark executive chairman Matthew Schultz; and TeraWulf board member Amanda Fabiano.
Bitcoin Mining’s Impact on Energy and Jobs
According to Fabiano's article, the group talked with Trump about how mining Bitcoin may contribute to "strengthening the electrical grid and providing opportunities for job creation."
Schultz, who works for CleanSpark, told Bloomberg that Trump has pledged to support the industry if elected president in November.
Cointelegraph shares that the sector faces rising political criticism regarding its emissions, energy consumption, and probable influence on power networks. President Joe Biden has proposed a thirty percent increase in the electricity tax that would be levied on Bitcoin miners in the United States.
Trump previously stated that Bitcoin "seems like a scam" while he was president in 2021. However, Trump has recently modified his stance in an effort to attract the industry's lobbying groups, which are now flush with cash, in the run-up to the presidential election scheduled for November 5, 2024.
In a recent statement, he emphasized that the United States of America should not be content with "second place" when it comes to cryptocurrency. He even declared himself the "crypto president" earlier in June.
Photo: Kanchanara/Unsplash
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