Donald Trump Endorses Bitcoin Mining, Wants ‘Made in the USA’ Bitcoin
Donald Trump Endorses Bitcoin Mining, Advocates for U.S. Energy Dominance and Defense Against CBDCs.
Key Takeaways:
- Donald Trump backs Bitcoin mining after meeting with US crypto mining leaders.
- The former president wants the US to produce all remaining Bitcoin to boost energy dominance.
- Trump calls Bitcoin a defense against central bank digital currencies.
Trump Meets Bitcoin Miners and Voices Backing
Former President Donald Trump hosted a meeting with several Bitcoin mining executives at his Mar-a-Lago estate on Tuesday, June 12.
Following the meeting, Trump took to Truth Social, declaring that he wanted “all the remaining Bitcoin to be MADE IN THE USA!!!”
He argued that his plan would help the country become “energy dominant” and that Bitcoin represented America's “last line of defense” against a potential central bank digital currency (CBDC) by the Federal Reserve.
Related: Trump’s Victory Could Send Bitcoin Price to $150,000
Industry leaders such as Riot Platforms CEO Jason Les, CleanSpark's Matthew Schultz, and TeraWulf's Amanda Fabiano attended.
The topics discussed with the Republican candidate include how the mining industry can create jobs and strengthen the power grid.
The meeting comes as the Bitcoin mining industry faces pressure and scrutiny from authorities over its energy consumption, carbon emissions, and potential strain on power grids.
Trump, who had previously called Bitcoin a “scam,” has changed his stance in the run to November’s presidential race to entice crypto natives. Now, he's embracing the label “crypto president” and even accepting crypto donations for his campaign.
The real estate mogul's change of heart has resonated with many Bitcoin enthusiasts. Amanda Fabiano, a seasoned industry expert and current Terra Wulf executive, is thrilled about this development.
Having previously led mining operations at Galaxy, Fabiano stresses that the industry needs more leaders who are genuinely interested in learning about Bitcoin mining and its benefits.
Bitcoin Slides Below $66K, $250M in Leveraged Trades Liquidated Ahead of Key Economic Events
The cryptocurrency market downtrend coincided with Donald Trump's meeting with major Bitcoin mining executives on Wednesday.
As Trump voiced support for the mining industry and a “Made in the USA” Bitcoin, the crypto markets saw a sharp sell-off ahead of this week's important U.S. inflation data and Federal Reserve policy meeting.
Bitcoin started trading at around $71,800 in the month but plunged to a three-week low of $66,170 during yesterday's U.S. trading session. While it slightly rebounded to around $66,500, it still recorded a nearly 5% decline over the previous 24 hours.
The sudden downturn saw over $250 million liquidated in leveraged positions across all cryptocurrencies, according to data from CoinGlass.
Analysts expect the Federal Open Market Committee's (FOMC) interest rate projections, known as the “dot plot,” and Fed Chair Jerome Powell's forward guidance during the press conference to be Bitcoin's most significant price movers, given its renewed sensitivity to interest rate expectations.
Despite the short-term headwinds, some market observers noted positive signs during the sell-off, suggesting a potential quick recovery.
Previous Bitcoin pullbacks before FOMC meetings have been followed by reversals, and deviations in Bitcoin futures open interest on crypto exchanges like BitMEX and Binance could indicate whale accumulation amid retail sell-offs.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
